NB Explains | As Modi assures to make India 3rd Largest Economy, know which countries India has overtook since 2014
For Unreserved, India, with GDP of $1.86 trillion, was the ninth largest economy in 2013-14, with Brazil ($2.21 trillion), China ($9.57 trillion), France ($2.81 trillion), Germany ($3.7 trillion), the United Kingdom ($2.79 trillion), Italy ($2.14 trillion), Japan ($5.21 trillion), and the United States ($17.55 trillion) ahead. India has jumped six positions over the last decade.
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Highlighting that India was the world's 10th largest economy in 2014, but now it stands in fifth spot Prime Minister Narendra Modi now assured the citizens that in the next five years, India will be among the top three economies in the world.
PM Modi made this remark while addressing the nation on the 77th Independence Day of India from Red Fort.
“When we came to power in 2014, we were in the 10th position in the global economic system. Today, with the efforts of 140 Crore Indians, we have reached the fifth position, This did not happen just like that. The demon of corruption that had the country in its clutches - we stopped leakages and created a strong economy," the Prime Minister said in his 10th consecutive Independence Day speech today.
No If - No But
— Modi Bharosa (@ModiBharosa) August 15, 2023
Just Trust.
India under visionary leadership of PM @narendramodi became the fifth largest economy in the world. India's GDP touched the $3.75 trillion-mark in 2023 so far from around $2 trillion in 2014.
Today the world looks up to India. India has become the… pic.twitter.com/nSNvnOejnd
So, let's check how many countries India overtook to become the fifth-largest economy from the 10th largest in 2014.
For Unreserved, India, with GDP of $1.86 trillion, was the ninth largest economy in 2013-14, with Brazil ($2.21 trillion), China ($9.57 trillion), France ($2.81 trillion), Germany ($3.7 trillion), the United Kingdom ($2.79 trillion), Italy ($2.14 trillion), Japan ($5.21 trillion), and the United States ($17.55 trillion) ahead. India has jumped six positions over the last decade.
India surpassed Russia, Italy, Brazil, France and the UK over the years to become the fifth-largest economy. Only a decade ago, it was in the eleventh position while the UK occupied the fifth rank.
Right now, with 3.7 trillion, India is currently the fifth largest economy after the US (26.8 trillion), China (19.3), Japan (4.4), and Germany (4.3).
World Top biggest Economies in 2023 according to IMF
— Yash Barapatre (@nikunimje) August 11, 2023
🇺🇸 USA : $26.8 Trillion
🇨🇳 China : $19.3 Trillion
🇯🇵 Japan : $4.4 Trillion
🇩🇪 Germany : $4.3 Trillion
🇮🇳 India : $3.7 Trillion
🇬🇧 UK : $3.1 Trillion
🇫🇷 France : $2.9 Trillion
🇮🇹 Italy : $2.1 Trillion
India’s role on the global stage has shifted dramatically, IMF's Deputy Managing Director Antoinette M Sayeh said earlier this year. In 1991, the country was one of the world’s largest recipients of aid; today, it's a net donor. And it's expected to contribute about 15% to global growth this year, she said.
Last week, Brokerage firm Morgan Stanley upgraded India's status from 'equal weight' to 'overweight' in its stock market, nearly after four months. 'Overweight' rating means that the brokerage firm expects India's economy to perform better in the future.
If all goes as per the government's plan then India is expected to surpass Germany and Japan to hold the third position by 2030. In a report released last month, SBI's economists said that the path taken by India since 2014 revealed that the country is likely to get the tag of the third-largest economy in 2027 or FY28 based on actual GDP data as of March 2023.
Bharati Web
Mes, Pune
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