India has been the fastest growing major economy in the world for the last ten years, with the latest data from the International Monetary Fund or IMF showing a staggering 105 per cent growth in the last decade.
According to the IMF, India’s GDP currently stands at $4.3 trillion. It was $2.1 trillion in 2015, when Narendra Modi’s first term as prime minister was less than a year in office. Since then, India has more than doubled its economy in terms of Gross Domestic Product or GDP.
India is on the cusp of overtaking Japan as the fourth-largest economy in the world. Japan’s GDP currently stand at $4.4 trillion and India is poised to go past that mark by the third quarter of 2025. Should the average rate of growth continue the way it is, India will surpass Germany – the 3rd-largest economy globally – by the 2nd quarter of in 2027. Germany’s GDP currently stands at $4.9 trillion.
Commerce and Industry Minister Piyush Goyal has called India’s 10-year economic performance “outstanding”, hailing the country for doubling its GDP in a decade. Mr Goyal highlighted that India, which has topped the world with a growth rate of 105 per cent in 10 years, has outperformed other major economies like China (76 per cent), USA (66 per cent), Germany (44 per cent), France (38 per cent) and UK (28 per cent).
India has outpaced all the nations in the G7, the G20, and the BRICS by more than doubling its size of economy.
