India on track to become world's 3rd- largest economy by 2027, says Nirmala Sitharaman

New York: Finance Minister Nirmala Sitharaman revealed that India is on a sustained growth trajectory, with potential to become the world's third-largest economy by 2027. Currently it is the fifth-largest economy, boasting a GDP of approximately 3.9 trillion dollars, rapidly increasing its global economic contribution.

Speaking at the 'Investment Opportunities in India' roundtable at the New York Stock Exchange, Nirmala Sitharaman outlined India’s economic progress and the government’s reforms designed to ensure long-term investment potential. Accordig to PTI reports, the event was attended by prominent U.S. pension funds, institutional investors, and fund managers.

Shaping global recovery and the evolving world economic order

Highlighting India's fast-paced economic growth over the past decade, the finance minister expressed confidence in the country's role in shaping global recovery and the evolving world economic order. She stressed that the government’s vision of Atmanirbhar Bharat aims to revitalise domestic manufacturing and link it to global supply chains.

Infrastructure development plans strengthened manufacturing competitiveness

India’s ambitious infrastructure development plans, such as the National Infrastructure Pipeline (NIP) and the National Monetisation Pipeline (NMP), alongside the Production Linked Incentive (PLI) schemes for various industries, have further strengthened its manufacturing competitiveness. The PM GatiShakti program, focused on using technology for real-time infrastructure planning, stands as a testament to India’s innovative governance.

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Efforts to establish self- reliance through 10 billion dollars 

The Finance Minister also emphasised India's efforts to establish self-reliance in electronics and semiconductors through the 10 billion dollars India Semiconductor Mission (ISM), a key initiative bolstered by recent U.S. collaboration. She also highlighted significant structural reforms in taxation, foreign direct investment (FDI), and the digital economy. These efforts have positioned India as the third-largest startup ecosystem globally, fostering innovation with over 100 unicorns. She further stated that India’s robust policy framework and ongoing digital revolution are paving the way for sustained growth and attractive investment opportunities for global investors.