The Financial Ministry has announced projections that India is poised to achieve the remarkable milestone of becoming a $5 trillion economy earlier than anticipated in Amrit Kaal.
The second quarter of FY24 saw a 7.6% increase in India's GDP. The RBI, which had earlier in October predicted a GDP growth rate of 6.5 per cent for Q2 of FY24, was surprised by the current figures.
This projection of a $5 trillion economy can be facilitated more easily by the strong rupee that results from macroeconomic stability.
The exchange rate plays an important role in estimating India's GDP in relation to other countries. The government uses the GDP and exchange rates to monitor economic activity constantly.