New Delhi: The government is hopeful that India will become a $5-trillion economy early in the ‘Amrit Kaal’ on the path to achieve the goal of becoming an advanced economy by 2047.
“The $5-trillion milestone will be crossed with the help of a strong rupee, which will result from macroeconomic stability, minister of state for finance,” Pankaj Chau-dhary said in the Lok Sabha.
In 1980-81, the size of the Indian economy was $189 billion, which increased to $326 billion after a decade. In 2000-01, the size of the gross domestic product (GDP) rose to $476 billion.
As India is a fast growing economy, the Indian GDP stood at $3.7 trillion at the end of 2022-23. “The government has set the goal of becoming an advanced economy by 2047,” 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. In 2010-11, India’s GDP jumped to $1.71 trillion, and further increased to $2.67 trillion in 2020-21. “India is a market economy, and the government monitors economic progress through market-determined GDP and exchange rate,” Chaudhary said.
He further said both domestic and international markets are the mechanisms that determine India’s GDP, exchange rate and contribution of various sectors to GDP.
“The contribution of agriculture, industry and services to nominal GDP in 2022-23 stood at 18.4 per cent, 28.3 per cent, and 53.3 per cent, respectively. The government also contributes to economic progress through policy interventions,” Chaudha-ry said.
