Indian Gdp

India Economy piggy domestic harvesting Indias economy is the twelfth largest in the cosmos in hurt of trade exchange pastures. Since liberalization of the economy in 1991, the economy has progressed towards a market-based system from a regulated and protected one. The expanse became the split second fastest maturement economy in the world in 2008. India Economy gross domestic product exploitation govern was 6. 1% in 2009. stark(a) Domestic Product (gross domestic product) is the touchstone of a countrys sparing performance. It is the market prize of all(a) the goods and function produced in a year. gross domestic product can be calculated in 3 ways namely through the product (or widening) climb, disbursal approach and income approach.The product approach is the most direct one which calculates the nub product output of each class. The outlay approach calculates the total look upon of the products bought by an individual which should be equal to the exp closedo wniture of the things bought. The expenditure approach calculates the sum of all the producers incomes where the incomes of the productive factors ar equal to the value of their product. In 2007, the Indian economy gross domestic product crossed all over a million dollar which made it one of the xii billion dollar economy countries in the world.There has been excellent progress in knowledge process assistants, information technology, and spicy end services. But the stinting harvest-home has been domain and location specific. The trend for Indias gross domestic product evolution count are given below 1960-1980 3. 5% 1980-1990 5. 4% 1990-2000 4. 4% 2000-2009 6. 4% Contribution of distinguishable sectors in gross domestic product to a commence vagabond are the contributions of different sectors in the Indias gross domestic product for 1990-1991 Agriculture 32% dish domain 41% pains 27% Below are the contributions of different sectors in the Indias gross do mestic product for 2005-2006- Agriculture 20%Service Sector 54% assiduity 26% Below are the contributions of different sectors in the Indias gross domestic product for 2007-2008- Agriculture 17% Service Sector 54% Industry 29% The service sector contributes to a greater extent than fractional of Indias gross domestic product. Earlier gardening was the main contributor to the gross domestic product. To improve the gross domestic product and boost the economy, the government has taken divers(a) steps like implementation of FDI policies, SEZs and NRI enthronizations. The gross domestic product result rate slowed bulge to 6. 1% in 2009. In 2006, the countrys trade contributed to most 24% of the GDP from 6% in 1985. concord to Goldman Sachs, Indias GDP in afoot(predicate) prices may overtake France and Italy by 2020, Russia, Germany and UK by 2025 and Japan by 2035. It is in like manner predicted that Indian economy pass on be the triad largest after US and China by 203 5. In 2007, horticulture contributed about 16. 6% of the GDP. Even though its share has been declining, culture plays a major(ip) part in the Indias socio economical development. Industry contributes around 27. 6% of the GDP (2007 est). The services sector contributed to 55% of the GDP in 2007.The IT application 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 twelfth largest in the world It ranks 5th pertaining to purchasing power space-reflection symmetry (PPP) according to the modish calculation of the military personnel Bank The GDP of India in the year 2007 was US $1. 09 trillion India is the one of the most apace growing economies in the world The egress rate of the India GDP was 9. 4% per year receivable to the huge population the per capita income in India is $964 at nominal and $4,182 at PPP Points to mark while calculating India GDP cipher India GDP has to be done carefully pertaining to the diversity of the Indian Economy. There are different sectors contributing to the GDP in India such(prenominal) as agriculture, textile, manufacturing, information technology, telecommunication, petroleum, and so on The different sectors contributing to the India GDP are classified into cardinal segments, such as primary or agriculture sector, lowly sector or manufacturing sector, and tertiary or service sector. With the introduction of the digital era, Indian economy has huge scopes in the proximo to become one of the leading economies in the world. India has become one of the most favour desti terra firmas for outsourcing activities. India at present is one of the biggest exporter of extremely skilled labor to different countries The new sectors such as pharmaceuticals, nanotechnology, biotechnology, telecommunication, aviation, manufac turing, shipbuilding, and tourism would experience very high rate of emergence How to calculate India GDP-The method ofCalculating India GDPis the expenditure method, which is, GDP = pulmonary tuberculosis + enthronement + (government spending) + (exports-imports) and the formula is GDP = C + I + G + (X-M) Where, C stands for consumption which includes in the flesh(predicate) expenditures pertaining to food, households, medical expenses, rent, etc I stands for business investment as capital which includes construction of a new mine, procure of machinery and equipment for a grind, purchase of software, expenditure on new houses, acquire goods and services but investments on monetary products s not included as it falls below savings G stands for the total government expenditures on closing 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 incl udes all goods and services produced for overseas consumption M stands for gross imports which includes any goods or services imported for consumption and it should be deducted to prevent from calculating extraneous run as domestic supply new-fashioned developments in Indian GDP all over the past 4 depicts India egregious 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 hamlet farming, handicrafts and wide range of contemporary exertion and services. run are considered as a chief factor behind the economic elevation accounting for more than half of Indias productivity. Since 1997, Indian economy has registered an clean produce rate of more than 7%, minimizing poverty rate by around 10%.Indias GDP grew at a notable 9. 2 per pennyimeime in the year 2006-2007. Now that the service sector accounts for mo re than half of the GDP is a landmark in the economic history of India and helps the nation to come close at hand(predicate) to the basics of an industrial economy. Where does India stand? India is positioned as one of the major economies worldwide in terms of the purchasing power parity (PPP) of the gross domestic product (GDP) by chief financial units of the world such as the planetary Monetary Fund, the CIA and the World Bank. In terms of agricultural output India is the second largest.Industries related to the agriculture countenance in addition played an important role in the up gradation of the nations economy by theory up employ avenues in the forestry, sportfishing and logging sectors. For the elevation in the take volume in Indian agriculture various five year plans should also be given due credit. Improvements in irrigation methods as well(p) as practise of modern technologies have also added value to the agriculture processes. In terms of factory output India rank s 14th in bar produced by industrial sector.Gas, mining, electricity and tap 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 financial 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 suppuration rate of 7. per penny. A incorporated ontogenesis rate of 2. 6 per penny in the 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 dickens backward states are increasingly create in terms of per capita income. This expansion is facilitated by the growth of business activities taking place in these two mineral inscrutable states. Jharkhand with per capita income of Rs 14,990 has affix 16. 6 per cent rise. 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 most 9. 28% followed by Gujarat and Tamil Nadu at 8. 92% and 8. 46% one by one. 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 upthrow in social, political and economic bet registered a growth of 8. 8 per cent. However, the average income base is very minimal at Rs. 16,365. Madhya Pradesh, Uttar Pradesh and Bihar are only 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 miry rates of 2. per cent, 3. 1 per cent and 3. 7 per cent respectively. 17 states have per capita income little 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 evaluate to witness more than double of per capita income over the last seven years to Rs 38,084, indicating sweetener 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 reduce for inflation (at 1999-2000 rates), the per capita income is predicted to grow to Rs25,661, indicating an upsurge of 5. 6%. In conclu sion, as compared to other nations, India has performed well inspite of the global financial meltdown. GDP India maturation Rate India is considered as one of the opera hat 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 help by markets restructuring, huge infusions of FDI, increasing foreign exchange reserves, boom in some(prenominal) IT and real estate sectors, and a stentorian 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 consequent quarter of earlier fiscal year In the quarter of April-June economy of India g rew 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 remain contended intersection Exports registered steady growth Manufacturing posted 11. 95 expansion Difference between GDP and GDP Growth Rate retail spending, government expenses exports and inventory levels determine GDP growth rate. Elevation in imports bequeath affect GDP growth in a veto way. Economic specialty of a nation is indicated by the GDP growth rate.Development in GDP will eventually boom business, employment opportunities and personal income. On the flip side, if GDP slows down, then business ventures and already constituted enterprises will come to a halt. This will call off monetary infusion in new purchases, tie-ups and recruiting new employees bowl the economy gain pace. As a result the GDP kick upstairs deteriorates because the consumers do not have sufficient bills 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 predicted to dip by 6. per cent in the fiscal year 2009. IMF has further stated that this relegation is unavoidable because the Asian nations are not fully corrosion-resistant to the global financial crisis and its consequent ostracize effects. IMFs World Economic Outlook (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 assert that Asias economic growth rate is expected to undergo 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 under went a severe slowdown after the kinfolk 08 market turmoil and is becoming financially fragile day by day. The spineless financial market is incapable of attracting investors attention. India has also suffered a major setback in the year 2005-07 according to IMF, when the worldwide agate line markets slipped radically. LAST 5 YEARS GDP FOR DIFFERENT SECTORS gameboard 1 AGRICULTURE socio-economic class Agriculture At immutable Prices At certain Prices 2004-05 482910 552422 2005-06 511114 625635 2006-07 531315 686044 2007-08 557122 782597 2008-09 566045 861753 hold over 2 INDUSTRY socio-economic class Industry At everlasting Prices At trustworthy Prices 2004-05 468451 598271 2005-06 506519 679781 2006-07 560775 794127 2007-08 602032 898627 2008-09 617882 985297 gameboard 3 MINING & quarry Mining & Quarrying Year At Constant Prices At Current Prices 2004-05 52591 84776 2005-06 55164 94533 2006-07 60038 106024 2007-08 61999 117431 2008-09 6424 4 125414 fudge 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 Construction 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 communication Year Trade, Hotel, Transport and Communications At Constant Prices At Current Prices 2004-05 615849 706073 200 5-06 690399 809870 2006-07 778896 947096 2007-08 875398 1090708 2008-09 954589 1246718 TABLE 9 FINANCE, INSURANCE, REAL ESTATE & championship SERVICES Year Finance, Insurance, Real earth & Business Services At Constant 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