Resurgent fastest growing economy India has already become the world’s fifth-largest economy in the 75th year of Independence and will reach the $3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament. In real terms, the economy is expected to grow at 7 percent for the year ending March 2023. This follows an 8.7 percent growth in the previous financial year.

“For India, 2022 was special. It marked the 75th year of India’s Independence. India became the world’s fifth-largest economy, measured in current dollars. From March 2023, the nominal GDP of India will be around  $3.5 trillion,” the Survey said.

India’s economy crossed the $3 trillion mark last year. It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation.

“It is befitting that during India’s Amrit Kaal, it assumed the Presidency of G-20 nations in December 2022,” the survey said. Global problems need global solutions, and global solutions require collaboration and cooperation.

As per the survey, economic growth is expected to be brisk in 2023-24 as a vigorous credit disbursal and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors.

Resurgent fastest growing economy India has already become the world’s fifth-largest economy in the 75th year of Independence and will reach the $3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament. In real terms, the economy is expected to grow at 7 percent for the year ending March 2023. This follows an 8.7 percent growth in the previous financial year.

“For India, 2022 was special. It marked the 75th year of India’s Independence. India became the world’s fifth-largest economy, measured in current dollars. From March 2023, the nominal GDP of India will be around  $3.5 trillion,” the Survey said.

India’s economy crossed the $3 trillion mark last year. It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation.

“It is befitting that during India’s Amrit Kaal, it assumed the Presidency of G-20 nations in December 2022,” the survey said. Global problems need global solutions, and global solutions require collaboration and cooperation.

As per the survey, economic growth is expected to be brisk in 2023-24 as a vigorous credit disbursal and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors.