Published: 11th May, 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 GDPGDP is computed using the formula: Y = C + I + G + (X − M)
|
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