New Delhi
India’s economy shines amidst global shifts, surpassing traditional powerhouses like Germany, Japan, and the UK in GDP rankings, according to a recent report by the Delhi-based nonprofit Social Policy Research Foundation (SPRF). As of 2024, India’s GDP at purchasing power parity (PPP) stands at 3.6 times that of the UK, 2.1 times that of Japan, and 2.5 times that of Germany, marking significant growth.
While China secured the top position in 2022, India’s share of global GDP at PPP continues to rise, contrasting with declines in the US, Japan, and Russia, as per the SPRF report. This growth reflects favorable price differentials for essential goods and services within India compared to other nations.
India’s economy surged unexpectedly by 8.4% in GDP growth during the third quarter of 2023, resulting in an estimated robust growth rate of 7.6% for the fiscal year 2023-24, as per the National Statistics Office. This growth is propelled by double-digit expansion in manufacturing (11.6%) and a solid performance in the construction sector (9.5%).
The Ministry of Statistics commended India’s resilience, noting consecutive growth rates of 7% and 7.6% in FY 2022-23 and FY 2023-24, respectively. Amidst a global slowdown, India remains a beacon of growth, supported by structural demand and strengthened corporate and bank balance sheets, as highlighted in the Reserve Bank of India’s recent bulletin.
