There are hardly 20 days left for the country's interim budget. The country's Finance Minister Nirmala Sitharaman is busy preparing to give a gift to the people of the country before the general elections. In such a situation, he has made such a statement or rather an announcement. Due to which, along with Japan, China can also come in fear. It is not hidden from anyone that India's GDP growth is the fastest among the major economies of the world. The same situation may persist in the coming two to three years. Keeping this in view, Nirmala Sitharaman has said at the function of Vibrant Gujraj that India will become the third largest economy in the world in the coming four financial years. This means that before the end of the current decade, India's economy will be below only the US and China. That means we will leave behind even Japan and Germany. Let us also tell you what the country's Finance Minister Nirmala Sitharaman said?
The country will be the third largest economy
Finance Minister Nirmala Sitharaman said on Wednesday that India will become the world's third largest economy with a GDP of more than five trillion dollars by the financial year 2027-28. Along with this, Sitharaman said that even according to conservative estimates, the size of the Indian economy will reach 30 trillion dollars by the year 2047. Addressing the Vibrant Gujarat Global Summit held here, Sitharaman said that it is possible that we will be the third largest economy by the financial year 2027-28 and our GDP will exceed five trillion dollars by that time. A conservative estimate is that by the year 2047 our economy will reach at least 30 trillion dollars.
How much growth can there be?
At present, India is the fifth largest economy in the world with a GDP of about 3.4 trillion dollars. Currently America, China, Japan and Germany are ahead of it. The Indian economy is estimated to grow at the rate of 7.3 percent in the current financial year, whereas its growth rate in the last financial year was 7.2 percent. On this occasion, Sitharaman said that India has received Foreign Direct Investment (FDI) of $ 919 billion in the 23 years till the year 2023. Out of this, 65 percent i.e. $595 billion FDI has come during the last eight-nine years of Narendra Modi government's tenure. Referring to financial inclusion, he said that the number of people having bank accounts has increased to 50 crore whereas in 2014 only 15 crore people had bank accounts.
Germany and Japan will lose to India
The statement given by the Finance Minister of the country in the glare of Vibrant Gujarat function. It is clear from this that if India becomes the third largest economy in the world by the financial year 2027-28, then both Germany and Japan will fall below India. At present both are the third and fourth largest economies. India's number is after these two. Let us try to understand from the figures how we can leave behind Germany and Japan? At present, Japan's economy is 4.2 trillion dollars. Whereas India's economy is worth 3.7 trillion dollars. India can leave Japan behind in the next one and a half to two financial years. On the other hand, Germany's GDP is 4.4 trillion dollars. Whose level can be left behind in the next three to three and a half financial years. This means that in about 4 financial years, India's economy will be the third largest economy, leaving behind these two countries.
Why fear in China?
Even though China is the second largest economy in the world. At present, China's economy is 15 to 16 times ahead of India. Even after that, if India's economy crosses 5 trillion dollars in the financial year 2027-28, then China will also be in fear. The main reason for this is the continuously falling growth of China and the continuously increasing pace of India. According to estimates, China's economic growth is likely to be less than 5 percent in the coming two financial years. Whose effect will be clearly visible on the nominal GDP of the country. India will benefit from this. In this way, India will be on the verge of becoming the world's first or second largest economy by the year 2047. When the country will complete 100 years of independence.
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