India to be World’s 3rd Largest Economy by 2027: FM Sitharamam
NEW YORK : Finance Minister Smt. Nirmala Sitharaman on Monday said India is poised to continue its growth trajectory and is likely to become the world’s third-largest economy by 2027. India currently is the fifth largest economy in the world with a GDP of around USD 3.9 trillion.
Addressing the Roundtable on ‘Investment Opportunities in India‘ at the New York Stock Exchange, the oldest and the largest stock exchange in the world, the Finance minister said India is poised to continue its sustained growth trajectory and enhance its contribution to global growth significantly.
At the current rate, India is likely to be the world’s third-largest economy by 2027, Sitharaman said. As many as 11 Indian companies are listed on the New York Stock Exchange.
The Roundtable was attended by various pension funds and other institutional investors and fund managers across the US, forming one of the largest financial systems in the world in terms of total assets under management, the finance ministry said in a post on X.
During the meeting, the Finance Minister shared the contours of various policy reforms and initiatives that are shaping India, with a focus on the Government’s priorities for facilitating sustained economic growth for sustained long-term investment opportunities.
Observing that India’s emergence as one of the fastest-growing economies in the world which has witnessed a profound positive transformation in the last 10 years, she emphasised on the nation’s determination to not just contribute to but also determine the shape and direction of global recovery, while redefining its own place in the global economic order.
As India undergoes this transformation, she exuded confidence that there will be a host of opportunities for growth and returns for investors in India.
Anchoring India’s growth in the vision of Atmanirbhar Bharat, she said that it seeks to reinvigorate India’s manufacturing abilities and integrate it with the redefining Global Supply Chains.
She further said that India has not only created a strong baseline for infrastructure creation and development with initiatives such as the National Infrastructure Pipeline (NIP) and the National Monetisation Pipeline (NMP), but also bolstered the manufacturing sector’s competitiveness through Production Linked Incentive (PLI) schemes across sectors.
PM GatiShakti, a programme launched to bring a master-planning approach to infrastructure, stands out as a unique example of using technology for real-time assessment of public policy impact on the ground, she said.
The Government of India has given further momentum to India’s growing presence in the global electronics value chains through the USD 10 billion India Semiconductor Mission (ISM) to achieve atmanirbharta in electronics & semiconductors, she said, adding, this initiative gains importance especially in the light of the US Department of State’s recent announcement to partner with Government of India.
She referred to India’s ground-breaking structural reforms for a stable regulatory framework for investors, such as simplifying the tax structure through the Goods and Services Tax (GST); streamlining the resolution of distressed assets through the Insolvency and Bankruptcy Code (IBC); liberalising Foreign Direct Investment FDI norms across various sectors; and enhancing the simplicity and transparency of the overall foreign investment policy framework.
These policy reforms and initiatives are built on an entirely new digital economy, spurring innovation and tech entrepreneurship resulting in India becoming the 3rd largest start-up ecosystem globally, with over 100 unicorns engaged in innovations for the public good, she added.