India to be world's third-largest economy by 2027, says Amit Shah

Union Home Minister Amit Shah on Friday expressed confidence that India will be the world's third-largest economy by 2027.

Addressing the 118th Annual Session of the PHDCCI at Vigyan Bhawan here, the Home Minister urged the industry to make more investments in research and development to make MSMEs world-class.

He recalled the success of the G20 Summit, Chandrayaan-3, and Mission Aditya L-1 mission at the beginning of his speech and also referred to the passing of the women's reservation bill.

"All these events have filled the country with new energy," the Home Minister said.

He said the country has completed 75 years journey after Independence and has several achievements to its credit.

Shah said the roots of democracy have deepened in the country.

He said India was at 11th position in 2014 in terms of the size of its economy.

"Now, we are the fifth-largest economy of the world and I have firm belief that we are going to become the world's third-largest economy by 2027," Shah said.

Referring to the efforts of Modi government in strengthening the economy, the minister said India's GDP is over 3.75 trillion USD, Rs 10 lakh crore capital expenditure has been marked for boosting expenditure and bad debt tax recovery is increasing.

Shah said there was a GST collection of Rs 1.87 lakh crore in April and the average collection for 2023-24 has been Rs 1.69 lakh crore.

Recalling Prime Minister Narendra Modi's words, "Yahi Samay Hai, Sahi Samay Hai", Shah called upon the industries to increase their size and scale and asked PHDCCI to play a major role in the process.

The Home Minister said more thrust on research and development will enable the industries to become world class.

Shah also expressed confidence that India would soon become an education destination in the world.