India’s $4 trillion economy claim sparks controversy; government remains silent

screenshot of the latest GDP data for all countries,

New Delhi: A screenshot of the latest GDP data for all countries, allegedly based on International Monetary Fund (IMF) data, has gone viral on social media, claiming that India has crossed the $4 trillion mark in its economy. However, this claim has not been officially confirmed by the government or any credible source. The Finance Ministry and the National Statistical Office have not issued any statement regarding this milestone. On the contrary, some sources in high positions have reportedly said that this news is false and India is still far from becoming a $4 trillion economy.

Despite the lack of verification, many prominent personalities, including two Union Ministers, Maharashtra Deputy Chief Minister Devendra Fadnavis, and billionaire businessman Gautam Adani, have praised the achievement and congratulated India on various social media platforms. Jal Shakti Minister Gajendra Singh Shekhawat, Union Minister Kishan Reddy, Telangana BJP President D Purandeshwari, and industrialist Adani were among those who tweeted in this regard.

Adani wrote on the social media platform ‘X’, “Congratulations India. Only two years are left for India to become the third largest economy in terms of GDP, leaving behind Japan, worth $4,400 billion, and Germany, worth $4,300 billion. The tricolor continues to fly! Jai Hind.” He also shared the screenshot of the GDP data that showed India in the fifth position with a GDP of $4,019 billion, followed by Japan and Germany.

However, the authenticity of the screenshot and the source of the data are questionable, as the IMF website does not show any such figures. According to the IMF, India’s GDP was $2,875 billion in 2020 and is projected to be $3,202 billion in 2021 and $3,596 billion in 2022. The IMF also states that its data are based on official exchange rates, which may differ from the market rates or the purchasing power parity rates. Moreover, the latest monitoring of GDP data for all countries is very difficult, as data for different sectors of the economy are available with a slight lag.

screenshot of the latest GDP data for all countries,

The government has not responded to the controversy or clarified the status of India’s GDP. It is unclear whether the government has any other source of data that supports the claim of India becoming a $4 trillion economy. The claim has also been met with skepticism and criticism by some experts and opposition leaders, who have pointed out the challenges and issues faced by the Indian economy, such as inflation, unemployment, poverty, and the impact of the COVID-19 pandemic.