Big News For India
India has reached a big goal! It is now the fourth-largest economy in the world. This news was recently shared by B.V.R. Subrahmanyam, the CEO of NITI Aayog, a group that helps the Indian government make good plans for the country’s future.
India’s GDP is now $4.187 trillion, just a little more than Japan’s $4.186 trillion.
What is GDP?
GDP, or Gross Domestic Product the total value of all things a country makes in one year. This includes food, clothes, services like teaching and banking, and digital payments like UPI (Unified Payments Interface).
Think of GDP like a big bill that shows the price of all the work done in a country in one year.
When people buy more things, companies earn more money, and the government builds roads, trains, and other things. This helps the GDP go up. But if there is a war or a disaster, the GDP can also go down.
What is the GDP of Other Countries?
The United States has the biggest GDP of $28.8 trillion. China is next with $18.5 trillion. Germany is third with $4.7 trillion. India is now fourth with $4.187 trillion. Japan has gone down to fifth with $4.186 trillion.
A big GDP means a country is making more goods and services. This helps people get jobs and earn more money.
But having a big GDP does not mean everyone is rich. For that, we look at Per Capita Income (PCI). PCI means the average money a person earns in one year in a country.
In Japan, PCI is $33,950 (₹29 lakhs). In India, it is just $2,850 (₹2.4 lakhs).
How Did India Grow?
India started growing quickly after 1991, when it changed its rules to let more foreign companies do business here. This meant more money in India.
Later, GST made taxes easy, and Digital India made most things work online. So banking and government services became simpler.
In 2015, India’s GDP was $2.1 trillion. In just 10 years, it doubled! Also, most Indians are young. More than 65% are under 35 years old. This gives India a strong working population.
What's Next?
Experts say that by 2027, India could leave Germany behind and become the 3rd largest economy in the world. But to do so, it must work to make farming, jobs, and education better.
The journey is hard, but India is moving fast!
