India GDP Crosses 4 Trillion Doller’s-A Milestone Achivement-2023

India GDP Crosses 4 Trillion Doller’s

November 19, 2023, saw the first time that India GDP Crosses 4 Trillion Doller’s . Now only United States, China, and Japan ahead of it, India now has the fourth-largest economy globally.

Several prominent members of the Bharatiya Janata Party (BJP), such as Union minister Arjun Ram Meghwal and Maharashtra deputy chief minister Devendra Fadnavis, have commended Prime Minister Modi’s leadership for the accomplishment.

Billionaire Gautam Adani praised India as well and said that, in the next two years, it will rise to the position of the third largest economy globally.

None of the critics, Indian or Western, were particularly excited about India’s progress and future during the first 44 years following independence. Following the government of Narasimha Rao’s reforms in 1991, things began to change.

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The Western zeitgeist, which included constant sermons about Globalization and a declining role for government, was well-suited to the much-celebrated economic reform.

Official World Bank statistics indicates that in 2022, India’s Gross Domestic Product (GDP) was valued at 3385.09 billion US dollars. The GDP of India accounts for 1.46 percent of the global economy.

There are tales of dangerously high pollution, urban deterioration, decaying infrastructure, an overburdened justice system, horrendous atrocities committed in the name of caste and religion, and ongoing poverty and deprivation that contradict this picture.

What is GDP ?

The GDP, or gross domestic product, is a measure of the output and national income of an economy. The entire cost of all finished goods and services produced domestically during a certain time frame is equivalent to the gross domestic product, or GDP.

There are two approaches to analysing India’s post-independence economic performance. Comparing it to its own past during British misrule is one way to do so. The second approach is contrasting it with the accomplishments of other nations during comparable timeframes.

The GDP level and growth rate have become an unhealthy obsession in recent years, despite the fact that comparing GDP growth among nations raises crucial problems.

To put it another way, there is no need for significant policy ideas, a lofty goal, or exceptional administrative skill to propel the economy to five trillion dollars in five to seven years. We’ll get there through compound interest alone, if the economy continues to operate as it has for the past few decades on average.

In addition to arguing in favour of a dashboard of economic measurements rather than a single figure, development economists have proposed welfare measures that combine several variables.

Even if we believe that the measurements proposed by development economists are hard to quantify, India would be better off concentrating on the other two primary macroeconomic indicators that are commonly taught in textbooks: inflation and employment.

As Japan, Korea, Taiwan, and China have demonstrated, prioritizing the creation of jobs through budgetary allocations and policies that support labor-intensive manufacturing with an export focus does not imply abandoning GDP growth.