India has already become the world’s fifth-largest economy in its 75th year of independence and will reach the $3.5 trillion mark by the end of March, the economic survey submitted to parliament on Tuesday said.
In real terms, the economy is expected to grow by 7 percent for the year ending March 2023. This follows growth of 8.7 percent in the previous fiscal year.
“For India, 2022 was special. It marked the 75th year of India’s independence. India became the world’s fifth-largest economy measured in current dollars. In March, India’s nominal GDP will reach about $3.5 trillion,” said the survey.
The Indian economy passed the $3 trillion mark last year.
It further said that the fundamentals of India’s economy are sound as it enters its Amrit Kaal, its 25-year journey towards its centenary as a modern independent nation.
“It is fitting that it assumed the presidency of the G-20 countries at the Amrit Kaal in India in December 2022,” the survey said.
Global problems need global solutions, and global solutions require collaboration and collaboration.
Based on the theme of ‘Vasudhaiva Kutumbakam: One Earth, One Family, One Future’, the Indian G20 Presidency strives for coordinated solutions to key issues of global concern.
According to the survey, economic growth is expected to be robust in 2023-2024 as a robust credit disbursement and capital investment cycle is expected in India with the strengthening of corporate and banking sector balance sheets.
Further support for economic growth will come from the expansion of public digital platforms and pioneering measures such as Prime Minister GatiShakti, the national logistics policy and production-related stimulus schemes to boost manufacturing output, it said.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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