Elections 2024: India Poised To Reach $4 Trillion Economy Before Lok Sabha Elections

Lok Sabha Elections 2024: During the inauguration of the Aatmanirbhar Bharat Utsav in New Delhi, Commerce Minister Piyush Goyal stated that India’s economy will reach $4 trillion before the general elections. The Union Minister expressed confidence that India would become a $5 trillion economy in just two to three years, making it the third-largest GDP in the world by 2027. Speaking at the event, External Affairs Minister S Jaishankar stressed the value of maintaining national identity in the age of globalization.

India’s Current GDP Growth

According to current data, India is aiming for $3.7 trillion in nominal GDP growth in FY24, based on a budgeted target of 10.5%. India remains the world’s fastest-growing major economy, with the National Statistical Office reporting a 7.6% increase in real GDP in the second quarter of the fiscal year, outperforming market expectations and the Reserve Bank of India's forecast. Despite a drop in GDP growth to 7.7% in the first half of 2023-24, down from 9.5% the previous year, the Reserve Bank of India modified the projections in December, predicting a 7% growth rate in FY24.