India ranks ______________________ in the world’s GDP rankings for 2024 as per Forbes.

The correct answer is fifth.

Key Points

• India is ranked fifth in the world GDP rankings for 2024 according to Forbes.
• India's economy continues to grow rapidly, supported by its large population, digital transformation, and industrial expansion.
• The countries ahead of India in GDP rankings are United States, China, Japan, and Germany.
• India's nominal GDP for 2024 is projected to exceed $4 trillion, making it a prominent global economic power.
• The country’s consistent economic reforms, including Make in India and Atmanirbhar Bharat, have been instrumental in achieving this milestone.

Additional Information

• Nominal GDP: It refers to the market value of all final goods and services produced within a country in a specific period, not adjusted for inflation.
• Purchasing Power Parity (PPP): India ranks higher in GDP (PPP) terms, reflecting its cost-effective production and large domestic market.
• Global Economic Context: While India shows strong growth, advanced economies like the US and Germany dominate due to their long-established industrial bases.
• Economic Policies: Government initiatives like Digital India, GST, and infrastructure development have played a crucial role in boosting India's economic growth.
• Demographic Dividend: India benefits from having a young and dynamic workforce, which contributes significantly to its GDP growth.