India can aspire to be $7-trn economy in 7 yrs

New Delhi: India is expected to become the third-largest economy in the world with a GDP of $5 trillion in the next three years and touch $7 trillion by 2030 on the back of continued reforms, the Union Finance Ministry said on Monday.

Ten years ago, India was the 10thlargest economy in the world, with a GDP of $1.9 trillion at current market prices. Today, it is the 5thlargest with a GDP of $3.7 trillion (estimate FY24), despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector, said the Ministry’s January 2024 review of the economy.

“This ten-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country's economic progress,” it said. These reforms, it added, have also delivered an economic resilience that the country will need to deal with unanticipated global shocks in the future. The ministry said that in the next three years, India is expected to become the third-largest economy in the world, with a GDP of $5 trillion. “The government has, however, set a higher goal of becoming a ‘developed country’ by 2047. With the journey of reforms continuing, this goal is achievable,” it said.