India aspires to become a developed economy by 2047, with a GDP of $30 trillion and a per-capita income of $18,000-$20,000, as per NITI Aayog’s projections. India is currently the fifth-largest economy in the world, with a GDP of $3.9 trillion in the financial year 2024-25. India is expected to surpass Japan and become the fourth-largest economy by the end of the current financial year and the third-largest by 2027-28 by overtaking Germany.A debate has started over whether the Indian economy can sustain high growth momentum over the next 23 years or slip into the middle-income trap, like many other emerging market economies.
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