India GDP: A very good news has emerged today regarding India’s economy. Today the country’s economy crossed four trillion dollars for the first time. With this, the Indian economy is now very close to becoming the fourth largest economy in the world. A roadmap has been prepared by the Central Government to make the country the fourth largest economy. For the country to become the fourth largest economy, GDP needs to reach five trillion. The government’s target is that the country should have a five trillion economy by 2027. Finance Minister Nirmala Sitharaman had recently said that India will become a country with a 5 trillion dollar economy by 2027, leaving behind Japan and Germany. Also, will become the fourth largest economy. Let us tell you that before this the International Monetary Fund has also given such estimates. It is understood that this achievement of India will prove to be a stepping stone in making the country a five trillion dollar economy.
Milestone achieved last night
According to live GDP data, India achieved the milestone on Saturday. It is being told that the country’s economy crossed 4 trillion dollars for the first time at 10.30 pm. After this, the gap between Germany and India, which is at fourth position, has reduced significantly. Let us tell you that America is the largest economy in the world right now. Its current size is 26.7 trillion dollars. China’s economy is in second place. Its size is 19.24 trillion dollars. Japan is at third place in the world and Germany is at fourth place. Japan’s economy is worth 4.39 trillion dollars. Whereas, Germany’s economy is worth 4.28 trillion dollars. In such a situation, the Indian government claims that according to its roadmap, India will overtake both Japan and Germany by 2027.
India is preparing a vision document
NITI Aayog Chief Executive Officer (CEO) BVR Subramaniam said that a ‘vision’ document is being prepared to make India a developed economy of about 30 trillion dollars by 2047. The ‘Vision’ document will outline the institutional and structural changes and reforms required to make the country a developed nation by 2047. He said that the draft of ‘Vision India at 2047’ will be ready by December 2023 and it will be presented in the next three months. He said that a ‘vision’ plan is being prepared to make India a developed economy of about $ 30 trillion ($ 29.2 trillion) by 2047. The vision document aims to avoid the middle-income trap.
what is gdp
GDP means “Gross Domestic Product”. GDP is a measure of a country’s economic activity and shows how much value of prosperity is generated in a country during a given period of time. The value of GDP is measured for a specific period of time, which is usually a financial year. It is called gross, not net, because it includes the value of all goods and services produced, without any loss or deficiency. It is an important economic indicator which helps in evaluating the economic condition of countries and provides support in making economic comparisons of different countries.
The value of GDP consists of three elements:
Agricultural Production: This includes the value of general products produced from agricultural activities in the country.
Industrial Production: This includes the value of general products and services produced by various industries.
Services: This includes the value of services provided in the country, such as education, health services, and other social services.