NEW DELHI: Social media was abuzz on Sunday with reports claiming that the country’s gross domestic product (GDP) breached the $4 trillion mark. Economists said that this is a social media hoax and that the viral news was incorrect.
They said the country was still shy of that landmark. Government estimates India’s full year GDP in FY24 to be R302 lakh crore, which at R83 a dollar would most likely be $3.6 trillion. International Monetary Fund projects the country’s 2023 GDP at $3.6 trillion.
Many politicians fell for this hoax including Maharashtra Deputy CM Devendra Fadnavis. “India’s moment of global glory as our GDP crosses $4 Trillion. The rise of #NewIndia under PM @narendramodi ji’s leadership is truly unparalleled,” Jal Shakti Minister Gajendra Singh Shekhawat said in a post on X.
D Purandeswari, BJP’s Andhra Pradesh president said, “Congratulations BHARAT on becoming a 4 Trillion Dollar Economy ! This phenomenal achievement has been made possible by the path breaking reforms introduced and implemented by Prime Minister Shri @narendramodi Ji Government in the last 9.5 years.”
India recorded GDP growth of 7.8% during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world’s fastest-growing major economy.
The 7.8% GDP growth in the June quarter is higher than the 6.3% recorded by China during the same period. According to the National Statistical Office (NSO) data released in August, the agriculture sector gross value added (GVA) recorded a growth of 3.5%, up from 2.4% in April-June 2022-23.