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Overview of India's GDP Growth in 2024
Context
India's remarkable economic journey in 2023 and 2024 reflects its status as a global economic powerhouse, driven by its rich cultural heritage and a population exceeding 1.4 billion.
Key Highlights:
- GDP Growth: India's GDP surged by 8.4% in the third quarter of FY24, marking a significant increase compared to the previous year.
- Sectoral Growth: The construction sector experienced robust growth, fueled by demand for residential properties. Manufacturing and service sectors also witnessed growth, although concerns lingered over private consumption growth.
- Export Contribution: While exports contributed 22.2% to GDP, there was a marginal decline compared to the previous quarter.
Understanding GDP Growth Rate:
- GDP growth rate reflects the pace of a country's economic expansion over a specific period, measured annually or quarterly. It signifies economic health, with positive rates indicating growth and negative rates indicating contraction or recession.
Historical GDP and growth rate of India
| Financial Year | GDP | GDP Per Capita (Nominal) | GDP Growth |
| 2024 (Q3,FY2024) | $4,112.00B* | $2,845 | 8.4% |
| 2023 | $3,737.00B | $2,610 | 7.2% |
| 2022 | $3,385.09B | $2,389 | 7.00% |
| 2021 | $3,150.31B | $2,238 | 9.05% |
| 2020 | $2,671.60B | $1,913 | -5.83% |
| 2019 | $2,835.61B | $2,050 | 3.87% |
| 2018 | $2,702.93B | $1,974 | 6.45% |
| 2017 | $2,651.47B | $1,958 | 6.80% |
| 2016 | $2,294.80B | $1,714 | 8.26% |
| 2015 | $2,103.59B | $1,590 | 8.00% |
| 2014 | $2,039.13B | $1,560 | 7.41% |
| 2013 | $1,856.72B | $1,438 | 6.39% |
| 2012 | $1,827.64B | $1,434 | 5.46% |
| 2011 | $1,823.05B | $1,450 | 5.24% |
| 2010 | $1,675.62B | $1,351 | 8.50% |
*As per government of India
- GDP per Capita: GDP per capita is a metric for assessing a country's economic prosperity, calculated by dividing GDP by population. India's strong economic fundamentals, including thriving domestic demand and favorable demographic trends, contribute to its status as the fifth-largest economy globally.
India’s rank in GDP*
| Rank | Country | GDP (in U.S. dollars) | Annual Growth rate |
| 1 | United States of America | 28.78 trillion | 2.7% |
| 2 | China | 18.53 trillion | 4.6% |
| 3 | Germany | 4.59 trillion | 0.2% |
| 4 | Japan | 4.11 trillion | 0.9% |
| 5 | India | 3.94 trillion | 6.8% |
Data and rankings as per International Monetary Fund (IMF)
Fact Box: Calculating GDP
GDP is computed using the formula: Y = C + I + G + (X − M),
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