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India's GDP soars to $3.75 trn in 2023: Finance minister

12 Jun '23

1 min read

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India's GDP has increased to $3.75 trillion in 2023, marking its advancement to the world's fifth-largest economy, up from the tenth position, according to finance minister Nirmala Sitharaman.
This surge compares to the country's GDP of around $2 trillion in 2014.
Analytics firm CRISIL Ltd has projected India's GDP growth to be 6 per cent in FY24.

In 2023, India’s gross domestic product (GDP) has surged to $3.75 trillion, up from around $2 trillion in 2014, according to the country’s finance minister, Nirmala Sitharaman. The country has now become the fifth largest economy in the world, up from tenth position.

At current prices, India’s GDP is ranked above Australia ($1.55 trillion), Russia ($1.84 trillion), Canada ($2.08 trillion), France ($2.92 trillion) and the UK ($3.159 trillion). Currently, the US is the largest economy, with a GDP of $26.854 trillion, as per a tweet by Sitharaman.

India’s gross domestic product (GDP) growth is expected to touch 6 per cent in fiscal 2024 (FY24), compared with 7 per cent estimated by the National Statistics Office (NSO) for FY23, according to leading global analytics company Credit Rating Information Services of India Limited (CRISIL) Ltd. The country’s average GDP growth over the next five fiscals is estimated to be at 6.8 per cent.

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