Addressing the Indo-Pacific Regional Dialogue, 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. "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," she said.