India's GDP To Climb To $3.75 Trillion in 2023, Says Finance Minister
In the words of Nirmala Sitharaman, Union Finance Minister, India's GDP would reach $3.75 trillion in 2023 from over $2 trillion in 2014.
India's place as the fifth-largest economy was cited by the finance minister as a "bright spot" in the world economy. As predicted by the IMF, India is now just behind the US, China, Japan, and Germany as the fifth-largest economy in the world, having surpassed the UK last year. India was ranked 11th among the major economies ten years ago.
The country's economic endurance in the face of numerous hurdles was recently highlighted by a stronger-than-anticipated fourth quarter that increased India's growth to 7.2% in FY23, beating the 7% mentioned in the second advance estimates given in February.
According to the National Statistical Office's (NSO) most recent provisional estimates, real GDP growth for 2022–2023 was 7.2% rather than the originally predicted 7.0%.
According to government data, the gross domestic product (GDP) increased sequentially from the upwardly revised 4.5 percent in the prior quarter to 6.1 percent in the March quarter. 20 economists were surveyed, and their median growth prediction for the fourth quarter was 5.1%.
Recently, Chief Economic Advisor Dr. V Anantha Nageswaran praised the anticipated real GDP growth of 7.2% in 2022–2023 and expressed optimism that the growth would be greater when the fiscal year's final data were finalised in early 2026.