Did India’s GDP ‘poll vault’ past $4 trillion? No official word about it
- IBJ Bureau
- Nov 20, 2023
Billionaire Gautam Adani to two Union Ministers and Maharashtra Deputy Chief Minister Devendra Fadnavis among others on Sunday hailed India crossing $4-trillion mark. However, there was no official confirmation on whether the country had indeed 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 $4 trillion.
Highly placed sources said that the viral news was incorrect, and India was still shy of that landmark.
An unverified screen-grab from the live tracking GDP feed for all countries based on data of the International Monetary Fund had been widely shared on social media, including by many senior BJP leaders.
It was very difficult to have live tracking of GDP numbers of all countries as numbers of various sectors of the economy were available with a lag, noted the sources.
The timing of the viral news is quite significant as it coincides with legislative assembly elections going on in five States.
India had 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.
India retained its position as the world’s fastest-growing major economy. The 7.8 per cent GDP growth in the June quarter was higher than the 6.3 per cent recorded by China during the same period.