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The following table shows the annual growth in nominal GSDP for the financial years 2001–02 to 2010–11, released by the Planning Commission of India, in the Indian rupees. [1] Revised data for the past years differ from the tables below. Figures are in millions of Indian rupees at current prices. [1]
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 state has also one of the lowest poverty rates in India at 8 percent in 2012. [ 58] Punjab has also seen strong economic growth, but since 2005 the state's growth has fallen below India's national average. [ 58] Punjab's debt was estimated at 39.8% of the state's GDP in 2020, [ 1] down from 62% of its GDP in 2005.
However, by the end of British rule, India's economy represented a much smaller proportion of global GDP. In 1820, India's GDP was 16% of the global GDP. By 1870, it had fallen to 12%, and by 1947 to 4%. India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population.
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%.
Composition of India's total production of foodgrains and commercial crops, in 2003–04, by weight. India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce [13] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a ...
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 growth rate in agriculture was 2.21% during the 1980s against India's 3.38%, during the 1990s it was 2.35% in Bihar while at the all-India it stood at 3.14%. [27] The economic indicators ( see below ) shows that there was a serious recession between 1990 and 1995, which resulted in an employment-development-crime crisis between 1995 and 2004.