According to Finance Minister Nirmala Sitharaman, India would be the world's third largest economy by 2027-28, with a GDP of more than $5 trillion, as she urged for collaboration between the central and the states on Wednesday.

As per her estimates, it would be a $30 trillion economy by 2047, she remarked during the Vibrant Gujarat Summit in Gandhinagar. Rapid growth is conceivable because the people of India have addressed the challenges posed by Covid-19 and put the economy back on track.

"One emphasis of achieving the Viksit Bharat goal is to remove the colonial mindset that has been instilled in us and that we must overcome. People, states, stakeholders, and the federal government will all have to work together to achieve it," she said.

Since Prime Minister Narendra Modi's election in 2014, the relationship between states and the center has been one of cooperative, competitive, and collaborative federalism. According to her, the previous default setting in the relationship was "give" for the Union and "take" for the states.

"I refer to it as a collaboration between the Centre and the states. So it is through this participative method that we can think about how India might attain that aim through the Amrit Kaal between now and 2047," she stated.

Sitharaman stated that of the $919 billion in foreign direct investment (FDI) received by India in the last 23 years, 65 percent (about $595 billion) came in the last nine years beginning in 2014. She stated, "Where policies bring greater certainty, convenience, ease of doing business FDI flows."

The Modi government achieved significant milestones in financial inclusion, open defecation-free households, and direct benefit transfer (DBT). DBT has transferred up to Rs 33 trillion, resulting in savings of over Rs 2.73 trillion for the government due to reduced pilferage.