Connect with us

Hi, what are you looking for?

Financial News

India Aims To Reach Third-Largest Economy Status Globally By 2027

India’s Treasury Department has estimated that the nation could achieve the rank of the world’s third-largest economy by 2027, with a gross domestic product (GDP) of $5 trillion. This declaration precedes the upcoming release of the provisional budget later this week.

var pref_connatix_event_title_prefix = ‘ConnatixLarge’;var prefMainPlayer=pref_connatix_event_title_prefix;var pref_connatix_catapultx_id = ‘tdw-main-player’;

As per the report unveiled on Monday, the Indian economy is anticipated to expand at or above 7% in the fiscal year 2024. If this objective is attained, it would signify the third consecutive year of 7% GDP growth for India. Currently, India’s GDP stands at $3.7 trillion.

V Anantha Nageswaran, India’s principal economic consultant, credited the strength in local demand to the reforms and measures enacted by the government over the past decade. He emphasized that investment in physical and digital infrastructure has been pivotal in enhancing the supply side and manufacturing sectors.

Nageswaran also conveyed hopefulness regarding India’s future, stating that fiscal year 2025 is likely to witness “real GDP growth closer to 7 percent.”

The report emphasized that the document disclosed on Monday was not the Economic Survey of India, which is formulated by the Department of Economic Affairs prior to the Union Budget. The Union Budget, slated to be unveiled after the general election between April and May, will ensue the provisional budget presented by Finance Minister Nirmala Sitharaman on Thursday. The provisional budget is not expected to encompass significant alterations to expenditure or tax policies.

Goldman Sachs predicts that India could ascend to the position of the world’s second-largest economy by 2075, surpassing not only Japan and Germany, but also the United States. Presently, India stands as the world’s fifth-largest economy, trailing behind the U.S., China, Japan, and Germany.

In terms of market performance, India’s stocks have demonstrated an encouraging trend, with the Nifty 50 index climbing by more than 20% in 2023 and breaching the 22,000 level this month. Investors are upbeat about India’s growth prospects, anticipating continued policy consistency and potential interest rate cuts by the Reserve Bank of India later this year.

Photo Credit: Shutterstock / Ronnie Chua

You May Also Like

Stocks

Back in April, Tesla and SpaceX CEO Elon Musk made major waves when he announced his intent to purchase the social media platform Twitter...

Stocks

As fears of inflation are affecting the entire United States economy, one sector that’s taking on the brunt of the damage is the housing...

Stocks

As fuel and energy costs increase around the world and especially in the United States, the pursuit for renewable energy resources has become even...

Stocks

Kellogg, one of the largest providers of packaged foods in the United States and the world, has maintained a generally consolidated control of all...