Diplomatic Desk:
According to IMF estimates, India’s economy is set to touch the $5 trillion milestone in the fiscal year 2028-29 (FY29). Indian Finance Minister Nirmala Sitharaman recently gave this information in a written reply to the Rajya Sabha.
An analysis of the news shows that according to the World Economic Outlook (April 2026) published by the International Monetary Fund (IMF), India’s GDP is estimated to reach $5.1 trillion in current prices in the fiscal year 2028-29.
The Finance Minister said that to achieve this goal, the government has adopted an integrated growth strategy with emphasis on agriculture, manufacturing, MSME, infrastructure, digital technology and infrastructural development.
Key Strategies and Initiatives
The government has taken several important steps to strengthen various sectors of the economy and achieve the goal of building a ‘Developed India’ by 2047.
- Manufacturing and Industrial Sector
Production Boost: Initiatives have been taken to increase domestic production and attract investment through the Production Linked Incentive (PLI) scheme, ‘Make in India’, ‘PM Gati Shakti’ and new logistics policy.
MSME Support: Support is being provided to small and medium enterprises through Emergency Credit Guarantee Scheme (ECGS), easy ‘Udyam Registration’ and ‘PM Vishwakarma’ Yojana.
- Services and Emerging Sectors
Digital and Infrastructure: Digital Public Infrastructure, Global Capability Centre (GCC) and Artificial Intelligence (AI) ecosystem are being strengthened.
Budget 2026-27 Announcement: Establishment of National Hospitality Institute, Regional Medical Hub and ‘AVGC’ (Animation, Visual Effects, Gaming and Comics) Content Creator Lab have been announced.
Strategic Sectors: Special emphasis is being given to high-tech sectors like semiconductors, electronics, clean energy and biopharmaceuticals. Technology-based skilled manpower is being created through the ‘PM-SETU’ project.
- Agriculture and Trade
Work is underway to increase irrigation, use of technology, crop diversification and marketing facilities in agriculture.
In addition, efforts are being made to ease the business environment through expansion of Free Trade Agreements (FTAs) and reforms in GST and income tax.
🏦 Banking related information
In response to another question, the Finance Minister said—
SARFAESI Act: In the financial year 2024-25, banks have filed 2,15,709 cases against defaulted loans worth Tk 1,03,180 crore.
Recovery: Out of this, banks have been able to successfully recover Tk 32,466 crore.
