India to become USD 5.1 trillion economy by FY29, IMF projects; Sitharaman outlines growth roadmap

India is projected to become a USD 51 trillion economy by FY29 according to the International Monetary Fund IMF with Finance Minister Nirmala Sitharaman on Tuesday stating that the Centre has put in place a broadbased growth strategy to achieve the milestone news agency PTI reportedIn a written reply in the Rajya Sabha Sitharaman cited the IMFs World Economic Outlook April 2026 which estimates Indias GDP at current prices to reach around USD 51 trillion in 202829The government has adopted a broadbased growth strategy focusing on enhancing agricultural productivity promoting manufacturing supporting MSMEs expanding infrastructure improving logistics and ease of doing business creating an efficient and streamlined tax system through income tax and GST reforms fostering innovation and digitalisation strengthening human capital and ensuring energy security she saidThe strategy is supported by sustained public capital expenditure liberalisation of the FDI regime export promotion and efforts to strengthen macroeconomic fundamentals through prudent fiscal management and price stabilityIn addition the government is strengthening trade resilience by expanding its network of Free Trade Agreements FTAs and Comprehensive Economic Partnership and Cooperation Agreements she saidManufacturing and MSME pushTo boost the manufacturing sector Sitharaman said initiatives such as the Production Linked Incentive PLI Scheme Make in India the National Logistics Policy the National Single Window System and PM GatiShakti aim to enhance domestic production attract investments generate employment and improve competitivenessShe added that these initiatives are complemented by measures to strengthen the MSME sector including enhanced credit guarantees under the Emergency Credit Guarantee Scheme ECGS revised MSME classification norms strengthening the Trade Receivables Discounting System TReDS ecosystem simplified Udyam Registration wider access to the Government eMarketplace GeM and support through the PM Vishwakarma SchemeFocus on services and emerging sectorsThe finance minister said the services sector is being strengthened through the development of Digital Public Infrastructure DPI promotion of Global Capability Centres GCCs medical value travel the orange economy artificial intelligence and digital ecosystems along with skill development initiatives to improve workforce employabilityShe said the Union Budget 202627 announced several measures to unlock the sectors growth potential including the establishment of the National Institute of Hospitality creation of Regional Medical Hubs expansion of Allied Health Professional institutions development of AVGC Animation Visual Effects Gaming and Comics Content Creator Labs and support for university townships reported PTIAgriculture and strategic industriesIn the agriculture sector the governments focus remains on improving productivity through investments in irrigation technology adoption digital agriculture crop diversification postharvest infrastructure and better market accessSitharaman 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 the news agency reportedShe added that these initiatives are supported by the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs PMSETU scheme which aims to create an industryready workforce for emerging sectorsCollectively these measures are expected to strengthen Indias mediumterm growth prospects and support its longterm vision of Viksit Bharat by 2047 she saidBanks recovered Rs 32466 crore under SARFAESI in FY25Replying to a separate question Sitharaman said banks registered 215709 cases under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest SARFAESI Act 2002 involving Rs 103180 crore in FY25Of the total amount involved banks recovered Rs 32466 crore she saidWith PTI inputs