NEW DELHI: India will become a $5 trillion economy in the early stages of ‘Amrit Kaal’ as part of its aim to become an advanced economy by 2047, according to Minister of State for Finance Pankaj Chaudhary.
The International Monetary Fund (IMF) projects India to reach this milestone by 2027-28. Chaudhary highlighted the importance of a strong rupee and macroeconomic stability in achieving this goal in his written reply to Lok Sabha question.
The country’s gross domestic product (GDP) was $3.7 trillion in the 2022-23 fiscal year, showing a significant growth from $189 billion in 1980-81. Chaudhary emphasied the role of exchange rates and market-driven indicators in determining India’s GDP size.
The agriculture, industry, and services sectors contribute 18.4%, 28.3%, and 53.3% to the nominal GDP, respectively. Various government policies and initiatives, including the Insolvency and Bankruptcy Code, recapitalization of banks, GST, corporate tax reduction, increased capital expenditure, PLI scheme, liberalization of FDI, and digital infrastructure advancements, have contributed to GDP growth, he said.