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India on track to become world's 3rd largest economy by 2027


January, 30 2024
watermark Economic news

The Ministry of Finance of India predicts that the volume of Indian GDP will reach $5 trillion by 2027, which will allow the country to take the third place in the world in this indicator. 


Currently, India's annual GDP is $3.7 trillion, and it ranks fifth in the global economy, behind the United States, China, Japan and Germany.


Goldman Sachs analysts also expect that by 2075, India could take second place after China, surpassing the United States.


The report of the Ministry of Finance of India notes that in the fiscal year 2024, the country's economy will grow by at least 7%, and similar growth is expected in the 2025 fiscal year. This growth is attributed to strong domestic demand, which includes consumer spending and investment. This demand is the result of reforms and other measures taken by the Government in recent decades.


In general, the main goal of the Government of India is to move into the category of developed economies by 2047.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.