India is now a $2-trillion economy: World Bank report


India has become a $2 trillion economy now,according to data released by the World Bank in Washington late on Wednesday

In just seven years, India has added one trillion to its economy.

Going by income, India is still in the lower middle income category.

India's gross national income per person has risen to $1,610, which converts to Rs 1,01,430 by present exchange rate.

India’s growth rate, at 7.4 per cent in 2014, makes it the fastest growing major economy along with China’s, which is a whopping $10.4 trillion in size. The Indian economy, at $2.06 trillion, has almost doubled in size since the financial crisis hit the country in 2008, and has more than quadrupled from the start of this millennium.

India is among the world the fastest growing economies this year.

Reserve Bank of India governor Raghuram Rajan said on Thursday that the Indian economy was in a recovery phase.

"There are signs of pick up in capital investments," Rajan said.

Rajan also said that India's exposure to Greece was very, very limited. "The direct exposure is very limited for India. But there is some indirect exposure like how the Euro would react to the Greece situation." He added after the initial burst of volatility, investors will start differentiating. "Our growth prospects are good and the buffers that we have are reasonable, including foreign exchange," Rajan said.

He added that exports remained an area of relative concern but they have been weak across all Asian economies, barring China. On monsoon, the governor said the news on the rain front has so far been good. "The monsoon thus far has been above normal. Of course, there are varying predictions moving forward," he said.