India aims to grow into a $7 trillion economy by 2030.

January 29, 2024
1 min read

India is expected to become the third-largest economy in the world by 2027, with a GDP of $5 trillion, and is projected to reach $7 trillion by 2030, according to the Finance Ministry. The ministry also stated that the government aims to transform India into a “developed country” by 2047. Over the past decade, India’s economy has witnessed significant growth and resilience, despite the challenges posed by the pandemic. The country’s strong domestic demand has driven its GDP growth to over 7% in recent years, and the ministry expects the growth rate to continue at a similar pace in the coming years. The success of India’s economic reforms has allowed the country to navigate global economic shocks and downturns effectively, and the ministry believes that further reforms, with the active participation of state governments, will drive future growth. The reforms are expected to focus on areas such as health, education, land, and labor, with the aim of making them more citizen and small business-friendly. The ministry also emphasized the need for reforms at the district, block, and village levels to ensure the full participation of states. Overall, India’s economic progress over the next decade is expected to be driven by these reforms and its growing domestic demand.

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