India to become $4tn economy before 2024 elections: Piyush Goyal
While speaking at the inauguration of the Aatmanirbhar Bharat Utsav in New Delhi, Commerce Minister, Piyush Goyal on Wednesday announced that India will become a $4 trillion economy before the upcoming general elections. He added that India will reach a $5 trillion economy and hold the third-largest GDP globally by 2027. These statements echo that of Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, who recently said that "$4 trillion in 2024 is a certainty."
India's GDP growth and IMF projections
The National Statistical Office reported on November 30 that India's real GDP experienced a strong growth of 7.6% in the second quarter, surpassing market expectations of 6.8% and the Reserve Bank of India's (RBI) forecast of 6.5%. The International Monetary Fund's World Economic Outlook database for October 2023 projects India's GDP to reach $4.95 trillion in 2026. This $5 trillion goal is significant, as PM Narendra Modi in 2019 had called for the country to achieve this target by 2024.
India's export strategy
During the event, Goyal emphasized that "Atmanirbhar Bharat does not mean India is anti-import." "We will increase our exports and for that, if we need to import certain products, we will do so," Goyal added. External Affairs Minister S Jaishankar also stressed the importance of promoting pride in both producers and consumers to not only Make in India but also Buy in India what is Made in India.
