Union Minister Gajendra Singh Shekhawat has said that India’s economy is expected to reach about $30 trillion by the year 2047, which will turn it into a developed nation. Speaking to ANI, Union Minister Gajendra Singh Shekhawat said that the path on which India is moving, the speed at which India is progressing, the foundation laid by PM Modi for a developed India – the whole world is believing that in the coming times, India’s economy will double every 7-8 years. By 2047, when India is developed, its economy will grow to about $30 trillion.
Ernst & Young report
Meanwhile, according to a report by Ernst & Young, India’s economic growth may decline by about one percent due to the ongoing conflict in West Asia and if these obstacles continue, inflation may increase. The latest edition of the report, ‘Economy Watch: Monitoring India’s Macro-Fiscal Performance’, warns that prolonged geopolitical tensions could adversely impact India’s macroeconomic outlook through higher energy prices and supply disruptions. The report said that the ongoing conflict in the Middle East has significantly disrupted global crude oil and energy markets by affecting supply, storage, transportation and prices. It further says that if the impact of the conflict continues into the next financial year, India’s growth may slow down, while inflationary pressure may increase.
GDP and inflation estimates
The report said that if this effect continues for the entire financial year 2027, then we estimate that India’s real GDP growth may decline by about 1 percent, while CPI inflation may increase from its baseline estimates of 7 percent and 4.0 percent to about 1.5 percent respectively. It has also been told in the report that these risks are coming to the fore at a time when India’s economy is showing strong momentum.
Import how much fuel you need?
The report said that high frequency indicators for January and February 2026 show continued growth momentum. However, due to the challenges posed by ongoing geopolitical uncertainties, there are initial signs of some moderation. India, which imports about 90 percent of its crude oil needs, is also heavily dependent on imports of natural gas and fertilizers. As a result, the Indian economy is particularly sensitive to such external shocks. The report further warned that its impact could spread across all sectors, affecting both supply and demand conditions.