New Delhi, Feb 6 : The Finance Ministry said that ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices.

“Today, it is the 5th largest with a GDP of USD 3.7 trillion, despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector,” a review report of the ministry said.  It said that in the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. 

“The government has, however, set a higher goal of becoming a ‘developed country’ by 2047,” the review report said.  It added that the journey of reforms will continue to achieve this goal and the reforms will be more purposeful and fruitful with the full participation of the state governments.  “The participation of the states will be fuller when reforms encompass changes in governance at the district, block, and village levels, making them citizen-friendly and small business-friendly and in areas such as health, education, land and labour in which states have a big role to play,” the report said.