Accordingly India's GDP has crossed $4 trillion for the first time. india has crossed a significant economic milestone, reaching a gross domestic product (GDP) of more than $4 trillion for the first time. This milestone is a testament to India's growing economic strength, stability and global influence. This achievement of India's GDP is the result of years of steady growth and development. India's strong growth is reflected in improved living standards and significant reductions in poverty. By 2030, 279 million people are expected to be in the middle class in India. This shows a significant rise in income levels. It is worth noting that recent reports have indicated that India's economic size will touch USD 4 trillion by 2024.
India is set to overtake japan as the second largest economy in the Asia Pacific region. Also, india is projected to reach a GDP of $7.3 trillion by 2030. According to the United Nations Development Programme's Global Dimensional Poverty Index 2023, india has lifted about 415 million individuals out of poverty between 2005-06 and 2019-21. This significant reduction in poverty levels is a testament to the country's focused approach to tackling backwardness and inequalities. The initiative of the government of india, the mahatma gandhi National Rural Employment Act, and the integration of new technologies in agricultural production have played an important role in this regard.
India's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital public infrastructure plays a key role in facilitating financial inclusion and providing the backbone for social transfers and access to services. wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital systems have been adopted to deliver government services and respond to emergencies. Also, the government's effective measures for women empowerment and equality add another impetus to India's growth. The real estate sector drives economic growth. The indian real estate sector is expected to grow to $5.8 trillion by 2047. It has been contributing significantly to the country's GDP growth. The residential property market in india witnessed an all-time high in home sales in FY2023. This represents a year-on-year increase of 48 percent. With foreign investments pouring into the commercial real estate sector, the industry is poised to witness exponential growth in the coming years, further boosting India's economic strength.
