$4 trillion GDP in India? Is India’s economy now the fourth largest in the world?

The World Cup 2023 match between Australia and India was the most talked-about social media trend on Sunday, but the Indian economy also made headlines as it grew to become the fourth largest in the world. There was no official comment on the country’s GDP surpassing $4 trillion, despite a flurry of tweets and news headlines on social media.
According to officials in the finance ministry, the report is now false. “It is factually incorrect to read news reports claiming that India’s economy will rank fourth.”

The International Monetary Fund data-driven screen capture that went viral on social media was an unsubstantiated screenshot from the live monitoring GDP stream for every country. That was then shared a lot more. A PTI article claims that it is exceedingly challenging to follow GDP figures in real time for every country since data from different economic sectors is released later.

Growth in India’s GDP

The nation continued to be the fastest-growing major economy in the world during the April–June 2023 quarter, with GDP growth of 7.8%, the highest in the previous four quarters, driven by double-digit growth in the services sector.
China’s 6.3% GDP growth during the same quarter is less than the 7.8% GDP growth in the June quarter.

India’s FY24 GDP Prediction

In the meantime, the World Bank kept India’s growth prediction for the fiscal year 2023–24 at 6.3% earlier in October. Simultaneously, the international organization drastically altered its forecast for inflation, bringing it down from 5.2% to 5.9% by 70 basis points.
With 7.2 percent growth, India’s economy was among the fastest-growing global economies in FY23. The World Bank stated in the study that “India’s growth rate was the second highest among G20 countries and almost twice the average for emerging market economies.”