India’s GDP to reach US$ 5 trillion by FY29: IMF

The country’s gross domestic product (GDP) is expected to reach US$ 4.92 trillion in FY28

May 11, 2022

FY27 is expected to get US$ 4.57 trillion

India's GDP would reach US$ 4 trillion any time between FY25 and FY26

India is expected to grow at 7.2% in the current fiscal year and 6.3% during FY23

GDP in FY27 is expected to grow at 6.54%, and FY28 at 6.17%

India’s GDP will reach US$ 5 trillion by FY29, according to the International Monetary Fund’s (IMF) updated database.

According to the database, India’s nominal GDP could hit US$ 4.92 trillion in FY28. The IMF expects India to grow at 7.2% in the current fiscal year and 6.3% during FY23.

As per the IMF’s projections, India’s GDP would reach US$ 4.57 trillion in FY27, increasing from US$ 2.67trillion in FY21. Between FY22 and FY28, the country’s GDP is expected to grow at a cumulative average of 7.24%, with the highest growth rate being estimated for FY22 at 8.95%. As for the years before India’s US$ 5 trillion mark is achieved, FY27 is expected to grow at 6.54%, and FY28 at 6.17%.

According to media reports, the government’s chief economic adviser had said in February that India would become a $5 trillion economy by FY25 due to a sustained growth of 8-9%, which experts believe in the current scenario may be far fetched.