According to Media Reports, India has reached a historic economic milestone, crossing the $4 trillion mark in its Gross Domestic Product (GDP).
This achievement underscores the nation's robust economic growth and resilience in the face of various challenges.
However, the finance ministry and the National Statistical Office refrained from offering immediate comments on the viral social media post regarding India's GDP crossing the 4 trillion mark.
GDP Growth Rate
Here is the Growth Rate data for India in the past 5 years.
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India's GDP growth rate for 2022 was 7.00%, a 2.05% decline from 2021.
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India's GDP growth rate for 2021 was 9.05%, a 14.88% increase from 2020.
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India's GDP growth rate for 2020 was -5.83%, a 9.7% decline from 2019.
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India's GDP growth rate for 2019 was 3.87%, a 2.58% decline from 2018.
Global Ranking
In 2023, India will be the fifth-largest economy in the world by nominal GDP.
Employment Trends
In March 2023, India's employment rate increased to 36.9% from 36.6% in December 2022. The number of unemployed people decreased by almost two million.
Government Initiatives
The government has taken several initiatives to improve the ease of doing business, reduce corporate tax, provide credit guarantees, and attract foreign direct investment.
Trade & Exports
India's trade-to-GDP ratio in 2022 was 49.37%, which is a 3.71% increase from 2021. India's total exports and imports of goods to the GDP in 2023 are estimated to be over 35.6 percent.
Source: Safalta
This is an increase from the previous fiscal year when the ratio was more than 33 percent. India's achievement of a $4 Trillion Economy marks a significant milestone in its economic journey. As the nation continues to evolve and embrace new opportunities & moving towards becoming a $ 5 Trillion Economy, this milestone serves as a testament to India's resilience, potential, and promising future on the global stage.
