From 1960 to 2020, India’s GDP averaged 658.35 USD billion, with a high of 2870.50 USD billion in 2019 and a low of 37.03 USD billion in 1960.
When was the GDP at its peak point?
From 1960 to 2020, GDP in the United States averaged 7680.13 USD Billion, with a top of 21433.22 USD Billion in 2019 and a low of 543.30 USD Billion in 1960.
In which year did India have the world’s highest growth rate?
India’s economy is a developing market economy with a middle income. It has the sixth-largest nominal GDP and the third-largest purchasing power parity economy in the world (PPP). According to the International Monetary Fund (IMF), India ranks 145th by nominal GDP and 122nd by nominal GDP per capita (PPP). From 1947 through 1991, consecutive administrations advocated protectionist economic policies that included substantial government intervention and regulation. In the form of the License Raj, this is referred to as dirigism. Following the conclusion of the Cold War and a severe balance-of-payments crisis in 1991, India adopted substantial economic liberalization. Annual average GDP growth has been 6% to 7% since the beginning of the twenty-first century, and India has surpassed China as the world’s fastest growing major economy from 2013 to 2018 and in 2021. From the first through the nineteenth centuries, India had the world’s largest economy for the majority of the two millennia.
The Indian economy’s long-term development prospects remain optimistic, thanks to its young population and low dependency ratio, healthy savings and investment rates, and increasing globalisation and integration into the global economy. Due to the shocks of “demonetisation” in 2016 and the implementation of the Goods and Services Tax in 2017, the economy slowed in 2017. Domestic private consumption accounts for over 70% of India’s GDP. The country’s consumer market is still the world’s sixth largest. Apart from individual consumption, government spending, investment, and exports all contribute to India’s GDP. Pandemic had an impact on trade in 2020, with India becoming the world’s 14th largest importer and 21st largest exporter. Since January 1, 1995, India has been a member of the World Trade Organization. On the Ease of Doing Business Index, it is ranked 63rd, while on the Global Competitiveness Report, it is ranked 68th. With 500 million workers, India had the world’s second-largest labor force. India boasts one of the biggest concentrations of billionaires in the world, as well as substantial income disparity. Fewer than 2% of Indians pay income taxes due to a variety of exclusions.
During the global financial crisis of 2008, the economy experienced a little slowdown. To increase economy and generate demand, India implemented fiscal and monetary stimulus measures. Economic growth picked up in the years after that. According to the World Bank, India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labor regulations, financial inclusion, boosting private investment and exports, education, and public health in order to achieve sustainable economic development.
The United States, China, the United Arab Emirates (UAE), Saudi Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea, and Malaysia were India’s ten major trading partners in 2020. India received $74.4 billion in foreign direct investment (FDI) in 201920. The service sector, the computer industry, and the telecom industry were the major sectors for FDI inflows. India has free trade agreements in place or in the works with a number of countries, including ASEAN, SAFTA, Mercosur, South Korea, Japan, and a number of others.
The service sector accounts for half of GDP and is still developing at a rapid pace, while the industrial and agricultural sectors employ the majority of the workforce. By market capitalization, the Bombay Stock Exchange and the National Stock Exchange are among the world’s largest stock exchanges. India is the world’s sixth-largest manufacturer, employing over 57 million people and accounting for 3% of global manufacturing output. Rural India accounts for almost 66 percent of the population and accounts for roughly half of the country’s GDP. It has the fourth-largest foreign-exchange reserves in the world, valued at $631.920 billion. India’s national debt is large, at 86 percent of GDP, and its fiscal deficit is 9.5 percent of GDP. The government-owned banks in India were beset with bad debt, resulting in slow lending growth. At the same time, the NBFC sector has been hit by a liquidity problem. India is dealing with moderate unemployment, rising income disparity, and declining aggregate demand. In FY 2019, India’s gross domestic savings rate was 30.1 percent of GDP. Independent economists and financial institutions have accused the government of falsifying different economic figures, particularly GDP growth, in recent years. India’s GDP in the first quarter of FY22 (Rs 32.38 lakh crore) is roughly 9% lower than in the first quarter of FY20 (Rs 35.67 lakh crore) in 2021.
India is the world’s largest maker of generic pharmaceuticals, and its pharmaceutical industry supplies more than half of the world’s vaccination need. With $191 billion in sales and over four million employees, India’s IT industry is a major exporter of IT services. The chemical sector in India is immensely diverse, with a market value of $178 billion. The tourist sector employs approximately 42 million people and provides roughly 9.2% of India’s GDP. India is the world’s second-largest producer of food and agriculture, with $35.09 billion in agricultural exports. In terms of direct, indirect, and induced effects in all sectors of the economy, the construction and real estate sector ranks third among the 14 key industries. The Indian textiles sector is worth $100 billion, contributing 13% of industrial output and 2.3 percent of GDP while directly employing nearly 45 million people. By the number of mobile phone, smartphone, and internet users, India’s telecommunications industry is the world’s second largest. It is both the world’s 23rd and third-largest oil producer and consumer. India has the world’s fifth-largest vehicle sector in terms of production. India’s retail market is valued $1.17 trillion, accounting for almost 10% of the country’s GDP. It also boasts one of the fastest-growing e-commerce markets in the world. India possesses the world’s fourth-largest natural resources, with the mining industry accounting for 11% of industrial GDP and 2.5 percent of total GDP. It’s also the second-largest coal producer, second-largest cement producer, second-largest steel producer, and third-largest electricity generator on the planet.
In 2021, what would India’s GDP be?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
What was India’s GDP in 1947?
However, as the country near the end of its 74th year of independence, it’s worth reflecting on how far it’s come in such a short time. India had a population of 340 million people at the time of independence. Its literacy rate was likewise shockingly low, at about 12%.
India’s population has expanded to about 1.4 billion people in the last seven decades, with a literacy rate of 74.37 percent in 2018 a remarkable feat given the chaotic period it experienced under British control.
India’s GDP was only 2.7 lakh crore when it gained independence in 1947, accounting for only 3% of the world’s total GDP. India overtook France to become the world’s fifth largest economy in 2018, trailing only the United States, China, Japan, and Germany.
According to the Ministry of Statistics and Programme Implementation’s latest data, India’s real GDP is Rs 147.79 lakh crore, accounting for 7.74 percent of world GDP in 2018. (accounting for purchasing power parity). This percentage was expected to climb to about 10% by 2024, but it’s unknown how the COVID-19 pandemic will appear as an economic reality in India in the coming years.
Agriculture accounted for more than half of India’s GDP at the time of independence. Agriculture now makes up just under 16 percent of the Indian economy, despite producing more than five times as much as it did in 1947, indicating the immense structural shifts that the Indian economy has undergone, particularly following the implementation of liberalisation policies in the early 1990s.
While the country’s prosperity since 1947 is unquestionably commendable, it has not been distributed evenly across the country. According to some estimates, India’s share of total world GDP plummeted to as low as 3.8 percent in 1952, prompting former Prime Minister Manmohan Singh to say that the country was the poorest country in the world in terms of per capita income at the turn of the twentieth century.
In this context, the World Bank’s 2017 per capita income statistic for India of $1,940 appears to be significant progress. However, a closer examination reveals that, despite being one of the world’s top five economies, India could not match the per-capita figures of the nations ranked above it in 2018. India’s per capita income was not even higher two years ago than that of some of its Asian neighbors, like Sri Lanka ($4,065), Bhutan ($3,110), and the Maldives ($10,536).
While detractors would argue that India’s large population invalidates any comparisons with those countries, it is worth noting that China, the only country with a population equivalent to India’s, had a per capita income four times greater in 2018.
In 2030, what would India’s GDP be?
India is expected to overtake Japan as Asia’s second-largest economy by 2030, when its GDP is expected to surpass that of Germany and the United Kingdom to become the world’s No. 3, according to IHS Markit. India is currently the world’s sixth-largest economy, behind the United States, China, Japan, Germany, and the United Kingdom.
“India’s nominal GDP is expected to expand from $2.7 trillion in 2021 to $8.4 trillion by 2030,” according to IHS Markit Ltd. “With this rapid economic growth, Indian GDP would surpass Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific area.” By 2030, India’s GDP will be larger than Germany, France, and the United Kingdom, the three major Western European economies.
“Overall, India is anticipated to remain one of the fastest-growing economies in the world over the next decade,” it stated. A number of significant growth drivers boost the Indian economy’s long-term prospects.
“An significant positive element for India is its big and rapidly increasing middle class, which is helping to increase consumer spending,” according to IHS Markit, which predicts that the country’s consumption expenditure would double from $1.5 trillion in 2020 to $3 trillion in 2030.
India’s real GDP growth rate is expected to be 8.2% for the whole fiscal year 2021-22 (April 2021 to March 2022), rebounding from a severe drop of 7.3 percent year-on-year in 2020-21, according to IHS Markit.
The Indian economy is expected to develop at a healthy pace of 6.7 percent in the fiscal year 2022-23. India has become an increasingly important investment destination for a wide range of multinationals in numerous areas, including manufacturing, infrastructure, and services, due to its quickly developing domestic consumer market and massive industrial sector.
India’s present digital transformation is predicted to boost the expansion of e-commerce, transforming the retail consumer market landscape over the next decade.
In 2025, what would India’s GDP be?
(ANI): New Delhi, Feb. 1 (ANI): According to Chief Economic Advisor V Anantha Nageswaran, India would have a $5 trillion economy by the financial year 2025-26 or 2026-27 if GDP continues to expand at approximately 8%.
“If we continue on our current path of 8% real GDP growth, it will translate into even 8% dollar GDP growth.” “If we extrapolate that, we should be a $5 trillion economy in nominal GDP in the Financial Year 2025-26 or the Financial Year 2026-27,” Nageswaran said at a press conference following the Budget.
By the Financial Year 2024-25, Prime Minister Narendra Modi aimed to make India a $5 trillion economy.
In the current fiscal year, the Indian economy is expected to develop at a rate of 9.2%.
In 2022, what will India’s GDP be?
On Thursday, Moody’s decreased its prediction for India’s GDP growth to 9.1 percent in 2022, down from 9.5 percent previously. According to the credit ratings firm, the GDP would grow by 5.4 percent in 2023.
When did India fall into poverty?
During the colonial era in India, poverty increased in the 19th and early 20th centuries. During this time, the colonial authorities de-industrialized India by decreasing the amount of completed goods produced by Indian artisans. Instead, thanks to the many technological advancements of the nineteenth century, they were able to import these products from Britain’s burgeoning industry. In addition, the government promoted the conversion of more land into farms as well as increased agricultural exports from India. Eastern India’s Ganges river lowlands, including what is now eastern Uttar Pradesh, Bihar, Jharkhand, and West Bengal, were dedicated to the cultivation of poppy and opium. These products were then shipped to Southeast and East Asia, namely China. The East India Company had an exclusive monopoly on these exports at first, and colonial British institutions followed suit later. This change from manufacturing to agriculture had a significant economic impact in India; by 1850, approximately 1,000 square kilometers of poppy fields had been established in the rich Ganges plains. As a result, there were two opium wars in Asia, the second of which took place between 1856 and 1860. After China decided to participate in the opium trade, the colonial authorities set aside more area for poppy cultivation. Between 1850 and 1900, India’s opium agriculture exploded, with over 500,000 acres of the most fertile Ganges basin farms devoted to poppy growing. In addition, opium processing industries owned by colonial authorities were built in Benares and Patna, and transportation from Bengal to East Asian ports like as Hong Kong was expanded, all under the British monopoly. By the early twentieth century, three out of every four Indians worked in agriculture, famines were common, and per capita food consumption had decreased in each decade. The recurring incidences of famines in India, as well as the deprivation of Indians as a result of the colonial British empire’s redirection of agriculture land from growing food staples to growing poppy for opium export, were contested in the late 19th century British parliament in London.
What is the complete form of GDP?
The total monetary or market worth of all finished goods and services produced inside a country’s borders in a certain time period is known as GDP. It serves as a comprehensive scorecard of a country’s economic health because it is a wide measure of entire domestic production.