India to become a developed country with a Rs 30 trillion economy by 2047, Nirmala Sitharaman presents at Vibrant Gujarat

Nirmala Sitharaman - India TV Paisa
Photo: (X-Handle/Nirmala Sitharaman) Submit Vibrant in Nirmala Sita Raman Gujarat.

Addressing Vibrant Gujarat, Finance Minister Nirmala Sitharaman said on Wednesday that India will become the world’s third largest economy with a GDP of over $5 trillion or Rs 5 trillion by fiscal year 2027-28, and it will 30 The GDP will reach Rs. trillion by the year 2047. It will be a developed country. India is currently the world’s fifth largest economy with a GDP of $3.4 trillion. Currently, India ranks second in GDP after USA, China, Japan and Germany.

The government is giving emphasis on new industries.

Addressing the ‘Vibrant Gujarat Global Summit’, Seetha Raman said that new and fast-growing industries are being emphasized in Amritkal till the country completes 100 years of independence in 2047. Along with this, the Finance Minister said that the Narendra Modi government’s FDI policy has helped in attracting foreign investment and in the last nine years, an investment of $595 billion has come in.

“We are likely to become the third largest economy by FY 2027-28 and our GDP will cross $5 trillion by then,” he added. According to rough estimates, our economy will reach at least $30 trillion by the year 2047.

Fast growing Indian economy

The Indian economy is estimated to grow at a rate of 7.3 percent in the current fiscal year as against 7.2 percent in the previous fiscal year. Sitharaman said Indians have successfully faced post-pandemic challenges and helped the economy recover. Gujarat will be the engine of growth in India’s journey to become a developed economy by 2047. Gujarat accounts for five percent of India’s population but accounts for 8.5 percent of the country’s GDP. He said that the average national growth rate between 2011 and 2021 has been 10.4 percent, while in Gujarat it has been much higher at 12 percent.

50 crore people have bank accounts in the country.

In his address, he mentioned the financial inclusion in the country in the last few years and said that the number of bank account holders has reached 50 crore as against only 15 crore people in 2014.

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