India has seen amazing times in the last three decades. During this period, the country saw Narasimha Rao’s ‘Liberalization’, Atal Bihari Vajpayee’s ‘Shining India’ and then Manmohan Singh’s ‘Bharat Nirman’. Now during the last 10 years, the country has seen the strongest leadership of the last 30 years in the form of Prime Minister Narendra Modi. The world is not only watching his economic policy, but is also surprised by it. After all, how has India reached the brink of becoming a 4 trillion dollar economy today? The government is confident that by 2027 India will be the third largest economy in the world. By the year 2047, it will become the second largest economy in the world.
That India has left behind the economic superpowers of Europe on the economic front in the last three decades is not a mere imagination. These two superpowers are France and Britain. The picture of the global economy that existed about 31 years ago has now completely changed, except in a few places. India has now gone so far ahead of France and Britain that now these two countries have no chance of overtaking India’s economy. Let us try to understand these three decades from the data of India, Britain and France.
photo from 31 years ago
First let’s talk about 31 years ago. When the world economy revolved around America, China and European countries. At that time the name of India’s economy was not mentioned anywhere. Talking about figures, according to World of Statistics, France’s economy was worth 1.4 trillion dollars in the year 1992. At that time France was ahead of Britain in economy. At that time Britain’s economy was worth 1.2 trillion dollars. If we talk about India then it was nowhere in comparison to the two countries. At that time there was Narasimha Rao government in the country and the Finance Minister of the country was Dr. Manmohan Singh. During that period, India opened its economy and announced globalization by welcoming companies from all the countries of the world. At that time the total GDP of the country was only 0.28 trillion dollars. Now you can understand how India competed with both and with how fast it traveled to defeat these two countries.
The picture of global economy changed
The year 2023 is over. The picture of the world’s global economy has changed. The figures and mood have also changed. Today India is one of the top-5 super economic powers of the world. The country’s economy is standing at the brink of 4 trillion dollars. Yes, India’s GDP has reached 3.73 trillion dollars. While the economy of France, which is among the largest countries in Europe, is only around 3 trillion dollars, it is far behind India. At present the economy of France is 3.05 trillion dollars. If we talk about Britain, at present the economy of Britain is 3.33 trillion dollars. Which is much less than India.
The figure of 4 trillion will be crossed in 2024!
It is being said in many estimates that India’s GDP will cross the figure of 4 trillion dollars in the year 2024. However, there are many challenges facing the Indian economy this year. Like the effect of instability in the global economy due to geopolitical tension. The elections of 50 national presidents of the world including India will also shake the economy a bit in the coming days. America will also cut interest rates this year. Which will boost the economy, but in such times, the global economy and India will be able to benefit from it. It is hidden in the womb of the future. Even after that, experts are saying that despite all the challenges, India’s economy will not be affected as much as is being speculated.
World’s fastest economy
From World Bank to IMF and OECD, India has been given the title of fastest economy in the world. Same thing is going to happen in the year 2024 also. According to OECD, India’s economy may grow at 6.1 percent in financial year 2025. Whereas according to IMF and World Bank this figure can range from 6.1 percent to 6.5 percent. If we talk about RBI, India’s GDP growth may remain at 7 percent in the financial year 2024. Whereas in the first three quarters of financial year 2025, the growth may be 6.7 percent, 6.5 percent and 6.4 percent.
