India: GDP, by year
YearGDP,
in billion USD
20285,944.38
20275,427.39
20264,951.62
20254,511.85
20244,105.38
20233,732.22
20223,389.69
20213,150.31
20202,671.60
20192,835.61
20182,702.93
20172,651.47
20162,294.80
20152,103.59
20142,039.13
20131,856.72
20121,827.64
20111,823.05
20101,708.46
20091,365.37
20081,224.10
20071,238.70
2006949.12
2005834.22
2004721.59
2003618.36
2002523.97
2001493.95
2000476.61
1999466.87
1998428.77
1997423.19
1996399.79
1995366.60
1994333.01
1993284.19
1992293.26
1991274.84
1990326.61
1989301.23
1988299.65
1987283.75
  • Region: India
  • Time period: 1987 to 2023
  • Published: Oct 2023

Data Analysis and Insights

Updated: Mar 27, 2024 | Published by: Statistico

GDP Growth from 2007 to 2028

India's GDP witnessed a significant increase, growing from $1238.70 billion in 2007 to an estimated $5944.38 billion in 2028. This represents a growth of over 380% in just 21 years, highlighting the country's rapid economic expansion.

Annual Growth Rate Variation

Between 2008 and 2009, the GDP grew by 11.5%, marking one of the highest year-on-year growth rates in the dataset. Conversely, the transition from 2019 to 2020 saw a decrease of 5.8%, indicating the most significant annual contraction within the period analyzed.

Decade Comparison

The decade from 2018 to 2028 shows remarkable growth, with GDP increasing from $2702.93 billion to $5944.38 billion. This growth outpaces the previous decade (2008-2018), which saw an increase from $1224.10 billion to $2702.93 billion, underlining the acceleration of economic growth in the more recent decade.

Economic Recovery Post-2020

After a dip in 2020 where GDP fell to $2671.60 billion, India's economy demonstrated resilience and a strong recovery trajectory, with consecutive increases to reach $5944.38 billion by 2028, showcasing the economy's ability to bounce back from downturns.

Notable GDP Milestones

India's GDP crossed the $2000 billion threshold in 2014, reaching $2039.13 billion. It surpassed $3000 billion by 2021, with a GDP of $3150.31 billion, marking significant economic milestones within a span of 7 years.

Comparing Early 2000s to 2020s Growth

The growth from 2001 to 2010 saw the GDP increase from $493.95 billion to $1708.46 billion, a more than threefold increase. In contrast, the decade following 2020 anticipates a near doubling from $2671.60 billion to $5944.38 billion, reflecting a shift in growth pace.

Impact of the 2008 Financial Crisis

Despite the global financial crisis in 2008, India's GDP grew from $1224.10 billion in 2008 to $1365.37 billion in 2009, indicating a resilient economy that managed a 11.5% growth during a period of global economic instability.

Long-term Economic Expansion

The data from 1990 to 2028 illustrates a long-term trend of economic growth, with GDP expanding from $326.61 billion in 1990 to $5944.38 billion in 2028. This growth trajectory underscores the significant economic development India has undergone over nearly four decades.

Frequently Asked Questions

How much has India's GDP grown from 2007 to 2028?

India's GDP has grown over 380% from $1238.70 billion in 2007 to an estimated $5944.38 billion in 2028.

What was the most significant annual contraction in India's GDP within the period analyzed?

The most significant annual contraction in India's GDP was a decrease of 5.8% from 2019 to 2020.

Terms and Definitions

Gross Domestic Product (GDP) is the total market value of all final goods and services produced in a country during a certain period. Typically, GDP is used as an economic indicator to gauge the health and size of a country's economy.

Real GDP is an inflation-adjusted measure of GDP that reflects the value of all goods and services produced in a given year, expressed in base-year prices. It allows for comparisons of economic performance from year to year by eliminating the effects of price changes.

Unlike real GDP, nominal GDP is not adjusted for inflation and it values the economic output during a specific period using the prices in that year. This often results in a higher GDP value due to the impacts of inflation.

GDP per capita is a measure of the average economic output per person in a specific area, such as a country or region. It is obtained by dividing the GDP of a certain area by its total population. It serves as an indicator of living standards or economic well-being.

The GDP growth rate is the percentage increase in GDP from quarter to quarter or year to year. It shows how fast the economy is growing or shrinking. It is used to examine the health of a country's economy.

Consumer spending, also referred to as personal consumption expenditures, is the value of goods and services purchased by or on behalf of households. It is a major component of GDP as it accounts for private consumption in an economy.

Foreign Direct Investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. FDI often contributes significantly to GDP, particularly in developing economies.

Exports and imports are key components of a country's international trade. Exports are goods and services produced domestically but sold to other countries. Imports are goods and services purchased from other countries. The relation between these two impacts a country's balance of trade and GDP.

Inflation is the rate at which the general price level of goods and services is rising and purchasing power is falling. It influences the GDP of a country as it affects the cost of goods and services, which in turn affects consumer spending.
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