It will become the fourth largest economy in the world, leaving Japan behind. After this, the target will be Germany, which is currently at third position. Currently, India’s growth rate is around 7 percent, which is quite good.
New Delhi. The fast growing Indian economy will have one more achievement by next year. Prime Minister’s Economic Advisory Council member Sanjeev Sanyal has said that by the end of the current financial year, India’s economy will cross 4 trillion dollars. This means that we will leave Japan behind and become the fourth largest economy in the world. After this, the target will be Germany, which is currently at third position. Currently, India’s growth rate is around 7 percent, which is quite good.
Sanyal said in a program, leave the time of 4 and 5 years, by the end of March in the current financial year itself, India will become the fourth largest economy in the world. By March our economy will be worth 4 trillion dollars. Currently the size of the Indian economy is 3.7 trillion dollars, while Japan’s economy is 4.1 trillion dollars. This means that we are not far behind Japan and the way our growth rate is, it is not a big deal to overtake Japan by March.
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Germany will be the target again
Sanyal said that by the beginning of next year or the end of this year, we will overtake Japan and then Germany will be the next target, which is currently the third largest economy. Germany’s economy is currently worth 4.6 trillion dollars. Therefore, there is a great possibility that in the next 2 years we will leave Germany behind and become the third largest economy in the world. If we talk about growth rate, India is far ahead of Germany. In such a situation, we can say that India has come very close to its target.
India will not run after growth rate
Sanyal said that the government will not take any difficult decision to increase the growth rate. We are not very excited about 8 or 9 percent growth rate. If the growth rate of 7 percent continues continuously then it is very good. Keeping the growth rate stable is very important to generate jobs and taxes. Asian Development Bank, Fitch Ratings including IMF, S&P Global and Morgan Stanley have also estimated a growth rate of 6.8 to 7 percent.
No wrong decisions for fast growth
Sanyal said, our emphasis is not on achieving very high growth rate. Due to growth rate, we will not take any decision which will harm our financial system. On the question of making rupee a global currency, he said that we do not want to do anything like that. Just trying to get the rupee recognized in trading. Achievement in this direction can be achieved in the next decade.
Tags: business news in hindi, gdp growth, Indian economy, India GDP, Indian economy
FIRST PUBLISHED: May 16, 2024, 19:45 IST