Indian Economy, India 5th Largest Economy, Economy, Indian Economy Today

 

'India', 5^th Largest Economy

India's development journey is progressing continuously, for the last few days a positive environment has been visible for India on the economic front, the world's attitude towards India is also constantly changing due to the continuous positive news. Now a news has come that India has become the 5th largest economy in the world. India has reached the 5th place in the economy of the world after leaving the UK. In a Bloomberg report released within the last few days, it has been told that many countries of the world are facing recession due to Corona epidemic and Russia-Ukraine war and there is a possibility of recession in some countries, but there is a recession in India. The probability is zero. This means that whatever illusion is being made about the recession in India is baseless.

                                  India is getting stronger on the economic front. Based on the database of the IMF and Historic Exchange Rate, Bloomberg prepared its report, in which it was said that India has again made its place in the world at the fifth place in the world by overtaking the UK on the front of the economy. In its report, Bloomberg has further said that if India continues to progress in this way, then in the coming times, the gap between the economy of India and the UK will continue to increase. There is also a big difference in the population of India and UK, but the per capita income of the people in India is increasing continuously. Bloomberg reported in its report that the size of the UK economy in cash terms on the basis of dollar exchange rate at the end of the March-2022 quarter was $816 billion, compared to $854.7 billion in India compared to the UK.

                                      Just a few days before the Bloomberg report, GDP figures were released in India for the first quarter of the year 2022-23. In which it was told that the GDP growth rate in India in the first quarter was 13.5%. Which is an important news for India. Going to the reason behind this, we will find that the decisions being taken by the Government of India in the economic field are playing a big role in this. Along with the Bloomberg report, SBI has also released a report based on India's economic activities. In which it has been estimated that India's GDP growth rate is likely to be between 6.7 to 7.7 percent in the financial year 2023. The continuous economic reforms in India and the decisions of the government in the field of economy are continuously strengthening India's economy. According to this report India becomes 3^rd largest economy in the world in 2029, A positive environment is constantly being created within India regarding the creation of employment. Due to which the youth of India is moving towards self-employment. Which is also a good sign for the future of India.

                              There is a constant emphasis on increasing exports from India. In the year 2021-22, India's exports have increased to 67500 million dollars. The demand for Indian products is increasing continuously in the world. Due to continuous improvement in the manufacturing of products in India, the demand is increasing very fast. In the last few years, many important decisions have been taken in the economic field in India, whose impact is now clearly visible on various sectors of the Indian economy. Exports from those areas which were till now almost entirely dependent on imports are also gaining momentum.

                         Such as toy industry, safety equipment manufacturing industry, pharma industry, information technology, auto industry etc. Along with toy products and defense products, India is also rapidly expanding itself in areas such as technology, information technology, automobiles, pharma, mobile manufacturing, renewable energy, digital systems, infrastructure development, start-ups, drones, green energy and space. Installing globally. In view of the ever-increasing exports from India, the Government of India has set a target of taking exports to 2 lakh crore dollars by the year 2030.

                          There is also a steady increase in the GST tax collection. There is also a huge increase in the GST revenue for July-2022. Which shows the economic strength of India. India's GST tax collection in July-2022 has been around 1.49 lakh crores. April-2022 GST collection was more than 1.67 lakh crores, July-2022 GST collection is the second highest collection ever recorded in GST in July-2022. If we look at the GST collection, we will find that this is the first time where the GST collection has been more than 1.40 lakh crores continuously for five months. The steady growth in GST collections indicates a strong market within India. Last year, the GST collection in July-2021 was more than 1.16 lakh crore, the same in July-2022, the GST collection is close to 1.49 lakh crore. There has been an increase of about 28% in the GST collection in the month of July this year as compared to the previous year.

                                 The continuous economic changes taking place in India are making the economy strong on every front. The effect of which is visible everywhere. On the one hand, while India's exports are increasing continuously, on the other hand, the continuous increase in GDP figures is also giving India a special place in the world. The increasing GDP growth rate is also continuously attracting investors towards India. The economy of India has emerged as the fifth largest economy in the world. Which is making India strong. News coming from all sides on the economic front is establishing India as a reliable place for investment.

                              After two years of Corona epidemic and its Russia-Ukraine war, where many countries of the world are facing serious crisis on the economy front. Due to the fast growing economy in India and the all-round progress in exports and the sufficient amount of foreign exchange reserves available with the country, global economic institutions are constantly giving the impression that the possibilities of recession in India are almost zero. Huh. India has started to achieve the goal of self-reliance by turning disasters into opportunities.