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India Poised to Become Third-Largest Economy by 2027

Reforms spearheaded over the past decade underpinned by robust banking backed by historically low inflation have set India on pace for a $5 trillion economy in three years.

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Overview

  • India is on track to reach a $5 trillion GDP by 2027 and become the world’s third-largest economy, according to Commerce Minister Piyush Goyal.
  • Foreign exchange reserves have climbed to $698 billion, bolstering India’s macroeconomic stability.
  • The banking sector’s strong lending capacity and inflation near 3 percent support sustained domestic growth.
  • Under Prime Minister Narendra Modi, the government has executed transformational reforms aimed at inclusive, sustainable and honest growth.
  • Strategic free trade agreements with advanced markets and partnerships with bodies like MCCI and NASSCOM aim to boost exports and advance technologies such as AI and quantum computing.