The Indian economy will be worth $5 trillion at the start of Amritkal, the government told Parliament.

Indian Economy: The Modi government has said that India will be able to become a $5 trillion economy in the early stages of the Amrit Call. The government itself has set a target of making India a developed economy by 2047. The government says India will achieve this feat on the back of macroeconomic stability and a strong rupee.

India will become a developed economy by 2047.

During the question period in the Lok Sabha, the Finance Minister was asked whether the government is targeting a $5 trillion economy. So what role will the exchange rate play in achieving this goal? In a written reply to this question, Minister of State for Finance Pankaj Chaudhary said, ‘The government’s aim is to make India a developed economy by 2047. In this regard, India will become a 5 trillion dollar economy at the beginning of Amrit Kaal. India will achieve this milestone with the help of a strong rupee due to macroeconomic stability, he said.

5 trillion dollar economy by 2027-28

The Minister of State for Finance said that the exchange rate is not being ignored as India’s GDP is measured globally through it. The International Monetary Fund estimates that the Indian economy will be the third largest with a GDP of $5 trillion in 2027-28. India is a market economy and the government monitors economic growth through market-based GDP and exchange rates, he said. Domestic and international markets are the mechanisms that determine India’s GDP, exchange rate, contribution of various sectors to GDP, he said.

The government took many decisions in 9 years

The Minister of State for Finance said that the government also contributes to economic development through policy interventions in the budget presented annually. He said that in order to increase the GDP in 9 years, the government has implemented IBC (Insolvency and Bankruptcy (IBC) Code), Investment of Public Sector Banks, GST, Reduction in Corporate Tax, Increase in Capital Expenditure, PLI, Introduced to facilitate foreign investment. And decisions have been made to promote digital infrastructure.

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