Indian Economy / Will India be able to become the world's second largest economy? Understand the complete calculation here

Zoom News : Feb 19, 2024, 08:09 AM
Indian Economy: At this time when most of the countries of the world are facing the crisis of recession. Meanwhile, India is developing rapidly. Still, fulfilling India's dream of becoming a developed nation is the biggest challenge for the country. India needs to grow at an annual rate of 9-10 percent for about three decades and develop continuously, only then the dream of a developed India will be fulfilled. India's G-20 Sherpa and former CEO of NITI Aayog Amitabh Kant said on Sunday that by doing this we will become a US $ 35 trillion economy by 2047.

This is India's ranking now

We are the fifth largest economy in the world and by 2027, we will become the third largest economy in the world, leaving behind Japan and Germany, Kant said in a session of the Tech Entrepreneurs Association Mumbai (TEAM) program 'Mumbai Tech Week' (MTW). Will go. Our aim is that by the time India completes 100 years of independence in 2047, it will become a US$ 35 trillion economy.

India's dream will be fulfilled by 2047

Kant said that this means that by 2047, India will become the second largest economy in the world. He said becoming a US$ 35 trillion economy means we need 9-10 per cent annual growth for about three decades and that means we need to continuously innovate. India has created digital identity of 1.4 billion people and technologically the country has progressed a lot.

What is the condition of India now?

India is expected to become the world's third largest economy by 2027. Due to the policies of Modi government, Foreign Direct Investment (FDI) has increased in the country. In the last 9 years it has been 615.73 billion dollars. India's foreign exchange reserves have also increased rapidly. Today it has reached the level of 620.44 billion dollars. That means, overall, the day is near when India will become the hub of the global engine.

Reserve Bank Governor Shaktikanta Das had also said this in the annual meeting of the World Economic Forum in Davos that international trust in India is at the highest level ever. RBI's growth estimate for the current financial year was 7%. NSO (National Statistical Office) has said 7.3%. So, when we said 7% for the current year, there were a lot of opinions outside that RBI was overestimating. But in reality, NSO has asked for 7.3% for the current year and 7.3% for FY 2024-25.