India’s GDP crosses $4 trillion for the first time? Sources say country still shy of that landmark

India’s GDP crosses $4 trillion for the first time? Sources say country still shy of that landmark

Nov 20, 2023 - 16:30
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India’s GDP crosses $4 trillion for the first time? Sources say country still shy of that landmark

India’s gross domestic product, or GDP, has reportedly crossed the $4 trillion-mark in nominal terms for the first time. However, there has been no official confirmation by the finance ministry or the National Statistical Office.

Several media reports on Sunday claimed that India’s GDP has crossed $4 trillion mark and also an unverified screengrab from the live tracking GDP feed for all countries based on data by International Monetary Fund (IMF) has been widely shared on social media.

Political leaders including Union Minister for Jak Shakti, took to X, formerly Twitter, to share the viral post. The minister wrote, “India’s moment of global glory as our GDP crosses $4 Trillion. The rise of New India under PM Narendra Modi ji’s leadership is truly unparalleled.”

National Secretary of BJYM (Bharatiya Janata Yuva Mircha) Tajinder Bagga also posted the viral image, and wrote, "Congratulations India for becoming 4 Trillion economy."

"This is what dynamic, visionary leadership looks like! That’s what our #NewIndia progressing beautifully looks like! Congratulations to my fellow Indians as our Nation crosses the $4 trillion GDP milestone! More power to you, more respect to you Hon PM @narendramodi ji!" wrote Maharashtra Deputy Chief Minister Devendra Fadnavis.

Meanwhile, a report by PTI quoted highly placed sources saying the viral news of India's GDP crossing $4 trillion mark was incorrect and India was still shy of that landmark.

India recorded GDP growth of 7.8 per cent during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world's fastest-growing major economy. The 7.8 per cent GDP growth in the June quarter is higher than the 6.3 per cent recorded by China during the same period.

According to the National Statistical Office (NSO) data released in August, the agriculture sector gross value added (GVA) recorded a growth of 3.5 per cent, up from 2.4 per cent in April-June 2022-23.

With inputs from agencies

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