<p>After three years of GDP growth of more than 7%, the Indian economy is predicted to reach $5 trillion in size during the next three years, making it the third biggest in the world. This will occur in the fiscal year 2023–2024.</p>
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<p>With a $5 trillion GDP, India’s economy is predicted to rise to the third rank in the world in the next three years. But by 2047, the administration hopes to have elevated itself to the status of a “developed country.” This aim is attainable as long as reforms are implemented, the finance ministry said in its report, “The Indian Economy: A Review January 2024.”</p>
<p>According to the report, FY24 is the third year in a row that the Indian economy has grown by more than 7%, despite the world economy’s difficulty maintaining growth of more than 3%.</p>
<p>The macroeconomic data, according to the research, highlights the intrinsic capabilities of the Indian economy, which enable it to expand even in the face of unfavorable global economic circumstances.</p>
<p>Because of the strength of the financial sector and other recent and upcoming structural changes, it is thus quite likely that the Indian economy will expand in the next years at a pace higher than 7%. It said that the only thing to be concerned about is the increased likelihood of geopolitical wars.</p>
<p>It said that India may aim to reach a $7 trillion GDP by 2030, during the next six to seven years.</p>
<p>Through the growth of the middle class, the government’s all-inclusive welfare policy is anticipated to support the development of the consumer base.</p>
<p>As to the research, the agricultural industry has shown exceptional resilience and tenacity in the face of difficulties presented by the global health crisis and climatic variability.</p>
<p>After the United States and the United Kingdom, India has the third-largest fintech economy globally.</p>
<p>It said, “The post-resolution period has seen a significant improvement in the performance of the firms undergoing the IBC resolution process.”</p>
<p>India surpassed Hong Kong to become the fourth-largest stock market in the world by market capitalization. This was made possible by strong interest in the Indian stock market from both domestic and foreign investors, as well as ongoing initial public offering (IPO) activity.</p>
<p>India’s job landscape has improved significantly, with noteworthy advancements in formalization, skill development, entrepreneurship, and inclusive growth.</p>
<p>According to the research, “MSMEs are becoming increasingly vibrant and dynamic, with the government implementing supportive measures.”</p>
