India to become $5 trillion economy by FY27, corrects IMF
New Delhi, May 20 (KNN) Correcting a miscalculation, the International Monetary Fund (IMF) has said that India is predicted to become a USD 5 trillion economy by FY26-27 which is the same projection given by Ministry of Finance.
The international organisation’s earlier prediction was FY29 which was two year after the Ministry’s latest projection and a four year delay over initial goal set by the Government of India.
The original target year for India to become a USD 5 trillion economy was set at FY25 by Prime Minister Narendra Modi which was hindered due to the unprecedented challenges of Covid-19, slowing down the economic progress.
Earlier this week the UN had projected 6.4 per cent growth for India in 2022 which is slower as compared to previous year’s 8.8 per cent owing to higher inflationary pressures and uneven recovery of the labour market curbing private consumption and investment.
Despite Ukraine conflict shaking the global gross domestic product (GDP), India has maintained itself as one of the fastest-growing major economy despite of the Ukraine conflict shaking the global gross domestic product (GDP), said the UN report. (KNN Bureau)