India's $5-trillion economy dream not before FY29: IMF data
Published On: Tuesday, May 3, 2022 | By: Team KnowMyStock
According to the International Monetary Fund (IMF), the wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended. The vision will instead be achieved in 2028-29 (FY29), revealing the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of an 8-9 percent sustained growth rate in the real gross domestic product (GDP).
However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
This is notwithstanding the paring down of the real GDP growth rate forecast for India. IMF had assigned it at 8.2 per cent, from the earlier 9 per cent for 2022-23 (FY23). In nominal and rupee terms, the IMF projected the economy to grow 13.4 per cent in FY23 – a prognosis much higher than the Budget assumption of 11.1 per cent.
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