India’s Economy to Reach $5 Trillion Milestone by FY 2028-29, Finance Minister Tells Rajya Sabha

According to forecasts by the International Monetary Fund (IMF), India's economy is projected to cross the $5 trillion milestone in the 2028-29 financial year, Union Finance Minister Nirmala Sitharaman informed the Rajya Sabha in a written response. Citing the IMF's 'World Economic Outlook (April 2026)' report, the Finance Minister stated that India's Gross Domestic Product (GDP) at current prices is likely to reach approximately $5.1 trillion in FY 2028-29. To achieve this target, the government has adopted an integrated growth strategy spanning agriculture, manufacturing, micro, small, and medium enterprises (MSMEs), infrastructure, digital technology, and emerging sectors. She highlighted that under the vision of building a 'Viksit Bharat' (Developed India) by 2047, several initiatives have been undertaken to expand the manufacturing and industrial sectors, including the Production Linked Incentive (PLI) scheme, 'Make in India', 'PM Gati Shakti', and the implementation of the National Logistics Policy. Furthermore, the MSME sector is being strengthened through support mechanisms such as the Emergency Credit Line Guarantee Scheme (ECLGS), simplified Udyam registration, and the 'PM Vishwakarma' scheme to assist micro-entrepreneurs.