Deccan Chronicle

India makes it to $4 trillion economy club

Deccan Chronicle.| Madhusudan Sahoo

Published on: November 19, 2023 | Updated on: November 19, 2023

However, there was no official announcement of the government till the preliminary reports emerged

India makes it to $4 trillion economy club (Representational Image)

India makes it to $4 trillion economy club (Representational Image)

New Delhi: Achieving a historic milestone, India's economy on Sunday crossed the $4 trillion mark in its gross domestic product (GDP) in nominal terms for the first time ever, several media reports said, citing a purported screenshot of a live GDP tracker of all economies based on the IMF data.

Union minister of state Arjun Ram Meghwal also shared the screen grab, tweeting that this is a significant moment in India's global presence. However, there was no official announcement from the government till the preliminary reports emerged.

With this development, India's economy made a significant stride towards its ambitious goal of reaching a $5 trillion economy by 2025. India’s constant efforts in many areas, together with good governance and strategic policies, have also powered this historic jump, highlighting India’s status as one of the world’s fastest-growing major economies.

After the report surfaced in the media circle, BJP leaders, ministers and top industrialists also hailed India for crossing the $4 trillion mark and credited Prime Minister Narendra Modi's leadership for the achievement.

"India achieves a historic milestone, crossing $4 trillion in GDP, marking a significant moment in our global presence. The transformative leadership of PM Modi has propelled India to unprecedented heights," Mr Meghwal said in a post on X.

"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," Maharashtra deputy chief minister Devendra Fadnavis said in his congratulatory message.

Reacting to the reports, Adani Group chief Gautam Adani also said the country will become the third-largest economy in the next two years. "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. (sic)," Adani posted on social media platform X.

Economists and analysts also welcomed the reports, saying that India, having achieved a monumental GDP milestone of over $4 trillion, stands tall as a beacon of economic prowess and global influence.

"The nation's remarkable trajectory of growth and development has not only elevated living standards but has also paved the way for a substantial reduction in poverty," said Vivek Rathi, national director (research), Knight Frank India.

"India's economic narrative is one of resilience and promise. Embracing digital transformation, the country has harnessed the power of technology to drive financial inclusion, provide essential services, demonstrate elevated levels of transparency and governance and champion women's empowerment," Mr Rathi added.

Also, there is a "wide consensus" supported by economic forecasts that the real GDP growth in the second quarter is likely to turn out to be better than the Reserve Bank of India’s projection of 6.5 per cent in its November 16 bulletin. India’s economy expanded 7.8 per cent in the first three months of the financial year. RBI governor Shaktikanta Das recently expressed confidence in the domestic economy.

"Looking at the momentum of economic activity -- a few early data points have come in -- I expect Q2 GDP numbers, which will come at the end of November in all probability will surprise on the upside," Das said on October 31.

About The Author
Latest News
Most Popular