The Indian Economy is growing at a rapid pace, we are the most populous country in the world and have a significantly young population with an average age of 28 years and a burgeoning middle class. The aspirations of the people of India are high. But how is the Indian economy performing and will we witness good times ahead? Here are 5-key factors that every Indian should know:
Fact No. 01: Indian GDP Growth Exceeds All Expectations By A Huge Margin: The GDP estimates released recently by the National Statistical Office showed that the Indian economy grew at a healthy 7.6 per cent in the second quarter of the ongoing financial year, surpassing expectations. The growth estimates were much higher than the RBI’s estimates of 6.5% for Q2. This has resulted in all rating agencies revising India’s growth estimates for the current financial year. RBI has revised it’s guidance to 7% for the entire year.
Fact No. 02: India Poised To Become The 3rd Largest Economy By 2031: Almost all rating agencies project India to be the fastest growing major economy for the next 3-years. Currently Indian economy is pegged at $3.7 Trillion, we are likely to be a 5 Trillion economy by 2027, a 7.3 trillion economy by 2030 and surpass Japan to become the 4th largest economy. From then on India will take another year to surpass Germany to become the 3rd largest economy of the world
Fact No. 03: We Are Targeting To Grow 10 Times From The Current Levels By The Time Independent India Turns 100 Years: We are likely to grow close to 10 times from our current GDP in the next 15 years. The government is set to finalise a draft roadmap for India to become a $30 trillion economy by the end of 2047, when independent India turns 100 With an expected population of 1.65 billion, this means a per capita GDP of $18,181.
Fact No. 04: BSE Reaches 4 Trillion Dollar Capitalization: The Indian bourse, BSE hit a Market cap of 4 Trillion Dollars on November 29 for the first time. In fact, the BSE is within striking distance of the Hong Kong Stock Exchange, which is at $4.7 trillion. The BSE-listed firms achieved a $1-trillion market cap milestone in May 2007. The market cap surpassed $2 trillion in July 2017 and $3 trillion in May 2021.
Fact No. 05: Indian Exports Should Hit 2 Trillion Dollars In The Current Fiscal: The Indian exports reached $ 762 billion in the last financial year. The Goods (Merchandise) export has gone upto $453 billion dollars, while services export was at $309 billion. At this rate India will soon reach $1 trillion exports.
According to the Indian government, the foreign trade policy, which came into effect from April 1, 2023, has set an ambitious target of $2 trillion export by 2023. It includes $1 trillion merchandise exports and $ 1 trillion services exports.
