India on Track to Become World's Third-Largest Economy by 2028: Key Challenges and Opportunities

Union Minister Ashwini Vaishnaw and economist Gita Gopinath predict India will soon be the world's third-largest economy, with projections targeting 2028. Key challenges include raising per capita income, debt in wealthy countries, and competition. The government is working on reforms to sustain growth.

In a bold assertion, Union Minister Ashwini Vaishnaw declared that India is on a trajectory to become the world's third-largest economy, potentially by 2028. Speaking at the World Economic Forum, Vaishnaw emphasized the importance of overcoming the challenges of global debt and competition.

Economist Gita Gopinath agreed with Vaishnaw's projection, highlighting the need to raise per capita income and emphasizing land acquisition and judicial reforms as critical areas for growth. She noted that while India faces constraints, significant reforms have already taken place.

Industrialist Sunil Bharti Mittal also expressed optimism, emphasizing the need for an enabling environment for businesses. Despite high U.S. tariffs, India's exports continue to rise, indicating the resilience of its economy, Vaishnaw stated.

(With inputs from agencies.)