The economy of India has developed about 100 % in the last ten years. By the end of this year, India’s gross domestic product i.e. GDP will be 4.27 trillion dollars, which is Rs 3.6 lakh crore in Indian currency. The International Monetary Fund (IMF) has predicted this.
The report has been given 10 years of data since 2015 and told how the Indian economy has doubled in just ten years. Where in 2015, India was number ten in the list of countries with the largest economies and is now fifth. Very soon he will come at number four and will also become the third largest economy for three years. In 2015, the Indian GDP was Rs 1.8 lakh crore (2.1 trillion dollars). The IMF said that India’s GDP growth rate is estimated to be 6.5 % this year, indicating strong and stable expansion of the economy.
Know what are the faces from which the bounce of 100 % in the Indian economy in 10 years-
Madan Sabnvis, Chief Economist of Bank of Badodara, said that facilities like Agriculture, expansion in business, investment and employment and employment for business have helped in the development of the Indian economy.
He told the Times of India that agriculture was good in ten years despite irregular climatic conditions, which kept the income of the villagers stable. Second, he said that India Inc. performed well in business expansion, investment, employment and dysfunction, which strengthened the industrial sector. Many industry is also part of the global supply chain.
Along with all this, government schemes and subsidies directly benefited the people of the lower classes, which improved their living standard. These things have been revealed from consumption survey data. At the same time, digitizing has led to transparency in transactions and GST has proved to be a major achievement, which increased transparency further.
Dharmakirti Joshi, Chief Economist of Crisil, says that the emphasis of the government on the development of infrastructure has seen such a big jump in the Indian economy. He said that the implementation of GST increased tax compliance, which benefited the government and helped to enable budgetary expenses on the infrastructure.
DBS Bank Chief Economist Radhika Rao said that in ten years, a lot was spent on real estate and construction, the government as well as families also focused on this, which gave great advantage to the Indian economy.
How long will India become the third largest economy?
At present, India comes at number five among the largest economies, America is on the first, China on the second, third Germany, while on the fourth is Japan. In 10 years, if you look at the GDP growth of 10 big economies, India has made the longest jump. At the same time, talking about 4 top economy, America, China and Germany got good growth, but Japan’s GDP growth has decreased. According to the October 2024 report of the IMF, the US is 65.8 %, China 75.8 % and Germany 43.7 % GDP growth, while Japan’s economy increased only by 1.3 % in 10 years.
The IMF has predicted that India’s economy will increase at a rate of 6.5 % in 2025 and 2026. With this growth rate, India will become the fourth largest economy in 2026 and will leave Germany behind in 2028. There is only a slight difference between Indian GDP compared to Japan and Germany GDP. Japan is a $ 4.4 trillion economy and Germany is $ 4.9 trillion, while India’s GDP is $ 4.3 trillion.
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