India Surges To Become a $3.1 Trillion Worth Economy

Hello Friends,

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The Corona hit the World like anything for past 2 years hindering economic growth of all the countries and when people were thinking that it's almost over, the Third wave of CoVid has hit back with couple of new variants in the form of Omicron and IHU.

I just thought of bringing this blog with few details about the Indian Economy which has just reached $3 Trillion mark inspite of it getting hit badly last year due to continued lockdown.

India was known to be more agriculture dependent country for long with most of it's GDP was dependent on the income from agriculture.

But, that's not the case since a decade or so as India is among the emerging countries in terms of GDP with a growth in all the sectors/fields.

India is the leader in Information Technology outsourcing and is among the growing nations of manufacturing and that leads to more improved economy with Indians among top Billionaires in the World.

The GDP has been improving year by year and is expected to grow further in the coming years.

So, as per the World Bank's confirmation, India is now having GDP of $3.1 trillion. We can re-collect that, back in 2019 itself, India's GDP had grown to $2.9 trillion, but the growing CoVid cased in early 2020 and for almost a year, the GDP was pegged back to curb the growth with $2.7 trillion.

But, for most part of 2021 except for the initial few months, Indian economy did get a boost with threat of CoVid gradually reducing and achieved the magic numbers of 3 trillion.

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As I explained above, we can see the effect of CoVid on Indian economy as in above screenshot. We can see the worst hit period as Quarter 1 of financial year 2021 which will be the period of April to June where the cases started to rise exponentially triggering country-wide lockdown.

With one more variant gaining prominence now in the form of Omicron, we all have to be cautious once again as thousands of cases are being reported again and Second week of February is expected to be the period with peak number of cases in India.

But, unlike the First and Second wave, Indian Government and all the states seems to be far more relaxed as it has been a routine now and they also seems to be far better prepared to face the Third wave of CoVid compared to the earlier 2.

Omicron is also said to be less threatening compared to CoVid 19 and Delta variants, but seems like fast spreading one than the 2.

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Well, if we have to compare Indian economy growth in GDP in comparison to other countries, the details will be as in above screenshot.

India had the worst growth during the CoVid period as we see that blue line which is for India and a 10% below growth means there wasn't much to say for India in 2020 as that line goes deeper than any other countries.

Well, the country where CoVid seems to be started, the China, shows still better numbers in that period as it had positive growth inspire of the cases.

But, we can also re-collect that, China, except for that initial period of 2020, the cases were under control for China for most part of 2020 and hence that positive growth.

We can also see that, the other advanced economies or countries were also hit as in green line.

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People breathed a sigh of relief when the cases started reducing in 2021 and by the end of mid 2021, there wasn't much talk of Corona although there was fear of Third wave as predicted by scientists in 2020 itself and that is becoming a reality as the new year is already welcoming many Omicron and IHU variant cases and that means, there are lockdowns, new restrictions once again!!!!

Millions have lost their minimal income during this period of 2 years with lockdown hitting the daily wage dependent workers more than the white collar people and that is quite understandable as the daily wage people doesn't think much about the savings for the future since they will be happy with day to day earnings and spending the same on their daily needs.

Government also declared many people oriented programs like monthly monetary help, free ration, free medical checkups and even vaccination and there was also work and earn model as part of MANREGA declared by Government of India where the workers were suppose to work in their own villages and get monetary help as daily wages.

That said, Indian economy is predicted to be not much affected this time as there is a positive growth in GDP is predicted to be in fiscal year 2022 with a prediction of 9.2% growth as against 7.3 in 2021.

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It's interesting to see that, India is predicted to be the Second largest economy by 2030 with China leading the race with an expected growth to $64 trillion with India at Second position with a growth of 46 trillion.

The numbers may not be perfect, but the growth is happening as India is excelling in all the fields with more inflow of money with Government is attracting the business to India and increased number of startups in the form of unicorn status also shows that, India is moving ahead at a faster pace and the predicted numbers could well be reached by 2030.

When One were thinking of the bad days are behind, the Omicron is threatening with millions of cases World-wide and there seems to be no end to this right now. Let's hope for the best and continue our fight for survival by keeping ourselves and families safe during this increased crisis.

Thanks as always for reading these articles by me and showing your support thru votes and comments.

Wishing you all safe stay wherever you are and wishing you happy blogging.

Have a Wonderful day :)

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