India’s GDP hits $3.75 trillion vs $2 trillion in 2014: FinMin

India’s gross domestic product (GDP) has now reached US$3.75 trillion in 2023, up from around US$2 trillion in 2014; Union Treasury Minister Nirmala Sitharaman’s office is transitioning from the world’s 10th to 5th largest economy and tweeted about the conclusion of the BJP-led government’s nine-year tenure. “India is now being cited as a bright spot in the global economy.”

The tweet also mentioned that GDP at current prices represents other countries, including $26.8 trillion for the US; $19.3 trillion for China; $4.4 trillion for Japan. India’s GDP is already ahead of countries like the UK ($3.1 trillion), Canada ($2.08 trillion), France ($2.9 trillion) and Australia ($1.5 trillion) . “In total, more than 39,000 compliance requirements have been reduced and over 3,400 legal provisions have been decriminalized since 2014. ‘Minimum Government, Maximum Governance’ was the mantra,” the ministry said.

The GST has emerged as India’s biggest tax reform and will ensure India enters the next phase of economic development. “Increasing GST revenue is testament to Prime Minister Shri @narendramodi’s vision of ‘One Nation One Tax’. The GST has streamlined indirect taxation for consumers and reduced the compliance burden for businesses,” the ministry said.

In just nine years, the government has developed our country’s economy into a global powerhouse, the ministry said. India’s exports have grown by a whopping 150% over the past nine years, from $310 billion in 2014-15 to a record $775 billion in 2022-23, the tweet said. “From almost 350 startups in 2014, India is now the third largest startup ecosystem in the world with over 99,000 startups and 108 unicorns.”

The ministry said India is not only the fastest growing major economy but is also growing at a time when the global economy is struggling.

Regarding the Modi government’s initiatives, the ministry said the Emergency Credit Line Guarantee Scheme protected MSMEs and maintained economic resilience. “In the new era, India embraces digital payments and sets new records. UPI drives growth and transforms India into a cashless economy. The rapid rise of e-way billing streamlines logistics and increases transparency. New India’s entrepreneurial spirit heralds an era of opportunity and innovation.”

The prime minister wrote in a blog post on his website that despite the recessionary impact of a century pandemic and the Russia-Ukraine war, India received its highest-ever FDI of $84 billion in FY22, up from $45 billion in FY22 Fiscal year 2015. “India is now seen as a bright spot in the global economy. Multinational companies are very optimistic about investing in India and making India an important part of their supply chain. Today, Apple, Samsung, Airbus or any other large foreign company is moving forward to set up its manufacturing unit in India,” reads the blog post Modinomics: 9 Years Later.

Notably, India’s GDP rate rose to 6.1% in January-March 2023 on a pick-up in manufacturing activity. For fiscal 2022-23, GDP grew by 7.2%, which is 20 basis points higher than the Center’s second flash estimate of 7%.

Related Articles

Back to top button

Subscribe To Our Newsletter

Don't miss new updates on your email