P Chidambaram's ‘no magic’ barb at PM Modi on ‘India becoming 3rd largest economy’

Former finance minister P Chidambaram said India will become the third largest economy in the world regardless of who becomes the PM, describing Prime Minister Narendra Modi as a “master of exaggeration” for “turning an arithmetic inevitability into a guarantee”.

The senior leader told news agency PTI that India would achieve the feat given the size of its population, and there was “no magic” involved in it. P Chidambaram, however, refrained from allotting a time frame within which India would progress to the third place in the global ranking.

As per the 2024 World Economy Rankings, India boasts a GDP of USD 4.8 trillion, trailing behind the United States, China, and Japan, while closely matching Germany. Other top 10 economies such as France, Italy, Brazil, Canada, and the UK are ranked lower compared to India.

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“Narendra Modi is a master of exaggeration. He is turning an arithmetical inevitability into a guarantee. It is inevitable that India will become the third largest economy in the world (in terms of GDP),” PTI quoted P Chidambaram saying in an interview.

"In 2004, India's GDP was at the 12th place. In 2014, it rose to the seventh place. In 2024, it was the fifth largest. No matter who the prime minister is, the GDP will become the third largest in the world. There is no magic in it. It is an arithmetic inevitability given the size of our population," P Chidambaram, who has served as the Union finance minister four times, said.

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P Chidambaram, however, said the GDP size doesn't accurately reflect the prosperity of a nation's populace. Instead, according to him, per capita income serves as a more precise indicator.

"In my view, rather than GDP, per capita income is the true measure of prosperity. But India ranks very low on that global yardstick," the Congress leader said.

As per 2024 estimates of the International Monetary Fund, India, with its USD 2,731 per capita GDP, has a global rank of 136.

During his election rallies, Modi has highlighted economic growth as one of his major accomplishments. He has "promised" the nation that under his leadership, India will ascend two ranks to become the world's third-largest economy if he secures a third consecutive term.

(With inputs from agencies)