India poised for $5T economy in Amrit Kaal: Finance Ministry

• ByStartupStory     |    December 4, 2023

Minister of State for Finance, Pankaj Chaudhary, anticipates India achieving a $5 trillion economy ahead of schedule during the ‘Amrit Kaal’ phase, en route to its goal of becoming an advanced economy by 2047. 

The International Monetary Fund (IMF) forecasts India reaching this milestone, boasting the world’s third-largest GDP by 2027-28.

Chaudhary highlighted that a robust rupee, stemming from macroeconomic stability, will aid in surpassing the $5 trillion mark. He stated, “The government has set the goal of becoming an advanced economy by 2047. In the process, it will become a $5 trillion economy early in the Amrit Kaal.” 

As of 2022-23, India’s GDP tallied at $3.7 trillion, exhibiting significant growth from $189 billion in 1980-81, escalating to $476 billion by 2000-01, and surging to $2.67 trillion in 2020-21.

Follow Startup Story