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GDP of India 1980-2029

UID: EC-20240817-IN-02

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Source

IMF

Last Updated

August 17, 2024

Time Range

1980 – 2029

Periodicity

Annual

Overview

GDP (Current Prices) measures the total market worth of all finished products and services produced in a nation during a given time period, usually a year. This metric does not adjust for inflation, meaning it reflects the value of goods and services at the prices that prevail during the time of measurement. GDP (Current Prices – Purchasing Power Parity) adjusts the GDP figures for differences in price levels between countries, converting them into a common currency (international dollars). It allows for a more accurate comparison of economic productivity and living standards between countries. GDP (Current Prices) is often used to compare the economic performance of countries in nominal terms, providing a snapshot of economic size and wealth at the current exchange rate. GDP (Current Prices – Purchasing Power Parity) is used for comparing economic productivity and living standards between countries by eliminating the distortions caused by exchange rate fluctuations.

Trends & Insights

In 1980, India’s GDP at current prices and PPP-adjusted GDP were $186.2 billion and $405.3 billion, respectively. The significant difference between these figures highlights the importance of considering purchasing power when assessing India’s economic size and potential. In the 1980s, India experienced steady growth, and its GDP nearly doubled by the decade’s end. The early 1990s marked a turning point for India’s economy. Despite a slight dip in GDP at current prices in 1991 (due to an economic crisis and subsequent reforms), the country’s growth trajectory steepened after that. India’s economy grew significantly in the 2000s as well. The GDP at current prices crossed the $1 trillion mark in 2007, reaching $1,216.7 billion. This period coincided with India’s increasing integration into the global economy and the rise of its services sector, particularly in information technology. The global financial crisis of 2008-2009 has had a limited impact on India’s growth, with only a slight deceleration observed. The economy showed resilience, quickly returning to a high-growth path. In 2014, India’s GDP at current prices exceeded $2 trillion for the first time, and by 2021, it surpassed the $3 trillion mark as well.  Looking at the PPP-adjusted figures, India’s economic size becomes even more apparent. The PPP-adjusted GDP crossed $10 trillion in 2021. The projections for 2024-2029 present an optimistic picture of India’s economic future. The GDP at current prices is expected to reach $3,937.0 billion by 2024 and could cross $6 trillion by 2029. The PPP-adjusted GDP is projected to be even more impressive, potentially exceeding $21 trillion by 2029. These projections suggest an average annual growth rate of about 10% in nominal terms and around 8% in PPP-adjusted terms from 2024 to 2029. This robust growth forecast of India’s GDP reflects expectations of continued economic reforms, demographic dividends, and increasing global economic integration. However, it is important to note that these are projections, and actual outcomes may vary based on domestic and global economic conditions, policy decisions, and unforeseen events. The COVID-19 pandemic, for instance, caused a contraction in 2020, but the economy showed a strong recovery in 2021. In conclusion, these insights illustrate India’s remarkable economic journey from a relatively small economy in 1980 to potentially becoming one of the world’s largest economies by 2029. The consistent growth, particularly since the 1991 reforms, underscores India’s rising prominence in the global economic landscape. However, sustaining this growth trajectory will require continued policy reforms, infrastructure development, and adaptation to global economic shifts.

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Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

International Monetary Fund. GDP of India 1980-2029 (360 Analytika, Ed.) [Dataset]. 360 Analytika.

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