Posted 12/4/2023, 10:00:41 AM
India on Track to Become $5 Trillion Economy by 2027, Putting It on Path to Achieved Advanced Economy Status
- India is projected to become a $5 trillion economy by 2027-28 according to IMF, putting it on track to achieve its goal of becoming an advanced economy by 2047
- Strong rupee from macroeconomic stability will play crucial role in crossing $5 trillion GDP milestone
- India's GDP has grown from $189 billion in 1980-81 to $3.7 trillion as of 2022-23
- Exchange rate important factor in determining India's GDP size globally as a market economy
- Government initiatives over last 9 years aimed at increasing GDP include IBC, bank recapitalization, GST rollout, corporate tax cuts, rise in capital expenditure, PLI scheme, FDI reforms, digital infrastructure development