Reports indicate that India is already a $4 trillion economy, but no official word yet
20 Nov 2023
The reports are based on GDP feed for all countries compiled by the International Monetary Fund and the Reserve Bank’s optimism that the domestic economy is in better shape
India's gross domestic product (GDP) has surpassed the $4 trillion mark, in nominal terms, as the Indian economy moves steadily towards the $5 trillion mark set for the 2025 financial year, according to reports.
This is a significant milestone in India’s march towards becoming the third-largest economy in the world in the near future.
While official data on India’s national income is expected by the end of the month, there is no confirmation from the finance ministry or the National Statistical Office to supplement the findings.
Media reports based on GDP feed for all countries compiled by the International Monetary Fund (IMF) have caught the fancy of social media activists, including some senior ruling party leaders in the country.
Meanwhile, addressing a leadership meeting at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram on Saturday, chief economic advisor (CEA) to the prime minister, Anantha Nageswaran, said India will be a $7-trillion economy in the next seven years if the present growth trend is maintained,
“We are the fifth largest economy on course to becoming the third largest economy in a few years. In fact, I will say 7-in-7 is the buzz slogan, that is a $7-trillion economy in four years. It is possible if India maintains its present growth trajectory, and in that journey, startup entrepreneurs are going to play an important role,” he said.
The Reserve Bank of India (RBI), in its November bulletin, has projected that the Indian economy will grow 6.5 percent this financial year.
However, according to some economic forecasts, real gross domestic product (GDP) growth in the second quarter is expected to be better than the RBI estimate of 6.5 percent.
RBI’s projections are based on expectations that the momentum of activity will result in an economic expansion in Q2.
India’s economy expanded 7.8 per cent in the first three months of the current financial year and RBI governor Shaktikanta Das recently expressed confidence that the domestic economy is in better shape.