Finance Minister Nirmala Sitharaman said on Tuesday that the International Monetary Fund (IMF) has projected India to emerge as a $5 trillion economy in 2029.
In a written reply by Nirmala Sitharaman in the Lok Sabha to a question on the Indian economy, “In the IMF’s April 2026 World Economic Outlook report, India’s gross domestic product (GDP) at current prices is projected to reach $5.1 trillion in 2028-29.
In pursuit of this goal, the Central Government is undertaking various reforms in agricultural and industrial production, micro, small and medium enterprises (MSMEs), infrastructure expansion, logistics improvement and ease of doing business, income tax, goods and services tax (GST) reforms, digitization and innovation, human resource development, and ensuring energy security.
These reforms are being strengthened by public capital expenditure, foreign direct investment, export growth, and macroeconomic fundamentals such as fiscal management and price stability.
In addition, free trade agreements and comprehensive economic cooperation agreements ensure the resilience of the trade environment.
Manufacturing sector initiatives: The production-linked incentive scheme, Make in India, the National Logistics Policy, the National Single Window System, and the Prime Minister’s Gati Shakti scheme are being implemented to boost domestic manufacturing, attract investments, create jobs, and enhance competitiveness.
MSME development: Various schemes are being implemented for the development of MSMEs, such as the Emergency Credit Guarantee Scheme, revision in the classification of MSMEs, registration on the Udyam portal, the Government e-Marketplace (GeM), and the Prime Minister’s Vishwakarma Scheme.
Growth of the services sector: The Central Government is also taking initiatives to enhance skills and increase employment, such as digital public infrastructure, Global Capability Centers (GCCs), medical value travel, the orange economy, and artificial intelligence technology.
Overall, the Central Government is working with full focus to achieve the goal of ‘Developed India 2047’ by multiplying the growth of all sectors, including agriculture, manufacturing, and services, many times over.
