Is India a $4-trillion economy? Social media abuzz, but no official word

Billionaire Gautam Adani, two Union Ministers, and Maharashtra Deputy Chief Minister Devendra Fadnavis among others on Sunday (November 19) hailed India crossing USD 4-trillion mark though there was no official confirmation whether the country had achieved the landmark.

The finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India’s GDP crossing USD 4 trillion. Highly placed sources said that the viral news was incorrect and India was still shy of that landmark.

An unverified screengrab from the live tracking GDP feed for all countries based on International Monetary Fund data has been widely shared on social media, including by many including senior BJP leaders.

It is very difficult to have live tracking of GDP numbers of all countries as numbers of various sectors of the economy are available with a lag.

“Congratulations, India. Another two years to go before India becomes the 3rd largest nation in terms of Global GDP by overtaking Japan at $4.4 trillion and Germany at $4.3 trillion. The Tricolour surge continues! Jai Hind,” Adani said on social media platform X.

Many political leaders, including Maharashtra Deputy CM Devendra Fadnavis hailed the achievement. “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.

Another Cabinet minister, G Kishan Reddy in a post said, “Congratulations As The GDP Touches $4 Trillion For The First Time and Marches Ahead. On the course towards $5 Trillion Economy - Modi Ki Guarantee.” Reddy is Union Minister for Culture, Tourism and Development of Northeast Region as well as Telangana BJP president.

Fadnavis also posted, “This is what dynamic, visionary leadership looks like! That's what our #NewIndia progressing beautifully looks like! Congratulations to my fellow Indians as our Nation crosses the $ 4 trillion GDP milestone! More power to you, more respect to you Hon PM @narendramodi ji!.”

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 per cent 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 per cent GDP growth in the June quarter is higher than the 6.3 per cent 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 per cent, up from 2.4 per cent in April-June 2022-23.

(With agency inputs)