Social media in India was abuzz with unconfirmed reports that India’s gross domestic product (GDP) breached the $4 trillion mark in nominal terms. If it is true, then it will make New Delhi the fifth-largest economy globally.
A purported screenshot of a live GDP tracker of all economies based on the International Monetary Fund (IMF) data was shared on social media by several ruling Bharatiya Janata Party (BJP) members on Sunday (Nov 19), indicating that India achieved the historic feat.
An official confirmation from the IMF or the Government of India is awaited.
Sharing the screen grab, Union Minister of State Arjun Ram Meghwal said that it was a significant achievement in India’s global presence.
Once plagued by food shortage and balance of exchange crisis, India has registered a tremendous growth in the past few decades and positioned itself as one of the fastest emerging economies.
India’s road to development
It took Indian economy nearly 60 years from Independence (1990s) to reach the $ 1 trillion mark and added the next trillion in just seven years. In 2014, India’s GDP crossed the $2-trillion mark.
Now, India is working towards achieving a $5 trillion dollar economy by 2025 and has prepared a roadmap for it.
It has several ongoing initiatives across sectors focused on growth. In agriculture, the government is aiming to reorient policy focus from being production-centric to becoming income-centric.
The emphasis on income provides a broader scope towards achieving the needed expansion of the sector.
India aiming to achieve $7 trillion economy by 2030
But India’s chief economic advisor Anantha Nageswaran believes that India will be a $7-trillion economy in the next seven years if the present growth trajectory 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 $7-trillion economy in seven 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 on Sunday.
His remarks came during a leadership talk at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram.
According to recent RBI estimates, the Indian economy is expected to grow 6.5 per cent this financial year, lower than 7.2 per cent recorded in 2022-23. The International Monetary Fund (IMF) has projected growth of 6.3 per cent every year till 2028.