Finance Minister Nirmala Sitharaman has said that the Indian economy is on track to cross the $5-trillion mark in FY29, in line with projections by the International Monetary Fund (IMF), with the government pursuing a broad-based growth strategy to achieve the milestone. Citing the IMF's World Economic Outlook database (April 2026), she said India's GDP at current prices is projected to reach around $5.1 trillion in 2028-29. She said the government's growth strategy focuses on enhancing agricultural productivity, promoting manufacturing, supporting micro, small and medium enterprises (MSMEs), expanding infrastructure, improving logistics and ease of doing business, streamlining the tax system through income tax and GST reforms, fostering innovation and digitalisation, strengthening human capital, and ensuring energy security.
She added that the strategy is backed by sustained public capital expenditure, liberalisation of the foreign direct investment (FDI) regime, measures to boost exports, and prudent fiscal management aimed at maintaining macroeconomic stability and price stability. The government is also strengthening trade resilience by expanding its network of Free Trade Agreements (FTAs) and Comprehensive Economic Partnership and Cooperation Agreements. To boost manufacturing, she said initiatives such as the Production Linked Incentive (PLI) Scheme, Make in India, the National Logistics Policy, the National Single Window System and PM Gati Shakti are designed to enhance domestic production, attract investment, generate employment and improve competitiveness.
She said these initiatives are complemented by targeted measures to strengthen the MSME sector, including enhanced credit guarantees under the Emergency Credit Guarantee Scheme, revised MSME classification norms, a stronger Trade Receivables Discounting System (TReDS) ecosystem, simplified Udyam Registration, wider access to the Government e-Marketplace (GeM), and support through the PM Vishwakarma Scheme. According to her, the services sector is being strengthened through the development and deployment of Digital Public Infrastructure, promotion of Global Capability Centres (GCCs), Medical Value Travel and the Orange Economy, expansion of the artificial intelligence and digital ecosystem, and targeted skill development initiatives to enhance workforce employability.
In agriculture, the government's focus is on raising productivity by facilitating investments in irrigation, technology adoption, digital agriculture, crop diversification, post-harvest infrastructure and improved market access. Sitharaman said recent Union Budgets have also prioritised strategic sectors such as semiconductors, electronics, biopharmaceuticals, rare earths, chemicals, capital goods, clean energy and advanced manufacturing as key drivers of economic growth. These efforts are supported by the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) scheme, which aims to strengthen industry-aligned skilling and build a future-ready workforce for emerging sectors. Collectively, these measures are expected to strengthen India's medium-term growth prospects and support its long-term vision of achieving Viksit Bharat by 2047.
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