Going by estimates, India’s current GDP size is around USD 3.4 trillion. After taking over the UK, India is now the fifth-largest economy
Our Bureau
New Delhi
Union minister Hardeep Singh Puri on Friday said there is no doubt that the Indian economy will reach USD 10 trillion by the end of this decade, taking into consideration the rate at which it is presently growing. Addressing a press conference, he outlined several initiatives taken by the PM Modi-led government and how the country’s stature has increased over the years.
“One thing is very clear, and the purpose here is not to draw comparisons… But look, the fact of the matter is, large parts of the world, including the United States, including parts of Western Europe, and Japan, are witnessing growth rates in the closed vicinity of 0.9 per cent, 1 per cent, or flat growth. And here, even your detractors, if they may be called that, are talking about 6.1 per cent to 6.5 per cent of projected growth in 23 24. So, USD 5 trillion economy by 2025 or 2026, which people doubted is looking at us,” Puri told reporters.
“A USD 10 trillion economy by 2030 is again no longer a matter of debate or disagreement. And you are now looking between 2030 and 2040 at doubling that USD 10 trillion economy,” Puri said.
Going by estimates, India’s current GDP size is around USD 3.4 trillion. After taking over the UK, India is now the fifth-largest economy.
According to an SBI Research report published last week, India is likely to get the 3rd largest economy tag in 2027 (2027-28) if it maintains the current rate of growth, and in the process, will surpass both Japan and Germany. Earlier, SBI Research had expected India to become the third-largest economy in the world by 2029.
From 1947 to 2023, India’s GDP figure has grown from just Rs 2.7 lakh crore to $3.75 trillion. India’s economy has been ranked as the fifth largest in the world from the tenth largest, according to the Finance Ministry. In 1950, India’s per capita income stood at Rs 265 and it increased to Rs 172,000 in 2022-23.
India is celebrating its 77th Independence Day on Tuesday (August 15, 2023). Since the last three years, the Indian economy has seen several ups and downs mainly due to COVID and the Russia-Ukraine crisis. Still, inflation continues to pose the biggest challenge for not only India but the global economy. Last month, the IMF forecasted a dip in India’s GDP growth, with growth falling to 6.1% this year and rising slightly to 6.3% in FY25. The RBI projected 6.5% growth, while the World Bank projected 6.3%.
Only very few of us know that India had a GDP of just Rs 2.7 lakh crore at the time of Independence. In these 76 years from 1947 to 2023, India’s GDP figure has changed from just Rs 2.7 lakh crore to $3.75 trillion.
On June 12, 2023, Union Finance Minister, Nirmala Sitharaman said that the gross domestic product (GDP) of India has touched the US$ 3.75 trillion mark in 2023, up from around US$ 2 trillion in 2014.
India’s economy has been ranked as the fifth largest in the world from the tenth largest, according to the Finance Ministry. At US$ 3,737 billion, India’s GDP ranks above the UK (US$ 3,159 billion), France (US$ 2,924 billion), Canada (US$ 2,089 billion), Russia (US$ 1,840 billion), and Australia (US$ 1,550 billion) at current prices. As per the Finance Ministry, India is now being called a ‘Bright Spot’ in the global economy.
Some of the factors which supported India’s GDP growth path in the initial years include the White and Green Revolution, the Foundation of Amul Incorporation (earlier Kaira District Co-operative Milk Producers Union), the shift to a mixed economy, liberalization, the Planning Commission and industrialization.
Since 1950, India’s per capita income (PCI) has jumped over 700 times. In 1950, it stood at Rs 265 and increased to Rs 172,000 in 2022-23.
India’s per capita net national income (at current prices) for 2022-23 stands at Rs 172,000, according to estimates from the National Statistical Office (NSO). This marks an almost 100% increase from the per capita income in 2014-15 at Rs 86,647.
