India to be among world’s top three economies by 2028: Shaktikanta Das
October 12, 2025
Shaktikanta Das, former governor of the Reserve Bank of India (RBI), stated that India is set to become the world’s third-largest economy by 2028
Delivering the Lecture on “Indian Economy in a Changing Global Order” at the 31st Annual Convocation of the Gokhale Institute of Politics and Economics (GIPE), on Saturday, Das said India’s resilience and policy reforms over the past decade have positioned it as a key global growth driver.
He was also conferred the Doctor Honoris Causa (Honorary Doctorate) by the institute for his contributions to public service and economic policy.
“India’s journey toward becoming an economic powerhouse is a testament to its inherent strength and consistent reform efforts,” he said, noting that the country’s vision of Viksit Bharat 2047 rests on credible policy frameworks and multi-sectoral growth.
Das highlighted India’s expanding manufacturing base, driven by initiatives such as Atmanirbhar Bharat and the Production-Linked Incentive (PLI) scheme, alongside growth in emerging sectors like semiconductors, renewable energy, biotechnology, and green hydrogen.
“Traditional industries such as electronics, auto components, and pharmaceuticals are also projected to grow steadily,” he added.
The services sector, employing nearly 30% of India’s workforce, remains a key driver of growth and exports. He credited India’s knowledge-led advantage and large pool of STEM graduates for strengthening the country’s position in technology and digital innovation.
Citing major infrastructure achievements under PM GatiShakti, Bharatmala, Sagarmala, and UDAN, Das noted that national highway length has expanded by 60%, port capacity has doubled, and inland cargo traffic has increased seven-fold in the past decade.
On the monetary front, he said, “The Flexible Inflation Targeting (FIT) framework adopted in 2016 helped anchor inflation expectations, strengthen monetary credibility, and enhance macroeconomic stability.”
Das also lauded India’s corporate sector for its resilience and balance sheet improvement, supported by reforms such as the Insolvency and Bankruptcy Code (IBC) and RERA.
“As India continues to pursue reform, innovation, and fiscal prudence, it is well-positioned to achieve its aspiration of Viksit Bharat by 2047,” he concluded.
The convocation, held at Kale Hall, concluded with degree and award distribution, presided over by GIPE chancellor Sanjeev Sanyal and vice-chancellor Prof Umakant Das.
He was also conferred the Doctor Honoris Causa (Honorary Doctorate) by the institute for his contributions to public service and economic policy.
“India’s journey toward becoming an economic powerhouse is a testament to its inherent strength and consistent reform efforts,” he said, noting that the country’s vision of Viksit Bharat 2047 rests on credible policy frameworks and multi-sectoral growth.
Das highlighted India’s expanding manufacturing base, driven by initiatives such as Atmanirbhar Bharat and the Production-Linked Incentive (PLI) scheme, alongside growth in emerging sectors like semiconductors, renewable energy, biotechnology, and green hydrogen.
“Traditional industries such as electronics, auto components, and pharmaceuticals are also projected to grow steadily,” he added.
The services sector, employing nearly 30% of India’s workforce, remains a key driver of growth and exports. He credited India’s knowledge-led advantage and large pool of STEM graduates for strengthening the country’s position in technology and digital innovation.
Citing major infrastructure achievements under PM GatiShakti, Bharatmala, Sagarmala, and UDAN, Das noted that national highway length has expanded by 60%, port capacity has doubled, and inland cargo traffic has increased seven-fold in the past decade.
On the monetary front, he said, “The Flexible Inflation Targeting (FIT) framework adopted in 2016 helped anchor inflation expectations, strengthen monetary credibility, and enhance macroeconomic stability.”
Das also lauded India’s corporate sector for its resilience and balance sheet improvement, supported by reforms such as the Insolvency and Bankruptcy Code (IBC) and RERA.
“As India continues to pursue reform, innovation, and fiscal prudence, it is well-positioned to achieve its aspiration of Viksit Bharat by 2047,” he concluded.
The convocation, held at Kale Hall, concluded with degree and award distribution, presided over by GIPE chancellor Sanjeev Sanyal and vice-chancellor Prof Umakant Das.