India has been securing its place globally as it reached the mark of $3.75trillion economy. Despite all odds, India has managed to become the fifth-largest economy from the tenth position in a very short span of time. India, under the Narendra Modi government, in the last nine years’ time has seen a remarkable transformation.
India has certainly made significant progress in various sectors over the past decade, and the current government’s efforts are starting to show. With a jump from $2 trillion in 2014 to $3.75 trillion in 2023, India’s GDP has been repositioned on the world map. As the minister claims, “India is now being called a bright spot in the global economy”.
Today, India’s economy has surpassed the pre-pandemic GDP, at 7.2 percent, as estimated by the National Statistical Office (NSO) recently, while the GDP growth rate between 2013-14 was estimated to be 6.9 percent. According to the Economic Survey, the projected GDP growth in the financial year 2023-24 is estimated to be 6.0-6.8 percent.
A brief study on the GDP growth rate is shown below:
YEAR GDP
2014-15 8.0 percent
2015-16 8.2 percent
2016-17 7.2 percent
2017-18 7.1 percent
2018-19 4.5 percent
2019-20 3.7 percent
2020-21 -6.6 percent
2021-22 8.7 percent
2022-23 7.0 percent
2023-24 6.0-6.8 percent (subjected to data)
The International Monetary Fund reports that in the upcoming financial year, Pakistan’s GDP rate is expected to reach only 0.46 percent. Meanwhile, China is projected to have a rate of 5.2 percent, decreasing to 4.5 percent. Bhutan’s rate is expected to be 4.6 percent, Nepal is predicted to surge to 7.5 percent, and Bangladesh is projected to remain at 5.3 percent.
The downward trajectory during the pandemic in the world economy was seen in almost all sectors, resulting in cuts, and the setbacks of the migrant workers were a matter of concern. However, the integration of technology in small businesses, alongside initiatives such as Start-up India and Skill India, has greatly contributed to the growth of India’s economy and GDP. These were strategies introduced by the Narendra Modi-led government in their initial tenure.
At an event discussing the GDP, CEA, Nageswaran said, “We need to catch up with the pre-pandemic trend. Even before the pandemic, the economy was slowing down in 2018-19 and 2019-20. It is important to arrest that kind of slowdown”. Despite the deceleration in the GDP growth in the first quarter of the financial year 2023-24, India has managed to stand at 6 percent and is anticipated to trend at 6.5 percent.
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