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India expected to become a US $4 trillion economy before Lok Sabha elections 2024
India’s Minister of Commerce said the Indian economy is also projected to be the third-highest in the world by 2027
India’s Minister of External Affairs S Jaishankar and Minister of Commerce Piyush Goyal at the inauguration of the inauguration of the Aatmanirbhar Bharat Utsav in New Delhi on January 3, 2024 / PIB
India is on its path to becoming a US $4 trillion economy, and the target is likely to be fulfilled before the Lok Sabha elections 2024, stated Piyush Goyal, India’s Minister of Commerce.
Goyal was speaking at the inauguration of the Aatmanirbhar Bharat Utsav in New Delhi. He also said that the country’s economy will rise to US $5 trillion, to become the third-highest in the world by 2027.
According to Goyal, the target can be achieved by 1.4 billion Indians working as a team as per the Prime Minister's Panch Pran of Amrit Kaal. The Panch Pran or the 5 fundamentals of Amrit Kaal include the goal of developing India, elimination of any trace of colonial mindset, honor and pride in our roots, development of unity, and a sense of duty among citizens.
Goyal’s statement about India being a $4 trillion economy by Lok Sabha elections 2024, comes almost two months after unverified reports stated that the country’s economy had already crossed the $4 trillion mark.
An unverified screengrab from the live tracking GDP feed for all countries based on International Monetary Fund (IMF) data, carrying the $4 trillion claim, was being widely shared across social media on November 19, 2023. Gautam Adani and Maharashtra’s Deputy Chief Minister Devendra Fadnavis were among the ones who hailed the milestone, according to a report.
The current GDP of India registered a growth of 7.6 per cent in the second quarter of FY2024, as per a December 2023 article by Forbes. The numbers exceeded the expectations of the RBI which in October had projected a GDP growth rate of 6.5 per cent for Q2. The data also stated that India’s GDP growth rate is higher than the major economies like Russia, the U.S., China, and the UK during the same period.
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