India's economy has once again achieved strong growth in the third quarter of 2023, with a growth rate of 76%。This growth rate is based on a growth of 6 percent in the first quarter1% and 7 percent in the second quarter8% on the basis of the achievement, which fully demonstrates the resilience and vitality of the Indian economy. Among them, the manufacturing sector became the main driver of growth, with a year-on-year increase of 139%。Sectors such as construction, electricity, gas, water and other utilities, mining, public administration, defence and other services, finance, real estate and professional services also saw good growth. Only the growth of agriculture, forestry and fishery was relatively low, only 12%。
To explain the core reasons for India's economic growth, we cannot ignore the enormous potential of domestic demand. Domestic demand is the main driver of India's economic growth. In the current environment of global economic instability, India's economy is able to rely on domestic demand to withstand external shocks, providing a buffer for its development. In order to further boost economic growth, India** is also increasing investment in infrastructure construction and taking measures to attract foreign investment. The move aims to provide preferential policies and subsidies for global multinationals to set up production bases in India. However, it is relatively easy for these large multinationals to enter the Indian market, but it is not easy to leave.
According to preliminary statistics, India's total GDP in the first three quarters of 2023 was 718173Rs 800 million, 706653Rs 400 crore and 716615Rs.70 crore, YoY respectively. 8% and 76%。On a market** basis, India's real growth in the first three quarters was 71%, the size of the economy is close to 26 trillion US dollars, ranking fifth in the world. If India can continue to maintain its economic growth momentum of about % in the coming years, it is not impossible to surpass Germany and Japan to become the world's third-largest economy.
In addition to India, a number of other large economies have also achieved good results. The U.S. economy continued to expand in the first three quarters of 2023, with a total GDP of nearly 203 trillion US dollars, continue to maintain the leading position of the global economy. GDP for the full year is expected to reach 27Around $4 trillion. China's economy grew by 5.5% year-on-year in the first three quarters2%, which is a slight slower growth rate than India, but still a good result. However, China's economy has slipped to $130157 billion, and the gap with the United States has widened.
Japan's economy grew by 1. year-on-year in the first three quarters7%, but due to factors such as inflation and exchange rates, Japan's economy was overtaken by Germany and fell to the fourth place in the world. The German economy fell by 04%, the French economy increased by 07%。The UK economy grew by 05%, with a total GDP of $2,511.2 billion;Mexico's economy grew by 34%, with a total GDP of $1,317.4 billion;Spain's economy grew by 26%, with a total GDP of $1,165.1 billion.
From the above data, it can be seen that the rise of India as the world's fifth largest economy is remarkable. India's economy continued to grow in the first three quarters of 2023 and outperformed among the world's largest economies. Domestic demand has become the main driver of India's economic growth, which has maintained a certain stability and resilience in the global economic wave. At the same time, the economic growth of the United States, China, Germany, Japan and other countries has also shown its own characteristics and changes.
Through the comparison of this data, we can see that the global economic landscape is changing, and new economic forces are rising. India has become the focus of global attention with its strong economic growth momentum and huge market potential, and its performance has also brought great inspiration to other countries. As India's economy continues to grow, it could overtake Japan and Germany to become the world's third-largest economy in the coming years. This change is not only significant for India itself, but also injects new impetus into global economic growth.
Overall, India's economy is growing at a rate that is remarkable on a global scale, demonstrating India's economic strength and potential. In the current context of heightened global economic uncertainty, India is able to build a solid foundation for its economic development with resilience and dynamism. In the future, the Indian economy is expected to continue to maintain strong growth and play an increasingly important role on the global economic stage as India** continues to increase infrastructure construction and attract foreign investment. I am confident in the development of the Indian economy and look forward to the changes and opportunities ahead.