India's GDP crosses $4 trillion on November 19 for the first time
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.
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FollowIndia 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.
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.
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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