According to Union Finance Minister Nirmala Sitharaman, India’s Gross Domestic Product (GDP) would reach $3.75 trillion in 2023 from over $2 trillion in 2014.
India was referred to as a “bright spot” in the world economy by the finance minister, who also noted that it was the fifth-largest economy. According to IMF predictions, India is currently just behind the US, China, Japan, and Germany as the world’s fifth-largest economy, having surpassed the UK last year. In terms of large economies ten years ago, India was placed eleventh.
Recently, a stronger-than-anticipated fourth quarter increased India’s growth to 7.2% in FY23, above the 7% stated in the second advance estimates announced in February, highlighting the nation’s economic resiliency in the face of numerous obstacles.
Real GDP growth for 2022–2023 was pegged at 7.2%, up from the earlier forecast of 7.2%, according to the provisional projections recently made public by the National Statistical Office (NSO).
According to government figures, the gross domestic product (GDP) increased by 6.1% in the March quarter as compared to the same quarter a year prior, as well as 6.1% sequentially from the upwardly revised 4.5% in the prior quarter. The fourth quarter’s median growth was initially predicted by 20 economists in a poll by ET to be 5.1%.
The predicted real GDP growth of 7.2% in 2022–2023 was recently praised by the chief economic advisor, Dr. V. Anantha Nageswaran, who also expressed optimism that the growth would be greater when the fiscal year’s final data were frozen in early 2026.
Nageswaran described the 7.2% GDP growth as a “heartening achievement for the government and economy” while speaking at a Bharat Chamber of Commerce event.
According to him, “it is the efforts of people like you more than the government that gave us 7.2 percent real GDP growth in FY 23, following the 9.1 percent in FY 22,” according to the news agency ANI.
Nageswaran stated that the final estimate for FY 23 will actually be available to us in January or February of 2026. India’s GDP growth forecasts are presented six times, he added.
“And my expectation and belief is that the number will be more than 7.2 percent when the final number for FY23 is frozen in February 2026,” he added.
This is the first accurate estimate of GDP growth, according to Nageswaran, and future revisions will be upward from 7.2% as more and more data becomes available.
