New Delhi, June 4: India has officially become the world’s fourth-largest economy by GDP, according to the latest insights from NITI Aayog. The International Monetary Fund (IMF) also projects that India will cross the $4 trillion GDP milestone by the end of this year.
Looking ahead, India is expected to continue its rapid growth and overtake Germany by 2027, securing the position of the third-largest economy globally. The long-term goal is even more ambitious: by 2047, India aims to transform into a fully developed nation.
However, former RBI Governor and noted economist Raghuram Rajan offers a cautious view. Speaking recently, he highlighted that for India to truly reach developed status, the country needs to sustain a high growth rate of around 8.5% to 9% annually. He reminded everyone that despite impressive strides, India is still considered a developing country, and significant effort is required to improve living standards across the board.
Rajan also praised India’s current growth rate of 6.5%, calling it a solid performance given the uncertain global economic conditions. He credited the government’s prudent fiscal management, especially during the election period, for helping maintain stability and growth momentum.
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