GDP
Gross domestic product (GDP) is the monetary or market value of all the final goods and services produced within a country in a specific time period. It provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP is considered the "world's most powerful statistical indicator of national development and progress". It can also be broken down into the contribution of each industry or sector of the economy.
A country's GDP can be measured using two different methods;
- Nominal GDP: GDP evaluated at current market prices without factoring inflation or deflation. It is also called Current GDP.
- Real GDP: An inflation-adjusted measure that reflects both the value and the quantity of goods and services produced by an economy in a given year
The GDP estimates are revised three times before the final GDP numbers are released. The first revised estimate (RE) is based on a truncated sample from MCA and annual reports of corporates. The second RE is based on a larger MCA sample and provisional Annual Survey of Industries (ASI) results. The third RE is published a year after the second RE. Thus, it can take upto 3 years afters after the end of the fiscal year to know the actual GDP numbers.
Base year = 2011-12 at Current Prices
Gross domestic product (GDP) is the monetary or market value of all the final goods and services produced within a country in a specific time period. It provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP is considered the "world's most powerful statistical indicator of national development and progress". It can also be broken down into the contribution of each industry or sector of the economy.
A country's GDP can be measured using two different methods;
- Nominal GDP: GDP evaluated at current market prices without factoring inflation or deflation. It is also called Current GDP.
- Real GDP: An inflation-adjusted measure that reflects both the value and the quantity of goods and services produced by an economy in a given year
The GDP estimates are revised three times before the final GDP numbers are released. The first revised estimate (RE) is based on a truncated sample from MCA and annual reports of corporates. The second RE is based on a larger MCA sample and provisional Annual Survey of Industries (ASI) results. The third RE is published a year after the second RE. Thus, it can take upto 3 years afters after the end of the fiscal year to know the actual GDP numbers.
Base year = 2011-12 at Current Prices
SUBJECT Variables
GDP (CURRENT PRICES)
Source: World Bank | RBI
- India's GDP at current prices in 2020-21 is estimated at USD 2.66 trillion. In rupee terms, the size of India's economy is estimated at INR 197.4 trillion.
- After 3 years of continuous growth beginning 2013-14, the GDP growth rate has been on a downward spiral since 2016-17. India's GDP is estimated to contract by 7.4% in 2020-21, down from a growth of 4.1% estimated in 2019-20.
- The ruling BJP government has set an ambitious target of making India a USD 5 trillion economy by 2024 which was later revised to 2026. The economy will need to grow at over 10% annually for India to become a USD 5 trillion economy by 2026.
- India's GDP registered a modest 5.4% growth in Q3 2021-22 owing primarily to a low base-effect considering its y-o-y comparison is with Q3 2020-21, a period impacted by Covid.
Global Comparison
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