4 Trillion Dollar Economy : The Indian economy is constantly moving forward in line with PM Modi’s target of $ 5 trillion. Now soon our GDP will cross the $ 4 trillion mark and we will leave Japan behind in terms of economy. Forbes India has released the list of the world’s largest economies based on IMF data of July 1, 2024. According to this, India’s GDP has reached $ 3,942 billion. That is, $ 3.94 trillion. Now it can cross the level of $ 4 trillion anytime.
India will leave behind Japan and then Germany
India is currently at the fifth position among the top-5 economies of the world. Japan is at the fourth position above India. Japan’s GDP is $ 4,112 billion. Since India’s GDP growth rate is the highest among the big economies, India’s GDP will soon surpass Japan and become the world’s fourth largest economy. Germany is at the third position above Japan. Its GDP is $ 4,590 billion. This means that it will not take us much time to become the world’s third largest economy. After this, the world’s second largest economy is China, whose GDP is $ 18,536 billion. The US, which is at the top, has a GDP of $ 28,783 billion.
Ranking | Country | GDP ($ billion) |
1 | America | 28,783 |
2 | China | 18,536 |
3 | Germany | 4,590 |
4 | Japan | 4,112 |
5 | India | 3,942 |
It will take 2 years to reach 5 trillion dollars
Sanjeev Sanyal, a member of Prime Minister Narendra Modi’s Economic Advisory Council, has also said that India’s GDP will reach $4 trillion this year and we will be at par with Japan. He said that India will continue to grow as the fastest growing economy among the world’s big countries. Last year India’s growth rate was 8.2 percent and this year it is estimated to be more than 7 percent. He said that after $4 trillion, it will take only 2 years for India to become a $5 trillion economy.
Such is the pace of the economy
Sanyal said at the Cambridge India Conference that after liberalisation, it took India 16-17 years to become a $1 trillion economy. It took 7 years for the economy to reach $2 trillion. India became a $3 trillion economy in 2021-22. It should have taken 5 years, but 2 years were wasted due to Covid. Now we are crossing the $4 trillion economy mark in just 3 years and it will take only 2 years to become a $5 trillion economy.
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