Indian Economic Scenario

India is presently the 5th largest economy, in terms of GDP at $3.73 trillion in 2023, growing @ 7.2% p.a, and in absolute monetary terms India is growing approx. @ $ 300 billion p.a. The growth rate of India is phenomenal, and the world bank and every other institution is looking upto India as a driver of growth for the whole world in the coming decades, on the back of growing demand in the country. India has presented a self sustainable economic model, whereby it is an agricultural surplus country, and is rapidly building up the infrastructure and going up the development ladder in every sphere.

As you know, India requires quality products, 360-degree investment and cutting-edge technology in various sectors, for sustained economic growth, so that it could be among the developed nations in every parameter by 2047, when India will celebrate 100 years of it`s independence. As per rough estimates India shall be the 4th largest economy by trillion GDP in 2023 and the 3rd largest economy by 2028 – 29, overtaking Germany which is at $4.5 trillion GDP in 2023. India becoming the 3rd largest economy means to be only behind China, which is at $17.7 trillion in 2023 and The USA at $ 27.36 trillion in 2023.

Working on this idea and concept of being a developed nation by 2047, India has signed TEPA agreement with EFTA countries on 10th of March 2024, which promotes free trade, business, and investment between India on the one side and the EFTA countries on the other side, viz. Iceland, Liechtenstein, Norway, and Switzerland. This TEPA agreement has opened huge business opportunities in India.