India has witnessed remarkable economic growth, with its gross domestic product (GDP) reaching a significant milestone of $3.75 trillion in 2023, marking a substantial increase from approximately $2 trillion in 2014. The confirmation of this momentous achievement came from a tweet by the office of Union Finance Minister Nirmala Sitharaman.
All About India’s GDP Solid Position!
In addition, the Finance Ministry has declared that India now holds the position of the fifth-largest economy in the world. With a GDP of $3,737 billion in current price terms, India ranks below the United States ($26,854 billion), China ($19,374 billion), and Germany ($4,309 billion).
India’s GDP is higher than the GDPs of the UK ($3,159 billion), France ($2,924 billion), Russia ($1,840 billion), Canada ($2,089 billion), and Australia ($1,550 billion) at current exchange rates.
According to the tweet, India’s GDP has surged to $3.75 trillion in 2023, a substantial increase from approximately $2 trillion in 2014. As a result, India has advanced from being the 10th largest economy to now occupying the prestigious position of the 5th largest economy globally. India is now recognized as a shining example of economic growth and resilience in the global arena.
This significant growth highlights India’s emergence as a prominent player in the global economic landscape. The nation’s remarkable progress has not gone unnoticed, as it garners recognition as a shining star in the global economy.
However, it is worth noting that Moody’s, a renowned rating agency, has forecasted a more modest growth rate for the Indian economy. According to Gene Fang, associate managing director at Moody’s Investors Service, “We expect India’s growth to come in around 6-6.3 percent in the first quarter of the current fiscal year, which is largely unchanged from the 6.1 percent recorded in the final quarter of fiscal 2022-23.”
While the growth forecast may be lower than anticipated, India’s steady economic progress and its ascension to the ranks of the world’s top economies underscore its resilience and potential for future development.
