- विज्ञापन -
New Delhi : The developing country India making efforts to become the 4th largest economy by 2025. Citing various macroeconomic parameters that are doing pretty well, India’s G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan.
The size of India’s economy is currently ranked 5th, after the US, China, Germany, and Japan. In the year 2022 India overtook the UK.
Just a decade ago(2011-12), Indian GDP was the eleventh largest in the world.
Currently, India’s GDP is estimated to be around USD 3.7 trillion.
Some highlights of India’s journey in the top 5 economies of the world in 2024 from Fragile 5 in 2013, according to Kant, among others, record GST collection, over 8 percent GDP growth in the past three quarters, trading in Indian currency Rupee with various countries, inflation at manageable levels.
The term Fragile 5 was coined by a Morgan Stanley analyst in 2013 and refers to a set of five emerging countries, including India, whose economy was not doing well back then. The other four countries were Brazil, Indonesia, South Africa, and Turkey.
Double-digit growth in the steel, cement, automobile, e-vehicles and automobile manufacturing sectors; global leader in digital public infrastructure, with e-transactions surging to 134 billion, accounting for 46 per cent of all global digital payments; accounts opened under Jan Dhan, Aadhaar and Mobile trinity have over Rs 2.32 lakh crore as current balance; average annual inflation between 2013-14 and 2022-23 declined to 5 per cent from 8.2 per cent between 2003-04 and 2013-14 are some other things he attributed to India’s firm growth.
Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level, and appreciable central bank monetary policy, have all contributed to painting a bright picture for the Indian economy in recent quarters.
India’s GDP grew at a massive 8.4 per cent during the October-December quarter of the financial year 2023-24, and the country continued to remain the fastest-growing major economy and is poised to maintain its growth trajectory going ahead.
India is set to remain the fastest-growing among major economies in 2024, according to latest International Monetary Fund’s latest World Economic Outlook. IMF, in its latest outlook, raised India’s growth projections for 2024 from 6.5 per cent to 6.8 per cent.
India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
