By the end of 2022-23, Indian GDP stands at USD 3.7 trillion
The International Monetary Fund (IMF) estimates that India will become a USD 5 trillion economy with the third largest GDP by 2027-28.
India will become a USD 5 trillion economy as early as the ‘Amrit Kaal’ on its way to achieving its goal of becoming a developed economy by 2047, Minister of State for Finance Pankaj Chowdhury said on Monday.
The International Monetary Fund (IMF) estimates that India will become a USD 5 trillion economy with the third largest GDP by 2027-28.
Also read: Madhusudan Kela expects the next five years to be ‘amrita kaal’ for Indian equities
Crossing the USD 5 trillion milestone with a strong rupee will result in macroeconomic stability, he said in a written reply in the Lok Sabha.
“The government has set a target to become a developed economy by 2047. In the process, it will become a USD 5 trillion economy by the earliest,” Chowdhury said.
By the end of 2022-23, Indian GDP stands at USD 3.7 trillion. In 1980-81, the size of the Indian economy was USD 189 billion, which rose to USD 326 billion a decade later. In 2000-01, the GDP size increased to US$ 476 billion.
In 2010-11, India’s GDP grew to USD 1.71 trillion and further increased to USD 2.67 trillion in 2020-21. Chowdhury said that the exchange rate is not an overlooked factor as it ranks India’s GDP size in the world.
“India is a market economy, and the government monitors economic progress through market-determined GDP and exchange rates,” Chowdhury said.
He further said that both domestic and international markets are the processes that determine India’s GDP, exchange rate and contribution of various sectors to GDP.
Contribution of agriculture, industry and services to nominal GDP in 2022-23 stands at 18.4 per cent, 28.3 per cent and 53.3 per cent respectively.
Chowdhury said the government contributes to economic progress through policy interventions including measures announced in the annual budget.
Major initiatives taken by the government in the last 9 years to directly increase GDP include, implementation of Insolvency and Bankruptcy (IBC) Code, recapitalization of public sector banks, introduction of Goods and Services Tax (GST), reduction in corporate tax, increase in effective capital expenditure, production in 14 sectors Introduction of Linked Incentive (PLI) scheme, continued liberalization of FDI regime and building of digital infrastructure.
(This story has not been edited by News18 staff and appears from a syndicated news agency feed – PTI)
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