GDP of India | Gross domestic product of India

Gross domestic product (GDP) refers to the market value of all final goods and services produced in a country in a given period. The factors of production can be owned by anyone -citizens or foreigners
Gross Domestic Product of India
India Gross Domestic Product is worth 1729 billion dollars or 2.79% of the world economy, according to the World Bank. Historically, from 1960 until 2010, India's average Gross Domestic Product was 339.84 billion dollars reaching an historical high of 1729.01 billion dollars in December of 2010 and a record low of 36.61 billion dollars in December of 1960. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points.By nominal GDP, India has the world’s 10th largest economy valued at $1.704 trillion.India has a GDP (Purchasing Power Parity) of $4.046 trillion,making it fourth among the world nations.

Chart based on Nominal GDP of India

Latest News on GDP of India

26 Aug,2011 : Fiscal deficit may surpass 4.6% of GDP as subsidies surge. India's fiscal deficit may surpass the budgeted 4.6% of GDP as subsidies on petroleum products and fertilisers surge. Welfare spending on employment programmes such as Mahatma Gandhi National Rural Employment Guarantee Scheme could strain government finances when revenues could fall below expectations due to economic slowdown. Growth prospects for 2011-12 appears relatively subdued compared to the previous year due to a number of unfavourable developments. Global uncertainties have increased. If global financial problems amplify and slows down global growth markedly, it would impart a downward bias to the growth projection as suggested in First Quarter Review of Monetary Policy 2011-12.