FM Nirmala Sitharaman says India can become world's third-largest economy by 2027-28

Finance minister Nirmala Sitharaman on Wednesday said India would be able to become the third largest economy in the world and the GDP will cross $5 trillion by 2027-28. 

"The people of India met with post -Covid challenges and built resilience," the finance minister said at the launch of the Viksit Gujarat roadmap 2047 at the Vibrant Gujarat Global Summit. 

Her comments come at a time when the economy is estimated to grow at a higher than anticipated 7.3 per cent this fiscal, after expanding by 7.2 per cent in FY23. 

The finance minister also underlined that the relationship between the Centre and states has moved from one of give and take to one of partnership after 2014 when the NDA government came to power.  

"This participatory approach gives us the target to build a developed India by 2047," she said, adding that the Centre is looking at development as a partnership where the strengths of states are leveraged. 

"Since 2014, the approach has been of cooperative and competitive federalism as well as of collaborative federalism. States are competing with each other for developing Viksit Bharat," Sitharaman said. 

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India aims to become a $30 trillion developed economy by 2047 as part of the government's ambitious Viksit Bharat plan 

The finance minister further said that Panch Pran (five resolves) of Viksit Bharat also includes removing the colonial mindset of the past. 

She also highlighted six to seven milestones of the government including the Antyodaya Anna Yojana and the SVANidhi scheme under which 57 lakh loans have been granted to street vendors. 

The Swachh Bharat Abhiyan for making India open defecation free has saved as much as 50,000 British pounds of spending on health care facilities, she further said. 

She also underlined the government's focus on financial inclusion which has brought over 50,000 people into the formal banking system. 

India has also received $919 billion in foreign direct investment in the last 23 years of which 65 per cent or $ 595.25 billion has come in the last eight years, she further said. 

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