Union Finance and Corporate Affairs Minister Ms. Nirmala Sitharaman outlined India's economic trajectory, foreseeing it as the third-largest global economy by 2027-28, surpassing US$ 5 trillion and reaching a projected US$ 30 trillion by 2047. India is the fifth-largest economy, with a GDP of approximately US$ 3.4 trillion, trailing the US, China, Japan, and Germany. The nation is expected to experience a robust growth rate of 7.3% in the ongoing fiscal year, exceeding the 7.2% recorded in 2022-2023. She highlighted the substantial foreign direct investment (FDI) of US$ 919 billion over 23 years until 2023, with a notable 65%, amounting to US$ 595 billion, pouring in during the last 8-9 years under the leadership of the Prime Minister Mr. Narendra Modi. Additionally, the minister underscored the commendable progress in financial inclusion, with the number of individuals holding bank accounts surging from 15 crore in 2014 to 50 crore.
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