The Dream of 2047: India’s $35 Trillion Economy!

During the Vibrant Gujarat Summit held between January 10th and 12th, 2024, India’s Finance Minister, Nirmala Sitharaman, announced that India is projected to become the world’s third-largest economy by 2027-28 and is anticipated to achieve a $30 trillion economy by 2047. Additionally, the CEO of NITI Aayog, Amitabh Kant, mentioned that India could reach an economy of $35 trillion by 2047, but it requires us to adopt new approaches. However, the question remains: What pace does India need to grow and can it achieve its goal by 2047?

What’s Happening?

Currently, India stands as the fifth-largest economy with a GDP of $4.11 trillion, following the US, China, Germany, and Japan. In terms of growth, India’s GDP grew by 7.2% in FY2022-23, with expectations to increase to 7.3% for this fiscal year.

Not only that, Finance Minister Sitaraman stated that India received $919 billion in Foreign Direct Investment by 2023, of which 65% or $595 billion came in just the last 8-9 years, indicating growing confidence of foreign investors in India.

India’s Economy in 2047

During a session at the Mumbai Tech Week (MTW) on February 18th, 2024, CEO of NITI Aayog, Amitabh Kant, addressed that India could achieve a $35 trillion economy by 2047, but it requires relentless hard work and continuous innovation.

As per the Financial Express, Amitabh Kant mentioned that currently, we are the world’s fifth-largest economy and aim to reach the third position by 2027. On the 100th anniversary of our independence in 2047, to become the second-largest economy, we need to achieve a consistent growth of 9-10% over the next three decades.

Moreover, according to India Today, Mukesh Ambani, Chairman of Reliance Industries, stated that by 2047, India will create a new history by becoming a $35 trillion economy, with Gujarat alone touching the height of $3 trillion.

What’s Needed to Achieve the Goal of 2047?

As per the Economics Times, Amitabh Kant mentioned that to achieve this goal, we need revolutionary changes in every sector over the next 23 years. We must embrace new thinking and technologies, leaving behind old methods.

There are already visible changes in some sectors:

Digital Identification:?Achieving digital identification for 1.4 billion people is a significant achievement!

Youth Entrepreneurs:?Start-ups are gaining momentum, giving wings to new ideas.

New Technology:?India is making its mark in areas like Artificial Intelligence!

However, there is much more to be done. There is a need for significant changes in sectors like healthcare, education, and logistics.

What’s in it for Investors?

A $35 trillion economy implies a rapidly growing market, directly impacting companies’ profits and share prices.

Moreover, the stock market is the backbone of any country’s economy, and there is a strong correlation between the two. If a country’s economy is performing well, there is more hope for the stock market to perform better. However, the stock market experiences fluctuations, but in the long term, it has always followed economic development.

Therefore, if India achieves its goals by 2047, the Indian stock market could see itself at a different level altogether.

That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!

*The article is for information purposes only. This is not an investment advice.

*Disclaimer:?Teji Mandi Disclaimer