India will become third largest economy in three years

New Delhi: Indian economy is expected to become the third largest in the world in the next 3 years. As per Union Finance Ministry, the Indian economy will become third largest in the world with a size of $5 trillion. At present, Indian economy has a size of $3.7 trillion.

‘In the next three years, India is expected to become the third-largest economy in the world, with a GDP of $5 trillion. The government has, however, set a higher goal of becoming a ‘developed country’ by 2047. With the journey of reforms continuing, this goal is achievable,’ the finance ministry said in its report, ‘The Indian Economy: A Review January 2024’.

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It said FY24 marks the third successive year of 7 per cent plus strong growth of the Indian economy. As per the report, Indian economy may become a $7 trillion economy in the next six to seven years (by 2030).

India is the third-largest fintech economy in the world after the USA and the UK. Earlier, India became the world’s fourth largest stock market in the world by market capitalisation, overtaking Hong Kong.