India Will Be Third Largest Economy by 2027-28: Piyush Goyal
India is on its way to becoming the world’s third-largest economy by 2027-28, according to Union Minister Piyush Goyal. He made the announcement during a recent meeting of the Standing Committee on Commerce. Goyal stated that India’s economy is expected to grow at a rate of 8% annually for the next 20-25 years, which will help India achieve this goal. The Minister also emphasized the need for India to become more self-reliant in order to achieve its goals.
Goyal said that India’s exports have increased by 69% over the past seven years, from $292 billion in 2013-14 to $521 billion in 2019-20. He also stated that the government has taken steps to boost exports by announcing various schemes and incentives for exporters.
The Minister further added that India’s manufacturing sector has the potential to become a $1 trillion industry by 2025. He cited the government’s production-linked incentive (PLI) scheme, which aims to increase the competitiveness of domestic manufacturers, as a key factor in achieving this goal.
Goyal also highlighted the government’s efforts to improve the ease of doing business in India. He noted that India has jumped 79 places in the World Bank’s Ease of Doing Business rankings, from 142 in 2014 to 63 in 2019.
Why this News is important:
India’s economy is one of the most important topics for students preparing for government exams. It is essential for students to stay informed about India’s economic growth and its ranking in the world in order to understand the current economic scenario and the challenges and opportunities it presents.
India’s economic growth has been consistent over the years, with the country’s GDP reaching $3.05 trillion in 2019. India’s economy is expected to grow at a rate of 8% annually for the next 20-25 years, which will help India become the world’s third-largest economy by 2027-28. This is a significant achievement for India, and it reflects the country’s growing economic power on the global stage.
Historical context:
India’s economic growth has been significant since the country’s independence in 1947. The country’s economy was predominantly agricultural until the 1980s, when India began to shift towards a more service-based economy. In the 1990s, India began to liberalize its economy, which resulted in increased foreign investment and economic growth.
Since then, India’s economy has continued to grow, with the country’s GDP increasing from $1.36 trillion in 2010 to $3.05 trillion in 2019. India’s economy is expected to continue to grow, with the government implementing policies and programs to boost economic growth and attract foreign investment.
Key Takeaways from “India Will Be Third Largest Economy by 2027-28: Piyush Goyal”
| Serial Number | Key Takeaway |
|---|---|
| 1. | India is on track to become the world’s third-largest economy by 2027-28. |
| 2. | India’s economy is expected to grow at a rate of 8% annually for the next 20-25 years. |
| 3. | India’s exports have increased by 69% over the past seven years, from $292 billion in 2013-14 to $521 billion in 2019-20. |
| 4. | India’s manufacturing sector has the potential to become a $1 trillion industry by 2025. |
| 5. | India has jumped 79 places in the World Bank’s Ease of |
Important FAQs for Students from this News
Q1. What is the current ranking of India’s economy among the world’s largest economies?
A1. As of 2021, India is the sixth-largest economy in the world.
Q2. Who made the statement that India will be the third-largest economy by 2027-28?
A2. The statement was made by Piyush Goyal, the Minister of Commerce and Industry, at the CII’s annual session in 2021.
Q3. What factors can contribute to India becoming the third-largest economy by 2027-28?
A3. Factors such as the country’s population, emerging technologies, and government policies can contribute to India’s economic growth.
Q4. What are some challenges that India might face in becoming the third-largest economy?
A4. Challenges such as economic inequality, lack of infrastructure, and corruption can hinder India’s economic growth.
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