India's nominal GDP to be $3.5 trillion by end-March: Economic Survey

India has already become the world's fifth largest economy in the 75th year of Independence and will reach the $3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament on Tuesday.

In real terms, the economy is expected to grow at 7 per cent for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year.

"For India, 2022 was special. It marked the 75th year of India's Independence. India became the world's fifth largest economy, measured in current dollars. Come March, the nominal GDP of India will be around $3.5 trillion," the Survey said.

India's economy crossed the $3 trillion mark last year.

It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation.

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"It is befitting that during India's Amrit Kaal, it assumed the Presidency of G-20 nations in December 2022," the survey said.

Global problems need global solutions, and global solutions require collaboration and cooperation.

Based on the theme of 'Vasudhaiva Kutumbakam: One Earth, One Family, One Future', India’s G20 Presidency aims to achieve co-ordinated solutions to key issues of global concern.

As per the survey, economic growth is expected to be brisk in 2023-24 as a vigorous credit disbursal and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors.

Further support to economic growth will come from the expansion of public digital platforms and path-breaking measures such as PM GatiShakti, the National Logistics Policy and the Production-Linked Incentive schemes to boost manufacturing output, it said.