India To Become $5 Trn Economy Early In Amrit Kaal: FinMin

India will become a $5 trillion economy early in the ‘Amrit Kaal’, the Minister of State for Finance Pankaj Chaudhary said on Monday. The minister said that the country is on the path to achieving the goal of becoming an advanced economy by 2047.

In a written reply to the Lok Sabha, the minister said, “The International Monetary Fund (IMF) has projected India to become a $5 trillion economy with the third largest GDP in 2027-28. The $5 trillion milestone will be crossed with the help of a strong rupee which will result from macroeconomic stability,” reported PTI.

The minister further stated that in the process of achieving the goal of becoming an advanced economy by 2047, the country will become a $5 trillion economy early in the ‘Amrti Kaal’. Notably, India’s GDP stood at $3.7 trillion at the end of 2022-23. The size of the Indian economy increased from $189 billion in 1980-81 to $326 billion a decade later. In 2000-01, the GDP size increased to $476 billion, which expanded to $1.71 trillion in 2010-11, and $2.76 trillion in 2020-21.