Ahmedabad, Jan 10 (Agency) Union Finance Minister Nirmala Sitharaman on Wednesday said that India will be the third largest economy globally by 2027-28 and the GDP (gross domestic product) size will cross $5 trillion. Speaking at a Seminar of Vibrant Gujarat Global Summit 2024, the Minister said that India’s GDP will reach the size of at least $30 trillion. “….It is possible that we will be the third largest by 2027-28 and our GDP will cross $5 trillion by that time. By 2047, it is (a) conservative estimate that we will reach at least $30 trillion in terms of our economy,” Sitharaman said noting that people of India had met with the challenges post-Covid and built the recovery on a strong footing.
India has been the fastest-growing major economy in the world and expected to hold the title in the current financial year as well. Sitharaman underlined the partnership between Centre and states to achieve the goal of a developed India and also highlighted cooperative federalism approach of the government. “Since 2014, I can speak with certain authority, the approach between Centre and states has been of cooperative federalism, competitive federalism and also collaborative federalism,” the Minister said. Sitharaman also released the vision document ‘Viksit Gujarat @ 2047’ on the occasion.