Commerce and Industry Minister Piyush Goyal expressed optimism on Wednesday, stating that India is poised to become a $4 trillion economy before the upcoming Lok Sabha elections. Furthermore, he predicted that within the next 2 to 2.5 years, the country's GDP will surpass the $5 trillion mark.
Addressing the audience at the launch of the Aatmanirbhar Bharat Utsav in the national capital, Goyal confidently declared that India is on track to secure the position of the world's third-largest GDP by 2027, as per prevalent estimations.
While official estimates had previously anticipated the economy reaching the $3.7 trillion mark by the end of the current financial year in April 2024, Goyal's bold projections indicate a more ambitious trajectory for India's economic growth.
The International Monetary Fund's World Economic Outlook data supports Goyal's optimism, projecting India's GDP to reach $4.95 trillion in 2026. India's remarkable economic performance has already positioned it as the fastest-growing major economy globally, with a robust growth rate of 7.6 per cent in the July-Sept quarter of the current financial year (FY24). This has prompted both the IMF and the Reserve Bank of India to revise their growth forecasts for the Indian economy upward.
Goyal clarified that the pursuit of Aatmanirbhar Bharat, or a self-reliant India, does not imply an anti-import stance. Emphasizing the importance of increasing exports, he assured that if necessary, India would import products to support its export goals.
(With Agency Inputs)
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