The Government of India has given the slogan of making the country a developed nation by 2047. In this series, the first goal of the government is that by 2027 India should become the third largest economy in the world. Now this goal of the government has also been declared possible by IMF. At the same time, for the financial year 2024-25, IMF has increased the GDP growth estimate from 6.8 percent to 7 percent.
In fact, Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF) says that India will become the third largest economy in the world by the year 2027. According to Geeta Gopinath, there is hope for further improvement in India’s growth rate. It is known that at present India is the 5th largest economy in the world.
Geeta Gopinath bullish on Indian economy
In a special conversation with India Today, Geeta Gopinath said, ‘As we had expected in the last financial year. India’s economy is doing better than that. These things are influencing our estimates. Talking about other factors, consumption has also improved. All these things are good for the Indian economy, and better growth is being predicted.
Geeta Gopinath has given many arguments behind the upgrade in growth rate. He said that two-wheeler sales and FMCG sector are seen making a comeback. Also, this year the monsoon also seems to be doing well. Due to which there is a possibility of increase in agricultural income.
This is the logic behind the boom in the economy
Let us tell you, the estimate given by Geeta Gopinath regarding the Indian economy is more than the estimate presented in the Economic Survey by the Government of India in the budget last month. The Indian government has estimated GDP growth at 6.5 percent. Whereas now IMF has increased the GDP growth estimate to 7 percent. Geeta Gopinath said on the basis of this estimate that by 2027 India will become the third largest economy in the world.
He said that last year the personal consumption growth was around 4 percent, which is expected to increase significantly this year, especially in rural areas, there is a possibility of rapid recovery.
ADB has confidence in India’s growth
Let us tell you, before Geeta Gopinath joined the IMF, the Asian Development Bank (ADB) had also praised the Indian economy. Asian Development Bank (ADB) has kept India’s GDP estimate at 7 percent. Whereas the Reserve Bank of India (RBI) has estimated the GDP growth rate to be 7.2 percent in the current financial year.