India’s GDP reaches to $3.75 trillion mark in 2023, says FM

India’s Gross Domestic Product (GDP) has reached the $3.75 trillion mark in 2023 so far, up from around $2 trillion in 2014, said Finance Minister Nirmala Sitharaman on June 12.

The Finance Minister called India a ‘bright spot’ in the global economy and stated that India is the fifth largest economy in the world.

India’s GDP stood at $3,737 billion in current price terms, lower than the USA ($26,854), China ($19,374 billion), and Germany ($4,309 billion).

At current prices, India’s GDP ranks above the UK ($3,159 billion), France ($2,924 billion), Canada ($2,089 billion), Russia ($1,840 billion), and Australia ($1,550 billion).

A decade ago, India was ranked 11th among the large countries.

In a tweet by the Finance Minister’s office, which was deleted now, it reads, “India’s GDP has reached $3.75 trillion in 2023, from around $2 trillion in 2014; moving from 10th largest to 5th largest economy in the world. India is now being called a Bright Spot in the global economy.”

Recently, India’s GDP grew by 6.1 percent in the fourth quarter of fiscal year 2022–23, beating street estimates. The growth rate came in at 7.2 percent for the entire fiscal year 2022–23, underscoring the resilience of the economy amid geopolitical conflicts and global headwinds.