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

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.