India's GDP Is Not $4 Trillion Yet. But It's Close.
A screenshot went viral on social media suggesting that the GDP has exceeded $4 trillion. Here's what official numbers suggest.
India, one of the fastest growing economies in the world, has not reached a gross domestic product of $4 trillion just yet. But it's close to reaching that milestone.
A screenshot went viral on Sunday on social media suggesting that the nation's GDP has exceeded $4 trillion. It was picked up by several media agencies and shared, hailing the achievement.
For fiscal year 2022-23, nominal GDP or GDP at current prices is estimated to attain a level of Rs 272.41 lakh crore, showing a growth rate of 16.1%. In dollar terms, that's about 3.3 trillion.
Budget estimates projected a nominal GDP for FY24 at Rs 301.75 lakh crore, assuming 10.5 % growth over the previous fiscal year. That translates into a $3.6 trillion economy.
"India on a rolling basis won’t hit $4 trillion till late 2024-early 2025," Barclays India chief economist Rahul Bajoria, said in his personal account on social media platform X (formerly Twitter). This fiscal year, India’s nominal GDP is expected to be around Rs 300 trillion, which implies a GDP of about $3.65 trillion on current exchange rates, he said.
The National Statistical Office computes India's GDP on a quarterly basis.
The numbers for the July-September 2023 quarter are to be released on Nov. 31. According to latest data available for the April-June quarter, real GDP is estimated to attain a level of Rs 40.37 lakh crore, growing by 7.8% from a year earlier. Nominal GDP or GDP at current prices is estimated at Rs 70.67 lakh crore, growing 8%.