Among the world's top 10 economies, India's economic growth rate is once again far ahead. India has just released its GDP data for the third quarter of this year, and the GDP growth rate in the third quarter was as high as 76%, the growth rate is the highest among the world's top ten economies, far exceeding China and the United States.
Among the contributions to India's GDP growth in the third quarter, the fastest growth was in the manufacturing sector, which grew by nearly 14%, the construction industry increased by more than 13%, the mining industry and the electricity and gas industry increased by more than 10%, and the financial services, real estate and other industries increased by more than 6%. In the first three quarters of 2023, India's GDP grew by 71%, this growth rate is also the first among the top ten economies.
The Indian economy has shown strong resilience despite soaring inflation last year and the Reserve Bank of India's six rate hikes since last year. India's total GDP in the first three quarters of this year is equivalent to 2At 6 trillion US dollars, it has surpassed the total economic volume of the United Kingdom and become the fifth largest economy in the world.
India's next goal is to catch up with Germany and Japan, which had a GDP of $3,124 billion in the first three quarters of 2023 compared to Germany's GDP of $3 in the same period3 trillion US dollars, according to India's economic growth rate, will soon surpass Japan and Germany, and enter the top three in the world's economic aggregate.
In the face of India's rapid economic growth, many people are now throwing out the theory that India will replace China, which is actually wishful thinking with ulterior motives. We have also noticed that despite India's recent ambition and high profile on the international stage, they have never dared to shout the slogan of catching up with China's economy, because objectively speaking, even if they become the third largest in the world economy, the economic gap between them and China is still huge.
So now a large number of American and Western elites, on the one hand, are "waving the flag" for the Indian economy, on the other hand, singing about the decline of China's economy, and throwing out the rhetoric that India will replace China, because they need to use India as an important role in counterbalancing China's further rise, but this is obviously unrealistic and extravagant hope. India's contribution to global economic growth is clearly not comparable to China's. Even if India's economy takes off in the next decade, the country will not become an important engine of global economic growth like China has done in the past two decades.
However, no matter what others say, on the one hand, we still need to see some advantages behind India's economic growth, and on the other hand, we must ensure that our own economic development does not have major problems. It doesn't really matter whether India can replace us or not, what matters is that we make sure that we are always on the right path of development, and that we can always keep our economic development and social progress in a good state.
Isn't it a natural thing to deal with the affairs of your own family, how much you can contribute to the growth of the world economy?