Synopsis
The finance minister called India a 'bright spot' in the global economy, highlighting its position as the fifth largest economy. Last year, India had surpassed the UK to become the world's fifth-largest economy last year and is now behind only the US, China, Japan and Germany, as per the IMF projections.
India's Gross Domestic Product (GDP) has reached $3.75 trillion in 2023, from around $2 trillion in 2014, said Union finance minister Nirmala Sitharaman on Monday
The finance minister called India a 'bright spot' in the global economy, highlighting its position as the fifth largest economy. Last year, India had surpassed the UK to become the world's fifth-largest economy and is now behind only the US, China, Japan and Germany, as per the IMF projections. A decade back, India was ranked 11th among the large economies.
Recently, a stronger-than-expected fourth quarter lifted India's growth to 7.2 per cent in FY23, exceeding the 7 per cent cited in the second advance estimates released in February, underscoring the country's economic resilience in the face of multiple challenges.
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