GDP of India exceeds $4 trillion mark: An iconic turning point

India’s Gross Domestic Product (GDP) has surpassed $4 trillion in nominal terms, a noteworthy economic accomplishment. This significant achievement highlights India’s strong economic growth and confirms its standing as a significant player in the world economy.

India has made significant progress toward reaching this historic milestone thanks to its persistent efforts in a number of industries, as well as its smart policies and vibrant entrepreneurial culture. The country’s rise emphasizes that it is among the major economies with the quickest rate of growth in the globe.

A stronger-than-expected GDP growth in the second quarter was reported in the Reserve Bank of India’s (RBI) November bulletin, exceeding the RBI’s initial prediction of 6.5%. This positive prognosis is supported by strong business earnings for September and early economic indicators.

Prominent organizations like Morgan Stanley Research and S&P Global Ratings anticipate robust economic growth in India in the upcoming years. Through 2026, S&P projects an annual GDP growth of 6.7%–7.1%, while Morgan Stanley projects growth of roughly 6.5% for the fiscal years 2024 and 2025. These forecasts highlight India’s strong internal foundation and adaptability to challenges posed by the world economy.

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Moody’s Investor Services has decided to stick with its growth forecast of 6.7% for India in 2023, citing robust domestic demand and the country’s ability to weather global slowdowns. In a similar vein, the International Monetary Fund (IMF) has increased its growth estimate for India to 6.3% for 2023–2024 in recognition of the nation’s higher-than-anticipated first-quarter consumption. For the fiscal year 2024, the RBI projects a rise of 6.5% as well.