India stands at a pivotal moment in its economic journey. Aspiring to become the world’s third-largest economy by 2047, the country must pursue complex reforms in investment, trade, and taxation, balancing ambition with policy precision to achieve Mukesh Butani sustainable, globally competitive growth

POETS hardly tend to forge agreements on the virtues of a season; economists rarely concur on the augury divined from statistics. In The Canterbury Tales, Geoff rey Chaucer describes June -the month that marks the close of the fi rst quarter in countries like India, Britain and Japan, as a glorious time when sun peeks through the clouds, a gentle wind wafts over “tender crops”. With economists – poring over numbers and squabbling over facts, the scenario transmogrifi es from resplendence to scepticism.

As India approaches its centennial year in 2047, the nation invigorates geopolitical evolution. With aspirations to become the world’s third-largest economy, India’s trajectory is marked by an apotheosis of promise and panache. According to IMF estimates, India’s nominal GDP reached approximately $3.94 trillion in 2024, with a projected compound annual growth rate of nearly 6% in the mid-2020s, outpacing even China. This growth is underpinned by robust private consumption and investment, yet tempered by weaker external demand, persistent debt challenges, and a cautious investor ecosystem. The global economy has endured a prolonged series of trade thunderbolts that has underwhelmed FDI infl ux, necessitating the Indian government for policy mandarins.