Indian Gdp

India Economy vernacular domestic product Indias miserliness is the twelfth largest in the orbit in impairment of blotet exchange arrays. Since liberalization of the scrimping in 1991, the parsimony has progressed towards a market-based system from a regulated and def last-place stage peerless. The country became the second fastest growing economy in the world in 2008. India Economy gross domestic product result reckon was 6. 1% in 2009. Gross Domestic Product (gross domestic product) is the measure of a countrys scotch performance. It is the market value of all the goods and services produced in a year. gross domestic product can be calculated in three slipway namely through the product (or output) flak, exp hold backiture approach and income approach.The product approach is the most direct integrity which calculates the total product output of all(pre tokenish) class. The expenditure approach calculates the total value of the products bought by an individual which should be equal to the expenditure of the things bought. The expenditure approach calculates the sum of all the producers incomes where the incomes of the prolific factors are equal to the value of their product. In 2007, the Indian economy gross domestic product crossed everywhere a trillion dollar which made it one of the twelve trillion dollar economy countries in the world. in that location has been exquisite progress in knowledge process services, information technology, and high end services. But the economic fruit has been sector and location specific. The trend for Indias gross domestic product increment rate are given below 1960-1980 3. 5% 1980-1990 5. 4% 1990-2000 4. 4% 2000-2009 6. 4% Contri just nowion of different sectors in gross domestic product on a lower floor are the contributions of different sectors in the Indias gross domestic product for 1990-1991 cultivation 32% armed service Sector 41% application 27% Below are the contributions of differen t sectors in the Indias GDP for 2005-2006- Agriculture 20%Service Sector 54% Industry 26% Below are the contributions of different sectors in the Indias GDP for 2007-2008- Agriculture 17% Service Sector 54% Industry 29% The service sector contributes to a greater extent than half of Indias GDP. Earlier agriculture was the main contributor to the GDP. To purify the GDP and boost the economy, the giving medication has taken various steps same(p) implementation of FDI policies, SEZs and NRI investment fundss. The GDP proceeds rate slowed down to 6. 1% in 2009. In 2006, the countrys trade contributed to nigh 24% of the GDP from 6% in 1985. fit to Goldman Sachs, Indias GDP in current prices may overtake France and Italy by 2020, Russia, Germany and UK by 2025 and Japan by 2035. It is besides predicted that Indian economy willing be the third largest afterward US and China by 2035. In 2007, agriculture contributed about 16. 6% of the GDP. Even though its share has been decl ining, agriculture plays a major fictitious character in the Indias socio economic development. Industry contributes around 27. 6% of the GDP (2007 est). The services sector contributed to 55% of the GDP in 2007.The IT industry contributed around 7% of the GDP in 2008 which was 4. 8% in 2005-06. Remittances from overseas Indian migrants were around $27 billion or around 3% of the GDP of Indias economy in 2006. Indian Economy-Facts on India GDP The Indian economy is the 12th largest in the world It ranks 5th pertaining to purchasing origin parity (PPP) according to the latest calculation of the valet de chambre Bank The GDP of India in the year 2007 was US $1. 09 trillion India is the one of the most quick growing economies in the world The egression rate of the India GDP was 9. 4% per year Due to the immense population the per capita income in India is $964 at nominal and $4,182 at PPP Points to remember while calculating India GDP reason India GDP has to be done cautio usly pertaining to the diversity of the Indian Economy. There are different sectors contributing to the GDP in India such as agriculture, textile, manufacturing, information technology, telecommunication, petroleum, etc. The different sectors contributing to the India GDP are classified advertisement into three segments, such as primary or agriculture sector, supplemental sector or manufacturing sector, and tertiary or service sector. With the introduction of the digital era, Indian economy has huge scopes in the future to become one of the leading economies in the world. India has become one of the most favored destinations for outsourcing activities. India at present is one of the biggest exporter of highly skilled labor to different countries The novel sectors such as pharmaceuticals, na nonechnology, biotechnology, telecommunication, aviation, manufacturing, shipbuilding, and tourism would experience precise high rate of growth How to calculate India GDP-The method ofCa lculating India GDPis the expenditure method, which is, GDP = consumption + investment + (government spending) + (exports-imports) and the formula is GDP = C + I + G + (X-M) Where, C stands for consumption which includes private expenditures pertaining to food, households, medical expenses, rent, etc I stands for business investment as capital which includes construction of a new mine, purchase of machinery and equipment for a factory, purchase of software, expenditure on new houses, buying goods and services but investments on fiscal products s not included as it move under savings G stands for the total government expenditures on final goods and services which includes investment expenditure by the government, purchase of weapons for the military, and salaries of public servants X stands for gross exports which includes all goods and services produced for overseas consumption M stands for gross imports which includes any goods or services imported for consumption and it sho uld be deducted to forbid from calculating foreign supply as domestic supply youthful developments in Indian GDPOver the past 4 lodge India Gross Domestic Product (GDP) has extended 6. 10%. According to World Bank report, India Gross Domestic Product accounts to 1217 billion dollars or 1. 96% of the world economy. India being a diverse economy incorporates customary colonisation farming, handicrafts and wide range of contemporary industry and services. Services are considered as a chief factor behind the economic elevation accounting for more than than half of Indias productivity. Since 1997, Indian economy has registered an reasonable growth rate of more than 7%, minimizing poverty rate by around 10%.Indias GDP grew at a notable 9. 2 per penny in the year 2006-2007. Now that the service sector accounts for more than half of the GDP is a landmark in the economic recital of India and helps the nation to come closer to the basics of an industrial economy. Where does India stan d? India is positioned as one of the major economies oecumenical in terms of the purchasing spot parity (PPP) of the gross domestic product (GDP) by chief financial units of the world such as the International Monetary Fund, the CIA and the World Bank. In terms of agricultural output India is the second largest.Industries related to the agriculture fetch as well as played an important role in the up commencement ceremony of the nations economy by opening up enjoyment avenues in the forestry, fishing and logging sectors. For the elevation in the production tidy sum in Indian agriculture various five year plans should in like manner be given due credit. Improvements in irrigation methods as well as usage of modern technologies have also added value to the agriculture processes. In terms of factory output India ranks 14th in quantity produced by industrial sector.Gas, mining, electricity and quarrying industries also play major developmental roles and contribute in a major way to the GDP. Latest snapshots of India Per Capita GDP Indias Per Capita Income stood at Rs 19040 in the year 2002-03 In 2003-04 India Per Capita Income was Rs 20989. Per Capita Income in India was Rs 23241 in 2004-05. In the fiscal year 2008-2009 the Per Capita GDP in India was Rs 37490. Per Capita GDP at factor rate at regular (1999-2000) prices in the FY 2008-2009 is estimated to reach a level of Rs 3351653. In 2008-2009 India attained a growth rate of 7. per penny. A collective growth rate of 2. 6 per cent in the landing field of agriculture, forestry and fishing was witnessed in the FY 2008-2009 Service industry had a growth rate of 10. 3 per cent in 2008-2009 During 2008-2009 industry saw a growth rate of 3. 4 per cent. Indian States in terms of Per Capita Income Jharkhand and Orissa which are considered as two backward states are increasingly developing in terms of per capita income. This expansion is facilitated by the growth of business activities taking place in t hese two mineral rich states. Jharkhand with per capita income of Rs 14,990 has posted 16. 6 per cent machinate. Orissa is a spectator of an steady growth of 11. 5 per cent in per capita income (Rs 14. 795) The industrialized Gujarat and Karnataka and Tamil Nadu are rated among the top states with per capita income more than Rs 20,734 Karnataka has per capita income nearly 9. 28% followed by Gujarat and Tamil Nadu at 8. 92% and 8. 46% respectively. Delhi and Goa however has lower growth rate at 6. 9 per cent and 6 per cent respectively but ranks the highest in per capita income at Rs 49172 and Rs. 7507 respectively. Chhattisgarh with turbulence in social, political and economic front registered a growth of 8. 8 per cent. However, the fair income base is very minimal at Rs. 16,365. Madhya Pradesh, Uttar Pradesh and Bihar are but to make a mark in the category of highest per capita income as the growth measures in these states are yet to be implemented. At per capita income of Rs. 12566, Rs. 10637 and Rs. 6610 of Madhya Pradesh, Uttar Pradesh and Bihar respectively, these states have the sluggish rates of 2. per cent, 3. 1 per cent and 3. 7 per cent respectively. 17 states have per capita income less than the national average of 8. 4%. Indias Per Capita Income in coming years Indias per capita income is predicted to rise in coming years. FY 2008-09 was expected to witness more than double of per capita income over the last seven years to Rs 38,084, indicating enhancement in the living standards of an average Indian citizen. The highest increase in per capita income was seen during 2006-07 in terms of percentage which stood at 13. %. However, after reducing for pretentiousness (at 1999-2000 rates), the per capita income is predicted to grow to Rs25,661, indicating an upsurge of 5. 6%. In conclusion, as compared to other nations, India has performed well inspite of the global financial meltdown. GDP India crop Rate India is considered as one of the b est players in the world economy in the past few decades, but rapidly increasing inflation and the intricacies in administering the worlds biggest democracy are acting as the major hurdle in the field of development.Indian economy in recent years has been consistently performing with flying colors, escalating 9. 2% in 2007 and 9. 6% in 2006. This uninterrupted expansion is assisted by markets restructuring, huge infusions of FDI, increasing foreign exchange reserves, boom in both IT and real(a) estate sectors, and a thriving capital market. The latest reviews of the India GDP growth rate are as under For the first quarter of 2007-08 GDP posted a growth of 9. 3% and stood at Rs 7,23,132 crore, as compared to the incident quarter of previous fiscal year In the quarter of April-June economy of India grew at 9. %. The progress was triggered by construction, manufacturing, services and agriculture industries For the week cogitate July 28, 2007, the yearly inflation rate was 4. 45% Balance of Payments in India is predicted to keep contended Merchandise Exports registered steady growth Manufacturing posted 11. 95 expansion diversion between GDP and GDP Growth Rate Retail spending, government expenses exports and inventory levels determine GDP growth rate. Elevation in imports will affect GDP growth in a negative way. economical strength of a nation is indicated by the GDP growth rate. increase in GDP will eventually boom business, employment opportunities and personal income. On the flip side, if GDP slows down, then business ventures and already open up enterprises will come to a halt. This will call off financial infusion in new purchases, tie-ups and recruiting new employees till the economy benefit pace. As a result the GDP further deteriorates because the consumers do not have sufficient money to spend on buying a product or service. India GDP growth rate in 2009 According to International Monetary Fund (IMF) economic growth rate of India is pred icted to evade by 6. per cent in the fiscal year 2009. IMF has further verbalise that this relegation is unavoidable because the Asian nations are not fully proof(predicate) to the global financial crisis and its consequent negative effects. IMFs World Economic lookout man (WEO), released in Washington on October 8, 2008, explains the slopping of GDP growth rate in the last three years. In 2007 GDP growth rate was 9. 3 per cent while in 2008 it dipped to 7. 8 per cent and would end up at 6. 9 per cent in 2009. The analysis also asserted that Asias economic growth rate is expected to bear with a negative transition in the coming fiscal year. class 2008 witnessed a 7. 7 per cent decline in GDP growth rate of Asia which would eventually end up at 7. 1 per cent in 2009. Financial market worldwide underwent a severe slowdown after the September 08 market turmoil and is becoming financially soft day by day. The weak financial market is incapable of attracting investors attention. I ndia has also suffered a major setback in the year 2005-07 according to IMF, when the worldwide stock markets slipped radically. LAST 5 YEARS GDP FOR antithetical SECTORS TABLE 1 AGRICULTURE yr Agriculture At unvarying Prices At electric current Prices 2004-05 482910 552422 2005-06 511114 625635 2006-07 531315 686044 2007-08 557122 782597 2008-09 566045 861753 TABLE 2 INDUSTRY division Industry At constant quantity Prices At trustworthy Prices 2004-05 468451 598271 2005-06 506519 679781 2006-07 560775 794127 2007-08 602032 898627 2008-09 617882 985297 TABLE 3 digging & QUARRYING Mining & Quarrying division At Constant Prices At received Prices 2004-05 52591 84776 2005-06 55164 94533 2006-07 60038 106024 2007-08 61999 117431 2008-09 64244 125414 TABLE 4 MANUFACTURING Year Manufacturing At Constant Prices At Current Prices 2004-05 361115 453603 2005-06 393842 519743 2006-07 440193 617648 2007-08 476303 705130 2008-09 487739 780405 TABLE 5 ELECTRICITY, GAS & WATER SUPPLY Year Electricity, Gas & Water Supply At Constant Prices At Current Prices 2004-05 54745 59892 2005-06 57513 65505 2006-07 60544 70455 2007-08 63730 76066 2008-09 65899 79478 TABLE 6 SERVICES Year Services At Constant Prices At Current Prices 2004-05 1437407 1727008 2005-06 1598468 1976969 2006-07 1779029 2299212 2007-08 1970563 2639668 2008-09 2155448 3086132 TABLE 7 CONSTRUCTION Year bend At Constant Prices At Current Prices 2004-05 158212 212807 2005-06 183868 264173 2006-07 205543 319180 2007-08 226325 376266 2008-09 242577 437017 TABLE 8 TRADE,HOTEL,TRANSPORT AND confabulation Year Trade, Hotel, Transport and Communications At Constant Prices At Current Prices 2004-05 615849 706073 2005-06 690399 809870 2006-07 778896 947096 2007-08 875398 1090708 2008-09 954589 1246718 TABLE 9 FINANCE, INSURANCE, REAL ESTATE & BUSINESS SERVICES Year Finance, Insurance, Real Estate & Business Services At Cons tant Prices At Current Prices 2004-05 323080 405081 2005-06 359888 452469 2006-07 409472 524019 2007-08 457584 594096 2008-09 493356 691221 TABLE 10 COMMUNITY, SOCIAL & PERSONAL SERVICES Year Community, Social & Personal Services At Constant Prices At Current Prices 2004-05 340266 403047 2005-06 364313 450457 2006-07 385118 508917 2007-08 411256 578598 2008-09 464926 711176