2024-08-15 18:17:12
New Delhi: Prime Minister Narendra Modi addressed the nation from the ramparts of the Red Fort on the occasion of Independence Day today. During this, he also mentioned the country’s economy. He said that India is on the path of becoming the world’s third largest economy as soon as possible. But the wait for India to reach this position may be long. The reason for this is that Japan’s economy has performed much better than expected in the second quarter. The country’s economy had declined in the last quarter. Currently, Japan is the world’s fourth largest economy and Germany is the third. To reach the third position, India will have to surpass both of them. India is currently at the fifth position. According to government data, Japan’s GDP growth in the April-June period was 0.8% while analysts were expecting a growth of 0.6 percent. The country’s GDP had declined by 0.6 percent in the first quarter. With the increase in domestic demand and the increase in government and private investment, the country’s economy has again come back on track. During this period, there has been a spectacular increase of 5.9% in exports. Japan is not facing inflation like other countries. This is the reason why the Bank of Japan has finally started raising interest rates after many years.
When will India become the world’s third largest economy, PM Narendra Modi gave the deadline
India’s trade deficit widens
Meanwhile, India’s trade deficit widened to $23.5 billion in July. During this period, exports fell marginally to $34 billion, while imports grew 7.5% to $57.5 billion due to a sharp increase in oil shipments. Exports declined by 1.4% during July. For the first time in four months, exports from the country have declined. Exports of petrol and diesel fell by 22% and exports of gems and jewellery fell by 20%.
In contrast, on the import front, crude oil imports rose by more than 17% to $13.9 billion in July. Gold imports fell by 10.7% to $3.1 billion. India’s economy is growing at a rate of more than 7%, so there is a good demand for crude oil in the country. Despite the growing trade deficit with China, imports have increased in many sectors like electronics.
Indians are spending heavily abroad during Modi rule, 29 times increase in a decade
india’s economy
According to the IMF, India will become the third largest economy of the world by the year 2029. Then the size of India’s GDP will be $ 6.44 trillion. Europe’s largest economy Germany will be at number four with $ 5.36 trillion and Japan will be at number five with $ 4.94 trillion. India is the fastest growing economy in the world. According to Forbes, currently America ($ 28.783 trillion) is at number one, China ($ 18.536 trillion) is at number two, Germany ($ 4.590 trillion) is at number three and Japan ($ 4.112 trillion) is at number four. The size of India’s economy is currently $ 3.942 trillion.