In a bold assertion, Commerce Minister Piyush Goyal declared that India is set to become a $4 trillion economy before the upcoming general elections. Speaking at the inauguration of the Aatmanirbhar Bharat Utsav in New Delhi, Goyal further projected India to achieve the status of the world’s third-largest GDP by 2027.
Goyal’s optimistic outlook aligns with the sentiments expressed by Bibek Debroy, Chairman of the Economic Advisory Council to the Prime Minister, who stated in an opinion piece that “$4 trillion in 2024 is a certainty.”
The announcement follows earlier unverified reports in November suggesting that India had already reached the $4 trillion economy milestone. However, official data indicates that India is targeting a $3.7 trillion figure for the current fiscal year, based on a budgeted nominal GDP growth rate of 10.5 percent for FY24.
The International Monetary Fund’s projections foresee India’s GDP reaching $4.95 trillion in 2026. The ambitious $5 trillion target was set by Prime Minister Narendra Modi in 2019.
India continues to maintain its position as the world’s fastest-growing major economy, with robust GDP growth of 7.6 percent in the second quarter, surpassing market expectations.
In addressing India’s export strategy, Goyal emphasized that being self-reliant (Atmanirbhar Bharat) does not imply an anti-import stance. India aims to boost exports, and if necessary, import required products.
External Affairs Minister S Jaishankar, speaking at the same event, highlighted the importance of instilling pride in producers and consumers, urging support for both “Make in India” and “Buy in India.”
