India will be a $5 trillion economy by 2029, claims IMF

The Modi government has set a target of making India a $5 trillion or $5 trillion economy by 2025. Accordingly, the IMF figures are after 4 years, while the IMF figures are telling India to be a $ 5 trillion economy only after 2028.

India is a $5 trillion economy by the financial year 2029.$5-trillion economy) Will become. World Monetary Fund (IMF) has claimed this. The data related to this has been released in the IMF’s World Economic Outlook Database. The data of this report shows that India’s Gross Domestic Product ,GDP) The growth rate is seen increasing to $ 4.92 trillion in the financial year 2028. In such a situation, it is possible for India to become a $5 trillion economy only after the year 2028. According to the IMF report, in the financial year 2029, India will be able to cross the GDP of 5 trillion dollars.

The Government of India has set a target by 2025. The Modi government has set a target of making India a $5 trillion or $5 trillion economy by 2025. Accordingly, the IMF figures are after 4 years, while the IMF figures are telling India to be a $ 5 trillion economy only after 2028.

Government of India Estimates

Recently, the Finance Ministry had said that there may be a delay of one or two years in making India a 5 trillion economy by 2025. Chief Economic Adviser V Anantha Nageswaran had said this during the budget presentation of 2022. The IMF has extended Nageswaran’s expectation by two years till 2029.

Before the budget on February 1, the Chief Economic Advisor had said, if we maintain real GDP growth of 8%, then it will be able to translate into GDP growth of 8%. Accordingly, by 2025-26 or 2026-27, India’s GDP can turn into a 5 trillion economy. IMF data says that India’s nominal GDP in rupee terms can grow at the rate of 13.4% in the financial year 2023. In US dollar terms, this nominal growth works out to 8.2%. The difference is seen on the basis of exchange rate in rupee and dollar terms. There is a fall in the rupee as compared to earlier, which is affecting the growth rate.

What will be the GDP growth

The IMF believes that the rupee will weaken further against the dollar in the coming years and by 2028 it will reach 94.4 per dollar. According to the data, in the financial year 2022, the nominal GDP will be Rs 236 trillion and the GDP growth can be 8.9%. In the financial year 2023, the nominal GDP will be $ 3.29 trillion, Rs 268 trillion and the GDP growth can be 8.2%. In the financial year 2024, the nominal GDP will be $ 3.58 trillion or Rs 302 trillion. GDP growth of 6.9% can be expected. In the financial year 2028, the nominal GDP will be Rs 464 trillion and the GDP growth can be 6.2%.

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Last month, the IMF slashed India’s GDP growth forecast to 8.2%. Despite the low growth forecast, it is considered positive and if this rate remains the same, then India will become a 5 trillion dollar economy by 2029.

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