Indian economy rose by 87% in 9 years: FinMin

New Delhi, June 13 (KNN) The economic growth of India has increased by over 87 per cent in US dollar terms in the nine years to 2023, said the Finance Ministry on Monday.

Union Finance Minister Nirmala Sitharaman’s office said in a tweet, “India’s GDP has reached USD 3.75 trillion in 2023, from around USD 2 trillion in 2014; moving from 10th largest to 5th largest economy in the world. India is now being called a Bright Spot in the global economy.”

The Chief Economic Advisor (CEA) V Anantha Nageswaran at an event in Kerala on Monday said India is set to become the third-largest economy by 2027.

“India is becoming consequential for the world economy because of our progress from number 10 position to number five,” Nageswaran said.

He said India’s average contribution to world GDP rose from 1.1% in 1998-2007 to 5% in 2010-2019 and is estimated to be 6% in 2021-2028.

“India’s contribution will only become better if we continue to deliver on our potential and promise.

Last week the CEA had said that both the Reserve Bank of India (RBI) and the Ministry of Finance believe 6.5% is the estimated growth for FY24 and the risks to this growth rate are evenly balanced.  (KNN Bureau)