Union Minister of Commerce & Industry Piyush Goyal expressed the government's aspiration to elevate the present $3.7 trillion economy to $30-35 trillion by 2047 while prioritizing the nation's food and energy security. Addressing a delegation of 35 journalists from 19 Latin American and Caribbean countries in New Delhi, Goyal emphasized the Modi government's goal of transforming India into a fully developed nation by 2047, with concerted efforts underway to achieve this objective.
He mentioned that the Modi administration is concurrently enhancing India's macroeconomic fundamentals and concentrating on guaranteeing food, healthcare, and education. "PM Narendra Modi's vision to address the issues regarding the welfare of the poor, coupled with good governance over the last decade, has helped India transform from the 11th largest to 5th largest economy in the world and is on track to become the 3rd largest GDP by 2027", says the Union minister.
He highlights that India's foreign currency reserves have surged to become the world's fourth-largest, doubling since 2014, with its currency ranking among the top performers in developing nations. India recorded a GDP of $3.4 trillion in 2022-23. Various international bodies, such as the International Monetary Fund (IMF), have recognized India's economic ascent. The IMF, a global financial institution based in the United States, has labeled India as one of the "star performers," projected to contribute 16% to global growth in the 2023-24 period alone.
Over the forthcoming five years, it has been projected that India's annual GDP growth rate will average 6.4%, followed by an anticipated average growth of 6.5% over the subsequent nine years. This growth trajectory is anticipated to elevate India from fifth position on the CEBR's World Economic League Table in 2022 to third place in global rankings by 2037, as per the London-based economic consultancy.
S&P Global, an international ratings agency, has forecasted that India's GDP will reach $6.7 trillion by 2030-31, with an average annual growth rate of 6.7% from 2023-24. The agency also predicts that the country's per-capita income will increase to approximately $4,500. "Investment as a proportion of GDP reached a 10-year high of 34% in fiscal 2023. The government has played a key role in boosting investment by offering substantial support for infrastructure projects and by incentivizing manufacturing. We expect the Indian private sector to increase investments given healthy corporate balance sheets gradually", S&P said.