New Delhi: India has joined the elite club of 12 countries with a trillion dollar economy, thanks to the continuing rally in rupee against the US dollar.
The country's GDP crossed the trillion-dollar mark for the first time in history when rupee appreciated to below 41-level against the US greenbackyesterday, Swiss investment bank Credit Suisse said in a report published onThursday.
Countries like the US, Japan, Germany, China, UK, France, Italy, Spain,Canada, Brazil and Russia have all breached trillion-dollar GDP level in thepast.The bank put the country's GDP at around Rs 41,00,000 crore, whichtranslates to slightly more than one trillion dollar at the current currencylevel of Rs 40.76 per dollar.
Besides, the country's stock market capitalisation has risen to $944 billion, which is also closing fast on the trillion dollar level, it added. The rupee has gained close to 13 per cent since moving past 47 a dollar in July-August last year. Continuing its uptrend for the fifth day in a row, the Indian currency today rose to as high as 40.72 to a dollar after breaching the 41-level yesterday to its highest level since May 1998.
Before the rally began about a month ago when the rupee was hovering at 45 to a dollar, the country's GDP was estimated at around 900 billion dollars. India becoming a trillion dollar economy also augurs well for the country'sstock market, as Credit Suisse report said that stock markets in eight out of ten countries had risen in the one year after their economies first crossed this mark.
Source: The Financial Express
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