Budget 2024: FM Nirmala Sitharaman Exudes Confidence in India's Growth Story, Envisions a Developed Nation with USD 30 Trillion GDP by 2047
In anticipation of the upcoming Interim Budget presentation scheduled for February 1, Finance Minister Nirmala Sitharaman expressed unwavering confidence in India's trajectory towards becoming the world's third-largest economy, surpassing USD 5 trillion by 2027-28. She envisions India evolving into a developed nation by 2047, boasting a Gross Domestic Product (GDP) touching USD 30 trillion.
Presently, India holds the position of the fifth-largest economy globally, with a GDP of approximately USD 3.4 trillion. Sitharaman outlined her ambitious vision during a seminar at the Vibrant Gujarat Global Summit 2024, where she emphasized the government's focus on sunrise industries during the upcoming Amritkal, marking 100 years of India's independence in 2047.
Highlighting the success of the Foreign Direct Investment (FDI) policy implemented by the Narendra Modi government, Sitharaman noted that the country has attracted USD 595 billion in foreign investment over the past nine years. Speaking optimistically about India's economic prospects, she stated, "It is possible that we will be the third-largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of the economy."
As the finance ministry gears up for the Interim Budget presentation, these optimistic projections signal a bold vision for India's economic future, aligning with PM Modi-led government's strategic emphasis on growth and development of the country with focus on infrastructure and capex Investors and stakeholders alike eagerly await further details and policy announcements during the upcoming budget session.