TRENDING TAGS :
India's GDP Journey: Nearing the $4 Trillion Mark
Get the facts on India's GDP! Despite viral claims, the nation's GDP is not yet $4 trillion.
India, known for its rapid economic growth, is on the verge of a significant milestone – a gross domestic product (GDP) close to $4 trillion. The excitement began when a screenshot circulated on social media, claiming that India had surpassed this economic threshold. However, let's delve into the official numbers and projections to understand the reality of India's current economic standing.
As of the latest estimates for fiscal year 2022-23, India's nominal GDP or GDP at current prices is expected to reach Rs 272.41 lakh crore, exhibiting a remarkable growth rate of 16.1%. When converted to dollars, this equates to about $3.3 trillion. This substantial increase in GDP reflects the nation's continued economic momentum, despite global challenges.
Budget estimates for the following fiscal year, 2023-24, project a nominal GDP of Rs 301.75 lakh crore, assuming a growth rate of 10.5% over the previous fiscal year. In dollar terms, this translates to a $3.6 trillion economy. Although impressive, this falls slightly short of the viral claim that India's GDP has already breached the $4 trillion mark.
According to Barclays India's chief economist, Rahul Bajoria, the $4 trillion milestone for India is still on the horizon. In a social media post, he stated, "India on a rolling basis won’t hit $4 trillion till late 2024-early 2025." This projection considers the expected nominal GDP for the current fiscal year to be around Rs 300 trillion, translating to a GDP of approximately $3.65 trillion based on current exchange rates.
The National Statistical Office plays a pivotal role in computing India's GDP on a quarterly basis, offering valuable insights into the nation's economic health. While the numbers for the July-September 2023 quarter are yet to be released, the data from the April-June quarter provides a snapshot of India's economic trajectory.
In the April-June quarter, real GDP is estimated to have reached Rs 40.37 lakh crore, marking a robust growth of 7.8% from the same period a year earlier. The nominal GDP or GDP at current prices for this quarter is estimated at Rs 70.67 lakh crore. These figures underscore India's resilience in the face of global economic challenges, showcasing a steady upward trend in economic output.
It's important to note that these numbers are subject to change as the economic landscape evolves. As India continues to make strides in various sectors, the $4 trillion GDP milestone remains a significant goal. The projections and estimates provide a roadmap, and while the journey is ongoing, the nation's economic resilience and growth are evident.
In conclusion, while the recent viral claims might have suggested that India's GDP has already crossed the $4 trillion mark, the official estimates and projections paint a slightly different picture. The nation is on a trajectory of remarkable growth, inching closer to the $4 trillion milestone. The upcoming quarters will reveal more about India's economic journey, highlighting its resilience and determination in the face of economic challenges.