India’s GDP Likely To Reach USD 5.1 Trillion By 2028-29: Finance Minister

New Delhi, Aug 5 (KNN) India’s GDP at current prices is projected to reach around USD 5.1 trillion by 2028-29, crossing the USD 5-trillion mark in FY29, according to the International Monetary Fund (IMF), Finance Minister Nirmala Sitharaman said in the Rajya Sabha.

In a written reply, Sitharaman cited the IMF’s April 2026 World Economic Outlook database and said the government has adopted a broad-based strategy to support economic growth.

The strategy focuses on boosting agricultural productivity, manufacturing and MSMEs, infrastructure, logistics, ease of doing business, innovation, digitalisation, human capital and energy security. 

The government is also prioritising public capital expenditure, FDI liberalisation, export growth and macroeconomic stability through prudent fiscal and price management, reported PTI.

Manufacturing, MSMEs To Drive Growth

Sitharaman said PLI schemes, Make in India, the National Logistics Policy, National Single Window System and PM GatiShakti are boosting domestic production, investment, jobs and competitiveness. 

MSMEs are supported through enhanced credit guarantees, ECLGS, revised classification norms, TReDS, Udyam Registration, GeM and PM Vishwakarma. The government is also expanding FTAs and economic partnership agreements to strengthen trade resilience and market access.

Services, Agriculture And Strategic Sectors

The services sector is being supported through digital infrastructure, GCCs, medical tourism, the Orange Economy, AI, digital ecosystems and skill development. 

Budget 2026-27 proposes a National Institute of Hospitality, Regional Medical Hubs, allied health institutions, AVGC Content Creator Labs and university townships. 

Agriculture measures focus on irrigation, technology, diversification, post-harvest infrastructure and market access, while strategic sectors include semiconductors, electronics, biopharma, rare earths, chemicals, capital goods, clean energy and advanced manufacturing.

PM-SETU To Support Industry-Aligned Skilling

Sitharaman said the PM-SETU scheme is aimed at strengthening industry-aligned skilling and developing a workforce suited to emerging sectors.

Separately, Sitharaman said banks registered 2,15,709 cases under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) in FY25, involving Rs 1,03,180 crore. Banks recovered Rs 32,466 crore from these cases, she added.

(KNN Bureau)