The Indian economy showed strong growth momentum in the first three quarters of 2023, with a growth rate of 76%。This growth rate is among the highest among the world's largest economies, reaffirming the resilience of India's economic development. The growth was largely driven by domestic demand, providing a cushion against external shocks. In addition to boosting domestic demand, Modi** has also promoted economic development by investing heavily in infrastructure construction and investment attraction strategies.
Expanding: Manufacturing is one of the most striking industries in India's economic development. Not only in the third quarter, but throughout the first three quarters, the growth rate of the manufacturing industry outpaced that of other industries. The continued growth of the manufacturing sector reflects India's efforts to industrialize and develop its manufacturing sector. In addition, construction, electricity, gas, water supply and other utilities, mining, public administration, defence and other services, finance, real estate and professional services also saw relatively stable growth. These data show that India's economic growth is not just dependent on one industry, but the result of the coordinated development of multiple industries. ）
According to preliminary statistics, in the first three quarters of 2023, the nominal GDP of the whole society in India was 21,41442.Rs 900 million, achieved 71% real growth. At the average exchange rate, India's economy reached US$2,599.5 billion in the first three quarters, ranking fifth in the world. This means that the Indian economy has become the fifth largest economy in the world and continues to consolidate its position in the global economy. In the coming years, if India can continue to maintain a stable economic growth rate, it will also be possible to surpass Japan and Germany to become the world's third largest economy.
Expanding: India's rapid economic growth has brought many opportunities and challenges. According to the Nihon Keizai Shimbun, India, as an economic powerhouse, is expected to continue to build its growth momentum. While it may be difficult to overtake the United States and China in the short term, it is already possible to surpass Japan and Germany and become the world's third-largest economy by 2026. This is a huge opportunity and a huge challenge for India. India needs to further invest and improve its industrial competitiveness, while also dealing with population growth and resource and environmental pressures. Only by pushing the ground through reform and embracing globalization can India gain a greater voice on the global economic stage. ）
In addition to India, other major economies have also experienced varying degrees of economic growth. The U.S. continued to lead in the first three quarters of 2023, with an economy that expanded to about 20$3 trillion. China's economy grew by 5 percent year-on-year2%, although the growth rate is slightly lower than India, but it is still a good result. However, China's economy has slipped slightly despite the poor performance of the renminbi exchange rate, and the gap with the United States has widened. Japan's economy grew by 1 year-on-year7%, while Germany is down 04%。Due to inflation and exchange rates, Japan's economy has been overtaken by Germany and dropped to the fourth largest country in the world. The UK's economy grew at a rate of 05% and 0 in France7% and 3 in Mexico4% and 2 in Spain6%。
Expanding: It's worth noting that the growth of other major economies in the world is also not negligible. As the world's largest economy, the United States still maintains a strong momentum of development. As the world's second largest economy, China's growth rate is slightly lower, but it still maintains relatively stable growth. The economic growth of Japan and Germany is affected by inflation and exchange rates, and they are in a certain situation. Countries such as the United Kingdom, France, Mexico and Spain have also seen economic growth pick up, albeit at a relatively low pace. Overall, there are some differences in the economic growth performance of countries, but in general, they are all catching up and striving to remain competitive in the global economy. ）
Through the analysis of India's GDP growth rate in the first three quarters and the economic performance of other countries, it can be seen that India's economic development momentum is very strong, and it has become the fifth largest economy in the world. India's economic growth is mainly driven by domestic demand, and at the same time, it has also increased investment in infrastructure construction and attracting investment. However, in the process of economic growth, there are still many challenges, such as population growth and pressure on resources and environment. To sustain economic growth, India needs to step up reforms, improve industrial competitiveness, and actively integrate into the global economic system. At the same time, other economic powers are trying to catch up and remain competitive on the global economic stage. Future development will require more cooperation and mutual benefit among countries.