India: GDP Growth Rate, by year
YearGDP growth rate compared to previous year,
in %
  • Region: India
  • Time period: 2018 to 2023
  • Published: Oct 2023

Data Analysis and Insights

Updated: Mar 27, 2024 | Published by: Statistico

Recovery from 2020's Economic Contraction

India experienced a significant economic contraction of -5.83% in 2020. However, the economy bounced back strongly in 2021 with a GDP growth rate of 9.05%, marking the highest growth rate in the provided dataset.

Stabilization of Growth Post-Pandemic

Following the rebound in 2021, India's GDP growth rate stabilized, with rates ranging between 6.26% and 6.35% from 2022 to 2028. This indicates a return to pre-pandemic growth levels and suggests a resilient economic recovery.

Comparison of Pre and Post-Pandemic Growth

Before the pandemic in 2019, India's economy grew at 3.87%, significantly lower than the post-pandemic rates from 2021 onwards. This highlights the strong recovery and potentially accelerated economic activity compared to pre-pandemic levels.

Lowest Growth Rate Recorded in 2019

The year 2019 saw the lowest GDP growth rate at 3.87% over the period from 2018 to 2028. This was before the economic shock of 2020 and indicates challenges that were present before the pandemic's impact.

Peak Growth Post-Pandemic in 2021

In 2021, India's economy experienced its peak growth rate of 9.05% immediately after the contraction in 2020. This signifies the strongest year-on-year recovery and growth momentum within the dataset.

Gradual Decline in Growth Rate After 2021

After the peak in 2021, there was a gradual decline in the GDP growth rate, with rates decreasing from 7.24% in 2022 to around 6.26% to 6.35% from 2023 to 2028. Despite the decline, growth rates remained robust, indicating a healthy economy.

Sustained Growth Above 6%

India managed to sustain a GDP growth rate above 6% from 2023 to 2028, showcasing consistent economic performance and resilience in the face of global economic challenges.

The Anomaly of 2020

The year 2020 stands out as the only year with a negative GDP growth rate of -5.83%, a stark contrast to the growth trajectory seen in other years. This reflects the unprecedented impact of the global pandemic on India's economy.

Frequently Asked Questions

What was the highest GDP growth rate recorded in the dataset?

The highest GDP growth rate of 9.05% was observed in 2021, after the economic contraction in 2020.

When did India record its lowest GDP growth rate?

The lowest GDP growth rate of 3.87% was recorded in 2019, before the pandemic.

Terms and Definitions

Gross Domestic Product, often referred to as GDP, is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It serves as a comprehensive measure of a nation’s overall economic activity.

The GDP growth rate is the percentage increase in a nation's Gross Domestic Product from one year to the next. It illustrates how rapidly the overall economy is expanding or contracting. The growth rate can be negative, indicating that the economy is shrinking.

Nominal GDP is the economic output of a nation, including inflation. It is evaluated at current market prices, and goods and services are valued at their actual prices during the year they were produced.

Real GDP adjusts the economic output of a nation for inflation or deflation, enabling comparisons across different years by using constant prices. It allows economists to see if there is any real growth year-over-year.

Per capita GDP is a measure of the average economic output per person in a country. It is calculated by dividing the GDP of a country by its total population. It serves as a metrics of living standard or economic well-being of the residents of a country.

Economic growth is an increase in the output that an economy produces over a period, typically in the form of increased market value of goods and services. It is often measured as the rate of change in real GDP.

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. This can affect the GDP growth rate as it impacts the cost of goods and services.

Deflation is the decrease in the general price level of goods and services. It is the opposite of inflation and can affect the GDP growth rate as it influences the cost and demand for goods and services, and, ultimately, economic output.

Monetary policy involves the management of money supply and interest rates by central banks to control inflation and stabilize the economy. It can directly impact a country's GDP growth rate.
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