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India will be 3rd largest economy in 3 yrs: FinMin
Says GDP will hit $5-trn mark; Further, India can aspire to become a $7-trn economy in the next 7 yrs
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Growth Trajectory
- 10 yrs ago, India was world’s 10th largest economy with GDP of $1.9 trn
- Today, India is the 5th largest with GDP of $3.7 trn
- Initiated several reforms in last 10 yrs
- That enabled India to overcome Pandemic, other inherited issues
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 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices. Today, it is the 5th largest 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.
