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Indian Economy Will Be Worth $30 Trillion By 2047: FM Sitharaman

Utkarsh Classes 11-01-2024
Indian Economy Will Be Worth $30 Trillion By 2047: FM Sitharaman Economy 3 min read

During the Vibrant Gujarat Global Summit 2024, Finance Minister Nirmala Sitharaman said that by 2047, India will have a $30 billion economy globally. The partnership between the Central Government and the states will be key in India becoming a developed nation by 2047 through “inclusive, empowered growth for all citizens”.

Size of Indian economy by 2028:

  • According to Finance Minister Nirmala Sitharaman, India will become a five trillion dollar economy by 2028. Then, the size of the Indian economy will cross five billion dollars.
  • By 2047, if development is done even normally, the Indian economy will be worth more than 30 billion dollars.
  • According to Finance Minister Nirmala Sitharaman, making India a $30 trillion economy by 2047 is a "conservative" estimate. It sees the state of Gujarat as a key driver of development on the country's path to becoming a developed nation.
  • Reliance Industries Chairman Mukesh Ambani has estimated the size of the Indian economy to be $35 billion by 2047.

Present size of Indian economy:

  • According to Finance Minister Nirmala Sitharaman, the size of the Indian economy is currently $3.7 billion. The reports of all the world agencies show that in the next few years, India's economic growth rate will be the highest among the world's major countries.
  • The Finance Minister attributed this economic progress to the stable policies of PM Modi's government and the steps taken for economic reforms.

India's rank in GDP of different countries in 2023:

Rank

Country

GDP (USD)

Annual Growth Rate

1

United States of America

23.3 trillion

1.58%

2

People's Republic of China

17.7 trillion

6.3%

3

Japan

4.9 trillion

1.3%

4

Germany

4.3 trillion

0.2%

5

India

3.75 trillion

7.2%

Maximum investment during the tenure of Modi government:

  • A total investment of $919 billion has come into India between the year 2000 and 2023.
  • Out of this, 65 percent, i.e. investment of $595 billion, has come only in the first 8-9 years of the Modi government's tenure.

Gujarat's growth rate higher than national average:

  • Gujarat is a state which is progressing fast.
  • Gujarat has grown at a CAGR of 12 percent between 2011 and 2021. Whereas the national average is 10.4 percent.

FAQ

Answer:- Finance Minister Nirmala Sitharaman

Answer:- Mukesh Ambani, Chairman of Reliance Industries

Answer:- 2028

Answer:- 919 billion dollars.
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