NEW DELHI: Union Finance Minister Nirmala Sitharaman has said, India's Gross Domestic Product (GDP) has reached USD 3.75 trillion in 2023, a significant increase from approximately USD 2 trillion in 2014.

Sitharaman referred to India as a 'bright spot' in the global economy, emphasizing its position as the world's fifth-largest economy. The International Monetary Fund (IMF) projections indicate that India surpassed the United Kingdom last year and is now only behind the United States, China, Japan, and Germany in terms of GDP. A decade ago, India held the 11th position among the largest economies.

India's growth rate for the fiscal year 2022-23 was recently revised to 7.2 percent, surpassing the earlier projection of 7 percent in the second advance estimates released in February. This remarkable growth rate highlights the country's economic resilience in the face of numerous challenges.

The National Statistical Office (NSO) released provisional estimates indicating a 7.2 percent real GDP growth for 2022-23, higher than the previously projected 7 percent.

Government data revealed that the GDP rose by 6.1 percent in the March quarter compared to the same period the previous year, showing sequential acceleration from the upwardly revised 4.5 percent in the preceding quarter. A survey of 20 economists conducted by ET earlier estimated a median growth rate of 5.1 percent for the fourth quarter.

Chief Economic Advisor Dr. V Anantha Nageswaran recently praised the estimated 7.2 percent real GDP growth in 2022-23 and expressed confidence that the final numbers for the fiscal year, set to be confirmed in early 2026, will be even higher.

Speaking at an event organized by the Bharat Chamber of Commerce, Nageswaran acknowledged the efforts of the people in achieving the 7.2 percent real GDP growth in FY 23, following the 9.1 percent growth in FY 22. He stated, "It is the efforts of people like you, more than the government, that have given us 7.2 percent real GDP growth."

Nageswaran mentioned that the final estimate for FY 23 will be available in January-February 2026, and he expects the number to exceed 7.2 percent. He added that as more data become available, further revisions are likely to be on the upside.

In the meantime, Moody's stated on Sunday that the Indian economy is expected to achieve a growth rate of 6-6.3 percent in the June quarter. However, they highlighted the risks of fiscal slippage due to weaker-than-expected government revenues in the current fiscal year.

Moody's growth estimate is lower than the Reserve Bank of India's (RBI) projection of 8 percent for the first quarter, announced last week.

GDP: When final figures are released in 2026, India's FY23 GDP growth could exceed 7.2%, says CEA

India's GDP increased by 6.1% in the final quarter of 2022–2023