New Delhi: In a remarkable economic feat, India has emerged as the world’s fastest-growing major economy, doubling its Gross Domestic Product (GDP) to $4.3 trillion in just ten years. This unprecedented 105% growth rate, revealed by recent International Monetary Fund (IMF) data, has positioned India to potentially overtake Japan as the fourth-largest global economy by the third quarter of 2025.
Commerce and Industry Minister Piyush Goyal hailed India’s economic performance as “outstanding,” emphasizing that the country has outpaced all nations in the G7, G20, and BRICS groups. India’s growth rate of 105% over the past decade surpasses other major economies, including China (76%), the United States (66%), and Germany (44%).
The rapid expansion of India’s economy is attributed to Prime Minister Narendra Modi’s economic policies, which have been in place since his first term began in 2014. Under his leadership, India has seen a significant acceleration in its economic trajectory, with the country reaching the $3 trillion mark in 2021 despite the challenges posed by the COVID-19 pandemic.
As India continues its upward trajectory, economists project an average growth rate of 6.5% over the next few years. This sustained growth could potentially propel India past Germany, currently the world’s third-largest economy, by the second quarter of 2027.
While India’s economic success is noteworthy, challenges remain. The country faces issues such as food inflation, job growth stagnation, and trade deficits. To maintain its growth momentum and achieve its ambition of becoming a developed nation by 2047, India may need to implement comprehensive economic reforms and address structural challenges.
Despite these hurdles, India’s economic performance over the past decade has been impressive. The country’s GDP growth outpaces major global economies, positioning it as a significant player in the international economic landscape. As India approaches the milestone of becoming the world’s fourth-largest economy, all eyes will be on its continued progress and potential to reshape the global economic order.
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