India's GDP crosses 350 lakh crore for the first time: Indian economy will grow fastest in next few years

In the last calendar year i.e. 2022, India's Gross Domestic Product (GDP) for the first time crossed $ 3.5 lakh crore (350 lakh crore). Global rating agency Moody's said on Tuesday that India will be the fastest-growing G-20 economy in the next few years. But it will require some reforms. According to the World Bank, the Indian GDP in 2021 was 3.18 lakh crore dollars i.e. 263.50 lakh crore rupees.
However, Moody's said in a research report that bureaucracy could slow down the process of obtaining various licenses and setting up businesses. It can increase the duration and cost of the project. Moody's Investors Service said, "Delay in decision-making will reduce the pace of foreign direct investment (FDI) in India." Especially when India is in strong competition with other developing economies of the Asia-Pacific, such as Indonesia and Vietnam.
According to Moody's, India has a large and well-educated workforce. In such a situation, small families will increase. Also, rapid urbanization will increase the demand for houses, cement, and cars. According to Moody, government spending on infrastructure in India will support the steel and cement sectors, while the quest to achieve net-zero emissions will drive investment in renewable energy. Moody's also said that India's capacity in these sectors will be less than that of China by 2030.
GDP is one of the most common indicators used to track the health of the economy. GDP represents the value of all goods and services produced within a country over a specific time period. In this, the foreign companies that produce while staying within the country's borders are also included. When the economy is healthy, unemployment levels are usually low.