BJP National President JP Nadda on Sunday, February 23, expressed his pride over India becoming the fifth-largest economy in the world with a GDP of $2.94 Trillion. Taking to Twitter, Nadda stated that the country is "steadily" moving towards Prime Minister Narendra Modi's vision of becoming a $5 trillion economy.
India is now the 5th largest economy in the world with a GDP of $ 2.94 Trillion. Under the visionary leadership of Hon PM @narendramodi Ji,country is moving steadily towards $ 5 trillion economy goal . This is the impact of the progressive economic schemes & measures of the govt.— Jagat Prakash Nadda (@JPNadda) February 23, 2020
According to a report released by the International Monetary Fund (IMF), India has become the fifth-largest economy in the world. As per the report, India's GDP growth has been among the "highest in the world" in the past decade, regularly achieving annual nominal GDP growth of between 6-7%. India has shot up in the charts, recording a GDP of $2.94 trillion.
Taking to Twitter, the World Economic Forum (WEF) tweeted the rank chart. India has overtaken countries like France and the UK as per the IMF list.
The country's next major target is achieving a $5 trillion economy by 2024-25. The Indian government on several occasions has stated that it has been setting the foundation of the ambitious target. Addressing the 2019 Republic Summit, Prime Minister Narendra Modi had said, "Along with constant efforts to improve the standard of living in India, the country has also set an aim of $5 trillion economy, and I am confident that with the motto of 'Nation First' we will get the desired result of all our efforts and the country will also achieve all its goals."
While presenting the Union Budget 2020 on February 1, Union Finance Minister Nirmala Sitharaman had announced that the country was expecting nominal GDP growth of 10% in the next fiscal year as compared to the usual 7-7.5%. She had also announced that the nominal GDP growth rate was only expected to grow with 12.6% and 12.8% in FY22 and FY23, respectively.