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The Indian Eye
BUSINESS EYE AUGUST 18, 2023 42

Aiming for a $10-trillion economy:

A look at India’s growth story since 1947

Going by estimates, India’s current GDP size is around USD 3.4 trillion.
After taking over the UK, India is now the fifth-largest economy

OUR BUREAU
New Delhi

nion minister Hardeep Singh
Puri on Friday said there
Uis no doubt that the Indian
economy will reach USD 10 trillion
by the end of this decade, taking into
consideration the rate at which it is
presently growing. Addressing a
press conference, he outlined several
initiatives taken by the PM Modi-led
government and how the country’s
stature has increased over the years.
“One thing is very clear, and the
purpose here is not to draw com-
parisons... But look, the fact of the
matter is, large parts of the world, in-
cluding the United States, including
parts of Western Europe, and Japan,
are witnessing growth rates in the
closed vicinity of 0.9 per cent, 1 per
cent, or flat growth.
And here, even your detractors,
if they may be called that, are talking
about 6.1 per cent to 6.5 per cent of
projected growth in 23 24. So, USD
5 trillion economy by 2025 or 2026, GDP of India touched the US$ 3.75 trillion mark in 2023, up from around US$ 2 trillion in 2014 when Modi became Prime Minister (ANI)
which people doubted is looking at
us,” Puri told reporters.
had expected India to become the The RBI projected 6.5% growth, current prices. As per the Finance
Ministry, India is now being called a
“A USD 10 trillion economy third-largest economy in the world while the World Bank projected ‘Bright Spot’ in the global economy.
6.3%.
by 2029.
by 2030 is again no longer a From 1947 to 2023, India’s GDP Only very few of us know that Some of the factors which sup-
matter of debate or disagree- figure has grown from just Rs 2.7 India had a GDP of just Rs 2.7 lakh ported India’s GDP growth path in
crore at the time of Independence. the initial years include the White
lakh crore to $3.75 trillion. India’s
ment. And you are now looking economy has been ranked as the In these 76 years from 1947 to 2023, and Green Revolution, the Founda-
between 2030 and 2040 at fifth largest in the world from the India’s GDP figure has changed tion of Amul Incorporation (earlier
from just Rs 2.7 lakh crore to $3.75
Kaira District Co-operative Milk
tenth largest, according to the Fi-
doubling that USD 10 trillion nance Ministry. In 1950, India’s per trillion. Producers Union), the shift to a
economy,” Puri said. capita income stood at Rs 265 and it On June 12, 2023, Union Fi- mixed economy, liberalization, the
increased to Rs 172,000 in 2022-23. nance Minister, Nirmala Sitharaman Planning Commission and industri-
India is celebrating its 77th In- said that the gross domestic product alization.
Going by estimates, India’s cur- dependence Day on Tuesday (Au- (GDP) of India has touched the US$ Since 1950, India’s per capita
rent GDP size is around USD 3.4 gust 15, 2023). Since the last three 3.75 trillion mark in 2023, up from income (PCI) has jumped over 700
trillion. After taking over the UK, years, the Indian economy has seen around US$ 2 trillion in 2014. times. In 1950, it stood at Rs 265 and
India is now the fifth-largest econ- several ups and downs mainly due to India’s economy has been ranked increased to Rs 172,000 in 2022-23.
omy. COVID and the Russia-Ukraine cri- as the fifth largest in the world from India’s per capita net national
According to an SBI Research sis. Still, inflation continues to pose the tenth largest, according to the Fi- income (at current prices) for 2022-
report published last week, India is the biggest challenge for not only nance Ministry. At US$ 3,737 billion, 23 stands at Rs 172,000, according to
likely to get the 3rd largest economy India but the global economy. Last India’s GDP ranks above the UK estimates from the National Statisti-
tag in 2027 (2027-28) if it maintains month, the IMF forecasted a dip in (US$ 3,159 billion), France (US$ cal Office (NSO).
the current rate of growth, and in India’s GDP growth, with growth 2,924 billion), Canada (US$ 2,089 This marks an almost 100% in-
the process, will surpass both Japan falling to 6.1% this year and rising billion), Russia (US$ 1,840 billion), crease from the per capita income in
and Germany. Earlier, SBI Research slightly to 6.3% in FY25. and Australia (US$ 1,550 billion) at 2014-15 at Rs 86,647.

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