India's economy has been rising rapidly, reaching a GDP of $3 trillion and moving up to the 5th place globally. Moody's predicts further growth, but also highlights concerns about government debt. Learn more about India's economic development.

Rising from the previous $2 trillion India’s GDP has touched the mark of about $3 trillion. This development has been confirmed by Niramal Sitharaman’s office this morning. Sharing the news with immense pride the tweet stated that India has moved up from its’ previous 10th place to 5th place in the world’s economies.

This Sunday an agency named Moody’s forecasted the Indian economy to grow upto 6.3% from 6% in June quarters only. 

As per Associate Managing Director of Moody’s Investors Service, Gene Fang India has a high level of government debt of around 81.8% of GDP for 2022-23 and low debt affordability. It was further stated that India has a high growth potential and its strength includes a stable domestic financing base for governmental debt and a sound position externally.  

According to Finance Ministry, India’s the fifth largest economy in the world. Indian GDP estimates stand above those of the UK ($3,159 billion), France ($2,924 billion),Canada ($2,089 billion), Russia ($1,840 billion) and Australia ($1,550 billion) as per the current prices.

- Kratika Agarwal

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