In which year did the GDP of India crossed the 1 trillion-dollar mark?
Show answer & explanation
Correct answer: A
Explanation
Correct Answer: Option 1 (2007)
Explanation:
India's economy crossed the $1 trillion mark for the first time in 2007. It took India nearly 60 years to reach this milestone after independence. Subsequently, India crossed the $2 trillion GDP mark in 2014 and the $3 trillion GDP mark in 2019.
Additional Facts
Current Status: India is currently the 5th largest economy in the world (based on nominal GDP).
Goal: The Indian government has set a target of becoming a $5 trillion economy in the coming years.
Based on PPP: India is the third largest economy in the world in terms of Purchasing Power Parity.
Possible Questions for the Upcoming Exam
In which year did India become the 5th largest economy in the world?
(Answer: Surpassing the UK in 2022)
What is the full form of GDP? (Answer: Gross Domestic Product)
Which organization calculates national income in India?
(Answer: National Statistical Office - NSO)