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India started recovery in 2013–14 when the GDP growth rate accelerated to 6.4% from the previous year's 5.5%. The acceleration continued through 2014–15 and 2015–16 with growth rates of 7.5% and 8.0% respectively. For the first time since 1990, India grew faster than China which registered 6.9% growth in 2015.
The target growth rate was 2.1% annual gross domestic product (GDP) growth; the achieved growth rate was 3.6% the net domestic product went up by 15%. The monsoon was good and there were relatively high crop yields, boosting exchange reserves and the per capita income , which increased by 8%.
The following table shows the annual growth in nominal GSDP for the financial years 2011–12 to 2022–23, from the Ministry of Statistics and Programme Implementation. [6] [7] Revised data for the past years differ from the tables below. [8] Figures are in millions of Indian rupees at current prices. [1]
The economic development in India followed socialist -inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence. [ 1] Since the mid-1980s, India has slowly opened up its markets through ...
GDP per capita is often considered an indicator of a country's standard of living; [1] [2] however, this is inaccurate because GDP per capita is not a measure of personal income. Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different ...
List of countries by GDP (nominal) Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [ 2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
Moreover, the growth rate has demonstrated a slowing trend since 2016, prior to the onset of the COVID-19 pandemic. The term "Hindu rate of growth" was coined by the Indian economist Raj Krishna in 1978. It refers to the annual growth rate of India's economy before the economic reforms of 1991, which averaged 4% from the 1950s to the 1980s. [1]
The figures are from the International Monetary Fund World Economic Outlook Database unless otherwise specified. [1] This list is not to be confused with the list of countries by real GDP per capita growth, which is the growth rate of GDP per person recalculated according to the changing number of the population of the country.