Vibrant Gujarat Summit 2024: India To Be $5 Trillion Economy By FY28, Says Sitharaman
Finance Minister Nirmala Sitharaman said on Wednesday that India would become the third-largest economy in the world and also cross $5 trillion by FY28.
The inflows from foreign portfolio investors to India had been high, despite the global risks and the high rates maintained by the U.S. Federal Reserve, she said at the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
"Over 50 crore people have been brought into the banking system," Sitharaman said. "Currently, more than 80% of the people in India have bank accounts."
As many as 57 lakh loans have been granted to street vendors in an effort to make ground-level credit easier. A total of 100 billion UPI transactions were carried out in India in 2023, according to Sitharaman.
The country became the third-largest startup ecosystem in the world, she said. "With emphasis on the sunrise industries, India will become an in-house producer of semiconductors."
The Finance Minister also highlighted that in the last nine years, food processing plants have risen significantly in India.
The per capita income of Gujarat is 1.7 times the national average. In the last 10 years, the state has grown at a 12% compound annual growth rate, according to her.
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