INDIAN GDP 2024

GDP (Gross Domestic Product) is the total monetary value of all goods and services produced within a country’s borders over a specific period, usually a year or a quarter. It is a key indicator used to gauge the health of a country’s economy. GDP can be measured in three main ways

*Production Approach: The total output of goods and services.

*Income Approach: The total income earned by people and businesses.

*Expenditure Approach: The total spending on the nation’s goods and services, which includes consumption, investment, government spending, and net exports (exports minus imports).

NOTE;A higher GDP generally indicates a more prosperous economy, while a declining GDP may signal economic troubles.

INDIAN GDP IN 2023;

As of 2023, India’s GDP was estimated to be around $3.7 trillion, making it the fifth-largest economy in the world in nominal terms. In purchasing power parity (PPP) terms, it is the third-largest economy, behind only the United States and China.

India’s economy is driven by several key sectors:

Services: The largest contributor to GDP, including IT, finance, real estate, trade, and communications.

Industry: Manufacturing, construction, and mining also play a significant role.

Agriculture: Despite being a smaller percentage of total GDP, agriculture is still crucial, especially for employment.

India’s economy has seen rapid growth but faces challenges like income inequality, infrastructure development, and inflation. Recent policies like the Goods and Services Tax (GST) and initiatives like “Make in India” are aimed at boosting growth and investment.

INDIAN GDP IN 2024;

India’s GDP for the fiscal year 2023-24 (FY24) is projected to reach approximately $3.94 trillion, making it the fifth-largest economy globally. In terms of growth, India has recorded an impressive 8.2% increase in real GDP for FY24, positioning it as one of the fastest-growing major economies despite global challenges like inflation and geopolitical tensions. This growth is driven by strong performances in the manufacturing and construction sectors, with manufacturing growing by nearly 10%.

Looking forward to FY25, growth is expected to moderate slightly to around 6.8% due to rising interest rates and global economic uncertainties, but India remains resilient with strong domestic demand and government investment fueling its economic trajectory

Nominal (current) Gross Domestic Product (GDP) of India is $3,385,090,000,000 (USD) as of 2022. Real GDP (constant, inflation adjusted) of India reached $2,432,020,000,000 in 2022. GDP Growth Rate in 2022 was 7.00%, representing a change of 193,390,000,000 US$ over 2021, when Real GDP was $2,761,590,000,000.

*GDP Growth Rate: 8.2% for FY24, with an expected moderation to around 6.8% in FY25​(
Forbes India

*Fiscal Deficit: Estimated at 5.6% of GDP for FY24

*Manufacturing Sector Growth: 9.9% in FY24, a significant recovery from the previous year’s contraction

*Agricultural Sector Growth: 0.6% in FY24, affected by factors like El Niño

*Gross Fixed Capital Formation (Investment): Grew by 9%, showing strength in investment activity

*Inflation (Wholesale Price Index – WPI): Estimated to normalize around 3% in FY24

NOTE ; These ratios highlight India’s strong economic performance and resilience despite global challenges, with robust growth in manufacturing and investments.

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