India’s?Gross Domestic Product (GDP)?has witnessed significant growth over the past decade. Let’s explore the GDP growth trends from?2014 to 2023:
- Annual GDP Growth: In?2014, India’s GDP was approximately?$2 trillion. By?2023, India’s GDP has surged to around?$3.75 trillion. This remarkable growth has propelled India from being the?10th largest economy?in the world to the?5th largest.
- Specific Growth Rates: The?real GDP growth rate?during?2023-24?is estimated at?8.2%, surpassing the?7.0%?growth rate in?2022-23. The?nominal GDP?(at current prices) for?2023-24?is projected to reach??295.36 lakh crore, compared to ?269.50 lakh crore in?2022-23, reflecting a growth rate of?9.6%.
- Sectoral Contributions: The growth in?real GVA (Gross Value Added)?has been robust, reaching??158.74 lakh crore?in?2023-24?(compared to ?148.05 lakh crore in?2022-23). Notably, the?manufacturing sector?played a pivotal role, growing by?9.9%?in?2023-24?(compared to a decline of?-2.2%?in?2022-23). The?mining and quarrying sector?also rebounded, growing by?7.1%?in?2023-24?(compared to?1.9%?in?2022-23).
India’s economic trajectory remains dynamic, and these growth figures underscore its resilience and potential.
