India has entered the top four nations globally in terms of GDP, surpassing the $4 trillion mark on November 19, according to ET Now. This achievement, a first for the country, is a significant stride toward its ambitious goal of a $5 trillion economy.
Surprising Q2 GDP
Growth Forecasts indicate that the real gross domestic product (GDP) growth in the second quarter will exceed the Reserve Bank of India’s (RBI) projection of 6.5 percent. The optimism is supported by corporate results for the September quarter, and RBI Governor Shaktikanta Das expressed confidence in the domestic economy.
S&P Global Ratings predicts India’s economic growth to remain robust, expanding at 6-7.1 percent annually in fiscal years 2024-2026. The report emphasizes the banking sector’s improvement, anticipating a decline in weak loans. Global uncertainties are expected to have a minimal impact on India’s economy, given its domestic orientation.
Morgan Stanley Research projects India’s economic growth around 6.5 percent for FY2024 and FY2025, citing strong domestic fundamentals. Moody’s Investor Services retains India’s economic growth at 6.7 percent for 2023, highlighting the country’s resilience amid a global slowdown.
Government’s Economic Roadmap
India’s roadmap to becoming a $5 trillion economy includes measures such as inclusive growth, digital economy promotion, technology-enabled development, and a focus on energy transition and climate action. Major reforms like GST, IBC, corporate tax rate reduction, Make in India, Start-up India, and PLIs are crucial components of the growth strategy, according to Minister of State for Finance Pankaj Chaudhary. The Union Budget 2023-24 further supports high economic growth with a substantial increase in capital investment outlay.
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