India's Gross Domestic Product (GDP) has now reached $3.75 trillion in 2023, up from around $2 trillion in 2014; moving from the 10th largest to the 5th largest economy in the world, Union Finance Minister Nirmala Sitharaman's office sais in a tweet on the BJP-led government's completion of 9 years in power. "India is now being called a Bright Spot in the global economy."
The tweet also mentioned GDP at current prices for other countries stands, including $26.8 trillion for the US; $19.3 trillion for China; $4.4 trillion for Japan. India's GDP is already ahead of countries like the UK ($3.1 trillion), Canada ($2.08 trillion), France ($2.9 trillion), and Australia ($1.5 trillion). "In total, more than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised since 2014. ‘Minimum Government, Maximum Governance’ has been the mantra," the ministry said.
It said GST has emerged as India's biggest tax reform, ensuring that India enters the next stage of economic development. "Rising GST collections have been a testament to Prime Minister Shri @narendramodi ' vision of ‘One Nation One Tax’. Through GST, indirect taxation has been streamlined for consumers and compliance burden has been reduced for enterprises," said the ministry.
In just 9 years, the government has turbocharged our nation's economy into a global powerhouse, said the ministry. India's exports have registered a whopping growth of 150% over the last 9 years, from $310 billion in 2014-15 to a record $775 billion in 2022-23, the tweet said. “From just around 350 startups in 2014, today, India has become the world’s 3rd largest startup ecosystem with over 99,000 start-ups and 108 unicorns.”
The ministry said India is now not only the fastest-growing major economy but also growing at a time when the world economy is in trouble.
Talking about the initiatives taken by the Modi government, the ministry said the Emergency Credit Line Guarantee Scheme safeguarded MSMEs and kept economic resilience intact. “As new India is embracing Digital Payments and scripting new records. UPI is fueling growth and transforming India into a cashless economy. The rapid rise of E-way Billing is streamlining logistics and enhancing transparency. New India's entrepreneurial spirit ignites an era of opportunity and innovation. “
The Prime Minister, sharing a blog post on his website, wrote despite the recessionary effects of a once-in-a-century pandemic and the Russia-Ukraine war, India received the highest ever FDI of $84 billion in FY22, up from $45 billion in FY15. "India is now being called a bright spot in the global economy. Multinational companies are very optimistic about investing in India and make India an important part of their supply chain. Today, be it Apple, Samsung, Airbus or any other big foreign company, it is moving forward to set up its manufacturing unit in India," the blog post 'Modinomics: 9 Years Later' said.
Notably, India's GDP rate surged to 6.1% in January-March 2023 on a pickup in manufacturing activity. For FY 2022-23, the GDP grew 7.2%, which is 20 basis points higher than the Centre's second advance estimates of 7%.