India’s GDP crosses $4 trillion for the first time

GDP-crosses

India achieves a historic milestone GDP crosses $4 Trillion, marking a significant moment in our global presence.

The finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India’s GDP crossing USD 4 trillion.

India’s GDP crosses $4 trillion

India’s economy has surpassed the $4 trillion-mark in nominal terms for the first time ever, marking a significant moment in the country’s global presence. The achievement has been hailed by several BJP leaders, including Union minister Arjun Ram Meghwal and Maharashtra deputy chief minister Devendra Fadnavis, who praised the leadership of Prime Minister Modi. Billionaire Gautam Adani also congratulated India, predicting that it will become the third largest economy in the world within the next two years.

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 underwent tremendous growth in the past few decades and positioned itself as one of the fastest emerging economies.

India’s road to development 

It took India 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.

Also read | India sends 2nd batch of aid for Palestinians caught in crossfire amid Israel-Hamas war

“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.

Also read | G20 raised India’s profile as voice of Global South, IMEC has potential: Finnish envoy to WION

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.

Billionaire Gautam Adani to two Union Ministers and Maharashtra Deputy Chief Minister Devendra Fadnavis among others on Sunday hailed India crossing USD 4 trillion mark though there was no official confirmation if the country has achieved the landmark.

The finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India’s GDP crossing USD 4 trillion.

Viral news was incorrect

Highly placed sources said that the viral news was incorrect and India was still shy of that landmark.

An unverified screengrab from the live tracking GDP feed for all countries based on International Monetary Fund data has been widely shared on social media, including by many including senior BJP leaders.

It is very difficult to have live tracking of GDP numbers of all countries as numbers of various sectors of the economy are available with a lag.

Adani Tweets

“Congratulations, India. Another two years to go before India becomes the 3rd largest nation in terms of Global GDP by overtaking Japan at $4.4 trillion and Germany at $4.3 trillion. The Tricolour surge continues! Jai Hind,” Adani said on social media platform X.

Many political leaders, including Maharashtra Deputy CM Devendra Fadnavis hailed the achievement.

“India’s moment of global glory as our GDP crosses $4 Trillion.The rise of #NewIndia under PM @narendramodi ji’s leadership is truly unparalleled,” Jal Shakti Minister Gajendra Singh Shekhawat said in a post on X.

Another Cabinet minister, G Kishan Reddy in a post said, “Congratulations As The GDP Touches $4 Trillion For The First Time and Marches Ahead. On the course towards $5 Trillion Economy – Modi Ki Guarantee,” Reddy is Union Minister for Culture, Tourism and Development of Northeast Region as well as Telangana BJP president.

Fadnavis also posted, “This is what dynamic, visionary leadership looks like ! That’s what our #NewIndia progressing beautifully looks like ! Congratulations to my fellow Indians as our Nation crosses the $ 4 trillion GDP milestone! More power to you, more respect to you Hon PM @narendramodi ji!.”

D Purandeswari, BJP’s Andhra Pradesh president said, “Congratulations BHARAT on becoming a 4 Trillion Dollar Economy ! This phenomenal achievement has been made possible by the path breaking reforms introduced and implemented by Prime Minister Shri @narendramodi Ji Government in the last 9.5 years.”

India recorded GDP growth of 7.8 per cent during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world’s fastest-growing major economy.

The 7.8 per cent GDP growth in the June quarter is higher than the 6.3 per cent recorded by China during the same period.

According to the National Statistical Office (NSO) data released in August, the agriculture sector gross value added (GVA) recorded a growth of 3.5 per cent, up from 2.4 per cent in April-June 2022-23.