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Finance Minister Nirmala Sitharaman has said India is expected to overtake Japan and Germany to emerge as the third largest economy in the world by 2027. Sitharaman said India's economic growth is estimated to be just under 7 per cent during the year, the highest among major economies, despite global headwinds. She also said the Indian economy is therefore on the right track and is heading towards a bright future. 

Further, she said  amidst supply-chain disruptions and economic turbulence due to contemporary conflicts that impact the Indo-Pacific, irrespective of whether they are occurring in relatively distant Ukraine or in relatively-proximate Israel or Yemen, and despite the palpable tensions prevalent in the South- and East China Sea, the Indian economy stands out as a bright spot.

He mentioned ‘Even according to the usually conservative estimates of the IMF, the Indian economy is set to emerge as the world's third largest economy by 2027, hopping over Japan and Germany, as its GDP crosses the $5 trillion level. By 2047, India aspires to be a developed economy.’ Besides, talking about India's 'Blue economy', she said, it accounts for roughly 4 per cent of the GDP and represents a sea of opportunities. He added India has 9 states and 4 Union Territories situated on the coast, 12 major and 200 non-major ports situated along its coastline, and a vast network of navigable waterways for international and domestic trade.