India to become 3rd largest economy with GDP of USD 5 trillion in 3 years

New Delhi, January 29, 2024.

India is expected to become the third-largest economy in the world with a GDP of USD 5 trillion in the next three years and touch USD 7 trillion by 2030 on the back of continued reforms, the finance ministry said on Monday.

Ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices.

Today, it is the 5th largest with a GDP of USD 3.7 trillion (estimate FY24), despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector, said the ministry’s January 2024 review of the economy.