India's GDP is now $3.75 trillion, says FinMin

India's gross domestic product (GDP) has touched the $3.75 trillion-mark in 2023, up from around $2 trillion in 2014. The development was confirmed by Union Finance Minister Nirmala Sitharaman's office in a now-deleted tweet. 

The Finance Ministry further stated that India is the fifth largest economy in the world. India's GDP stood at $3,737 billion in current price terms, lower than the USA ($26,854), China ($19,374 billion), and Germany ($4,309 billion).

India's GDP at current prices ranks above the UK ($3,159 billion), France ($2,924 billion), Canada ($2,089 billion), Russia ($1,840 billion), and Australia ($1,550 billion) at current prices.

The now-deleted tweet read: "India's GDP has reached $3.75 trillion in 2023, from around $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."

Meanwhile, ratings agency Moody’s on Sunday forecasted Indian economy to grow at 6 per cent to 6.3 per cent in the June quarter. Moody’s prediction is much lower than the 8 per cent growth predicted by the Reserve Bank of India (RBI) last week. Moody’s Investors Service Associate Managing Director Gene Fang told PTI in an interview: ''We expect India's growth to come in around 6-6.3 per cent in the first quarter of the current fiscal year, which remains relatively flat from the 6.1 per cent recorded in the final quarter of fiscal 2022-23”.

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In its monetary policy committee (MPC) meeting outcome announced last week, the RBI projected India's GDP growth at 6.5 per cent in the current fiscal. The central bank projected June quarter (Q1) growth at 8 per cent, Q2 at 6.5 per cent, Q3 at 6 per cent, and Q4 at 5.7 per cent.  

(UPDATE: This story has been updated since the Union Finance Ministry has now deleted the tweet on India's GDP reaching the $3.75 trillion mark.) 

(With inputs from PTI)

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