India will become a $4 trillion economy before the upcoming general elections, said Union Commerce Minister Piyush Goyal on Wednesday.
"And in 2-2.5 years, the country will become a $5 trillion economy. By 2027, India will have the third largest GDP in the world as per every street estimate," the minister said while inaugurating the Aatmanirbhar Bharat Utsav in Delhi.
India's national elections are scheduled to be held around April-May this year, in which people will vote to elect the Prime Minister and the federal government.
Indian Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is looking forward to coming to power for the third consecutive time, while India's main opposition party, the Congress, is looking forward to coming back to power.
Commerce Minister Piyush Goyal's comments came after Bibek Debroy, chairman of the Prime Minister's Economic Advisory Council, shared similar thoughts in an op-ed published earlier this week.
"For now, $4 trillion in 2024 is a certainty," Debroy wrote.
A recent report predicts that India, already an economic powerhouse and the world's fifth-largest economy, is poised to climb even higher, overtaking Japan to become the world's third-largest economy by 2030.