It took India nearly 60 years to become a trillion-dollar economy in 2007. However, once the Indian economy touched the magic USD1 trillion mark, it picked up pace. Compared to the 60 years India took to reach USD 1 trillion, India doubled its economy from USD 1 trillion to USD 2 trillion in just seven years.
India became a USD3 trillion economy in 2021. Though it should have reached that milestone earlier, the COVID pandemic slowed India’s growth. However, India added the next USD 1 trillion in just four years.
Going forward, India can add USD 1 trillion to its economy every 1.5 years. According to India’s current growth trajectory, India could become a USD 10 trillion economy by 2032.
According to an IDBI report, India’s future growth will be fueled by robust manufacturing demand, export potential, and supportive government policies, including Production Linked Incentive (PLI) schemes.
Commenting on India’s economy crossing the USD 4 trillion mark, the ruling national party BJP commented: “This extraordinary achievement is a testament to the decisive leadership of Prime Minister Narendra Modi and the relentless efforts of his government. Through proactive economic policies, bold structural reforms, and a sustained focus on ease of doing business, the Modi government has propelled India to the position of the world’s fastest-growing major economy—an accolade no previous government had secured since independence.”
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Historically, India and China were the world’s two largest economies before colonialism in the 18th and 19th centuries upended the picture. However, nearly 70 years after breaking free of colonialism, both China and India are once again set to become the world’s second and third-largest economies, respectively.
Sumit Ahlawat has over a decade of experience in news media. He has worked with Press Trust of India, Times Now, Zee News, Economic Times, and Microsoft News. He holds a Master’s Degree in International Media and Modern History from The University of Sheffield, UK.
He can be reached at ahlawat.sumit85 (at) gmail.com
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