According to Union Petroleum Minister Hardeep Puri, the Indian GDP is expected to reach USD 5 trillion in the upcoming fiscal year, 2024–2025, and treble to USD 10 trillion by the end of this decade. The current valuation of the Indian economy is approximately USD 3.7 trillion.
"Lord Ram is doing us a favour. We have the fourth-biggest stock market and the fifth-largest economy in the world. We will not only be the fourth-largest economy in the next one to two years, but we will advance even farther, Puri told ANI on Tuesday.
"I read somewhere that by 2028, our economy would be worth USD 5 trillion. I informed him that it will occur by 2024–2025, thus there was no need to wait until 2028. By 2030, we will have a $10 trillion economy," stated Puri, the Minister of Urban and Housing Affairs.
He continued by saying that interest in India is growing daily on a global scale, whether it be in biofuels, digital infrastructure, the car industry, or energy. The minister declared, "So, it (the Indian economy) is looking very good."
According to the National Statistics Office's January 5 report, the Indian economy is predicted to expand by 7.3% in the current fiscal year 2023–2024, continuing to be the fastest-growing major economy. India's economy expanded by 7.2% in 2022–2023 and 8.7% in 2021–2022.
India recently overtook Hong Kong to take the fourth spot in the world's equity markets, according to Bloomberg. Bloomberg data shows that as of Monday's closing, the total value of shares listed on Indian exchanges was USD 4.33 trillion, compared to USD 4.29 trillion for Hong Kong.
The Indian stock market is looking good thanks to solid GDP growth estimates, controllable inflation, political stability at the federal level, and indications that the central bank is finished tightening its monetary policies. On December 5, 2023, the value of India's stock market exceeded USD 4 trillion for the first time; presumably, the last four years had seen around half of that total. The US, Chinese, and Japanese stock markets are the top three.
Investing in Indian stocks has yielded excellent returns for investors over the last 12 months. 2023 brought investors in the stock market substantial financial rewards, albeit some volatility. Both the Sensex and Nifty saw cumulative gains of 17–18% in 2023. In 2022, they each gained a meager three to four percent.
Remarkably, international portfolio investors have turned their attention back to India and are now net buyers in the stock market there. It also assisted Indian benchmark stock indices in experiencing their most recent all-time highs.
