India’s GDP will reach $4 trillion before Lok Sabha elections: Piyush Goyal
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New Delhi (Uttam Hindu News): Union Commerce and Industry Minister Piyush Goyal said that before the Lok Sabha elections, India will become a 4 trillion dollar economy and in 2 to 2.5 years it will touch the GDP figure of 5 trillion dollars. “According to every street estimate, India will have the third largest GDP in the world by 2027,” Goyal said at the launch of the Atmanirbhar Bharat Utsav in the national capital. Lok Sabha elections are likely to be held around April-May this year.
The minister has raised the forecast for GDP as the economy is expected to touch $3.7 trillion at the completion of the current fiscal year ending April 31, 2024, according to official estimates so far. The International Monetary Fund’s World Economic Outlook data for countries’ GDP projections to 2028 projects India’s GDP to be $4.95 trillion in 2026.
India has emerged as the fastest growing major economy in the world and recorded a strong growth rate of 7.6 per cent in the July-September quarter of the current financial year (24). This has also prompted the IMF and RBI to raise their growth forecasts for the Indian economy.
Goyal also said, “Self-reliant India does not mean that India is anti-import. We will increase our exports and for this if we need to import some products, we will do so.”
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