Indian Economic Growth Journey: There have often been questions and debates about how India’s economy has fared after Narendra Modi’s government came to power at the Centre. From the year 2014 to 2023, claims have been made by different political parties in their favor regarding what the general public has to think about the country’s economy. However, if the figures and estimates of global economic institutions are seen, then the situation of India looks much better than in the year 2014. Why are we saying this – you will come to know later.
India’s economy showed strength after coming out of Kovid crisis
The economic journey of the country from the year 2014 to the present year 2023 has been such that it can be called a roller coaster ride. In the midst of the global economies battling the crisis of Kovid, the condition of India’s economy also wavered a lot. However, today after coming out of the crisis of Kovid, the Indian economy has achieved the title of the fastest growing economy in the world and this can be called a really big achievement.
Cabinet Minister Dharmendra Pradhan said this about the achievements of the Government of India
Recently, Union Petroleum Minister Dharmendra Pradhan gave information about the steps taken by the Central Government regarding the country’s economy in the two-day meeting of the National Executive of the Bharatiya Janata Party. Dharmendra Pradhan said that “In the context of global economies, in the year 2014, the Indian economy was at the tenth position. Today, when the country has entered the era of Amritkal after completing 75 years of independence, we have come at the fifth position in the global economy.” India has left the United Kingdom behind and this is a huge success of the economic policies of the central government. Our government has ensured that no one sleeps hungry in the country. 80 percent of the country’s population is getting 5 kg of rice and one Kg pulses have been provided.”
Dharmendra Pradhan also said that “When the Bharatiya Janata Party government came to power at the Center in 2014, India’s share in global GDP was 2.6 per cent. If we look at it today, it has increased to 3.5 per cent. In the 75th year of independence This figure works to encourage the country. Since 2014, there has been an increase of 22 percent in the Goods and Services (GST) collection of the country. The economic determination of the Government of India regarding the country’s economy, these figures show its are hallmarks.”
However, even if we consider the words of the Union Minister of the Government of India as a government statement, here we are highlighting some such things which show the pace of India’s economic growth.
Know the GDP size of the four countries ahead of India
India’s place in the global economy is fifth and there are four more countries ahead of us. Among these are the names of America, China, Japan and Germany. The richest country in the world is America and its GDP stands at US$ 25.035 trillion. In the second place is China, whose GDP size is 18.321 trillion US dollars. After this comes the name of Japan whose GDP size is US $ 4.301 trillion and Germany’s GDP has come to US $ 4.031 trillion. Today the size of India’s GDP has increased to US$ 3.469 trillion.
See the journey of the Indian economy from 2014 to 2023
Talking about the total size of India’s GDP in the year 2014, it was at US$ 2.04 lakh crore, which has increased to US$ 3.46 lakh today. In the year 2014, the total GDP size of India was at US $ 2,039,127 million, which has increased to US $ 3.469 trillion today.
India’s auto industry shines in the automobile sector
Its automobile sector also has a big hand in the progress of the country and in the year 2022, the country has got such a success which clearly proves it. In fact, in 2022, India has become the world’s third largest automobile market leaving behind Japan. A total of 42.5 lakh new vehicles have been sold in India in the year 2022 while in Japan during 2022 a total of 42 lakh units of vehicles were sold. In the global auto market, India has also achieved the status of being the third largest auto market in the world leaving behind the dominance of Japan.
What is the estimate of the International Monetary Fund regarding India’s GDP?
The International Monetary Fund also has a good estimate regarding India’s total GDP. It had estimated in December that India’s real GDP could remain at 6.8 per cent in the financial year 2022-23. Due to this, in the next year i.e. in the financial year 2023-24, India’s real GDP is expected to remain at 6.1 percent.
India’s condition is best among Asian countries
Discussions about the economic condition of Pakistan are in the headlines and there the prices of things ranging from food items to petrol-diesel, gas are skyrocketing. There was a lot of discussion last year about the economic condition of Sri Lanka, another neighboring country of India and this country was also eager to get help from India. At the same time, China, the first country to achieve the status of becoming an economic superpower in Asian countries, is currently facing difficulties on the economic front.
China’s condition is battered, the economic growth rate has come to the second lowest level in the last 50 years.
There has been a big decline in China’s GDP and it has come down to the second lowest level in the last 50 years. According to China’s National Bureau of Statistics, China’s GDP rate has come down to 3 percent. Its gross domestic product stood at 1,21,020 billion yuan or $17,940 billion. According to statistics, China’s GDP growth rate in 2022 has been much below the official target of 5.5 percent and this has happened due to the Kovid crisis there.
India convinced the whole world
Looking at all these facts, we have to believe that the country has achieved a great position on the economic front and even in the global challenging environment, the wheel of economic development has not stopped here. The people of the country have the provision of food and drink under the right to food security. The whole world was convinced of India’s vaccine diplomacy when India sent vaccines to many countries to fight the Covid pandemic and embodied the spirit of Vasudhaiva Kutumbakam. If we look at the country’s diplomatic success as well as from the perspective of economic success, today India is not less than any developed country and this is the essence of these past 9 years.
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