India's GDP crosses $4 trillion on November 19 for the first time
By Team Asianet Newsable | First Published Nov 19, 2023, 12:26 PM ISTThe nation's consistent efforts in various sectors, coupled with strategic policies and entrepreneurial vigor, have propelled this momentous leap, underlining India's position as one of the fastest-growing major economies worldwide.
India reached a historic pinnacle on Sunday (November 19) achieving an extraordinary milestone as its Gross Domestic Product (GDP) surged past the monumental $4 trillion mark in nominal terms for the first time ever. This landmark mirrors India's robust economic trajectory and its ascension as a formidable force in the global economic arena, reports said.
However, there was no official confirmation of the same from the government.
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The nation's consistent efforts in various sectors, coupled with strategic policies and entrepreneurial vigor, have propelled this momentous leap, underlining India's position as one of the fastest-growing major economies worldwide.
Massive achievement - India’s GDP (Nominal) crosses $4 trillion today for the first time.
Bharat Officially ₹333 Lakhs Crores Economy.. pic.twitter.com/5uDBEuLYBm
India’s GDP crosses $4 Trillion Today 🙌 pic.twitter.com/Bas33EZNcx
— Rishi Bagree (@rishibagree)In its latest report, S&P Global forecasts substantial economic growth for India in the medium term, envisioning an annual GDP expansion ranging from 6 to 7.1 percent between FY24 and FY26. The report accentuates the sustained momentum in India's economic growth, predicting a consistent annual GDP growth between 6-7.1 percent throughout 2024-2026.
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Moreover, S&P Global anticipates a reduction in non-performing loans within the banking sector, estimating a decline to 3-3.5 percent of gross advances by the conclusion of FY25. This optimistic shift attributes the structural improvements to healthier corporate balance sheets, stringent underwriting standards, and enhanced risk-management practices.
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