India Set to Become World’s Third-Largest Economy by 2027, Says FM Nirmala Sitharaman at NYSE Roundtable

Finance Minister Nirmala Sitharaman has stated that India is on track to sustain its growth trajectory and could become the world’s third-largest economy by 2027. Currently ranked as the fifth-largest economy with a GDP of approximately $3.9 trillion, India is positioning itself to enhance its contribution to global economic growth.

Speaking at the “Investment Opportunities in India” roundtable at the New York Stock Exchange, Sitharaman emphasized India’s determination to not only participate in global recovery but also shape its direction. She highlighted the country’s remarkable transformation over the past decade, underscoring the numerous opportunities for investors.

Sitharaman pointed to initiatives like Atmanirbhar Bharat, aimed at revitalizing India’s manufacturing sector and integrating it into global supply chains. She discussed the government’s efforts in infrastructure development through programs such as the National Infrastructure Pipeline (NIP) and the National Monetisation Pipeline (NMP). Additionally, she mentioned the PM GatiShakti program, which employs technology for real-time assessments of public policy impacts.

Highlighting the $10 billion India Semiconductor Mission (ISM), Sitharaman noted its importance in bolstering India’s role in global electronics value chains, especially in light of recent partnerships with the US government. She also outlined significant structural reforms that have created a stable regulatory environment for investors, including the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), and liberalized Foreign Direct Investment (FDI) norms.

These initiatives are part of a broader strategy to foster a robust digital economy and drive innovation, contributing to India’s emergence as the third-largest startup ecosystem globally, with over 100 unicorns dedicated to public good innovations.

Disclaimer: The information provided in this summary is based on statements made by Finance Minister Nirmala Sitharaman and reflects her views on India’s economic outlook and growth prospects. The projections regarding India’s status as the world’s third-largest economy by 2027 are subject to various factors, including domestic and global economic conditions, policy implementations, and market dynamics. Readers should consider these factors and conduct their own research before making any investment decisions or forming opinions based on this information.