India GDP
India GDP Statistics
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The India GDP statistics is a summarization of all the differential factors that forms the basic foundation of the Indian economy. The India GDP statistics is a cumulative report of the performance of all the major parameters of the Indian economy. The statistics of the India GDP clearly reveals that the rise of the India GDP after the 1990s was due to the open economy phenomenon. The paradigm shift of Indian economy from that of a closed-market to open market was during the balance-of-payments crisis in the late ‘80s. The Government of India remained flexible – it opened up the Indian markets such that private investments could easily find an entry.
GDP calculated at purchaser’s price is the total value calculated by all the domestic producers, adding any product taxes and deducting the subsidies, if any (these elements are excluded from the value of the products).
Due to the change in the economic policy of India, more foreign direct investments (FDIs) and foreign institutional investors (FIIs) came into the country. This, in a way, strengthened the foundation the Indian economy the confidence index of overseas investors was at a high.
With the stupendous growth of Indian Information Technology sector, Indian service industry and the Indian BPO sector, the Indian GDP shot up to 6% during the period from 1988 to 2003. It was after 2004, that the growth of the gross domestic product of India showed considerable improvements, mainly geared by the growth in the Indian service and manufacturing industry. The Indian GDP figure stood at an extraordinary 8.5% during the period thereafter. But thereafter, what hit us was the global meltdown and its after impacts. India got swayed off; the immediate repercussion fell on the growth pattern of the India economy. The GDP growth rate started getting a setback and from then on it had only experienced a downward pattern.
India’s real GDP statistics –
The government expected to remain steady with the GDP growth figure, but economic factors and external situations didn’t help to maintain the figure. As of now, the GDP forecasted figure by the Government is hovering around 9% - that is to be achieved by 2012. Does that sound a bit of an over-estimation? Or will it be easily achieved, taking into consideration the improvement in terms of the IIP figures, business confidence index, inflation and other allied factors?
Few snapshots of the India GDP statistics –
Due to the change in the economic policy of India, more foreign direct investments (FDIs) and foreign institutional investors (FIIs) came into the country. This, in a way, strengthened the foundation the Indian economy the confidence index of overseas investors was at a high.
With the stupendous growth of Indian Information Technology sector, Indian service industry and the Indian BPO sector, the Indian GDP shot up to 6% during the period from 1988 to 2003. It was after 2004, that the growth of the gross domestic product of India showed considerable improvements, mainly geared by the growth in the Indian service and manufacturing industry. The Indian GDP figure stood at an extraordinary 8.5% during the period thereafter. But thereafter, what hit us was the global meltdown and its after impacts. India got swayed off; the immediate repercussion fell on the growth pattern of the India economy. The GDP growth rate started getting a setback and from then on it had only experienced a downward pattern.
India’s real GDP statistics –
| Indicator | 2005 | 2006 | 2007 | 2008 | 2009 |
|---|---|---|---|---|---|
| Real GDP growth (% growth) |
9.21 | 9.82 | 9.37 | 7.35 | 5.36 |
The government expected to remain steady with the GDP growth figure, but economic factors and external situations didn’t help to maintain the figure. As of now, the GDP forecasted figure by the Government is hovering around 9% - that is to be achieved by 2012. Does that sound a bit of an over-estimation? Or will it be easily achieved, taking into consideration the improvement in terms of the IIP figures, business confidence index, inflation and other allied factors?
Few snapshots of the India GDP statistics –
- The growth rate of Indian GDP fell from 7.35% in 2008-09 to 5.36% till the end of 3rd quarter of the 2009-10.
- The cumulative FDI Equity inflows (from August 1991 – August 2009) stood at ` 5,20,589 crore.
- Budgetary support for National Highway Development Programme (NHDP) has gone by 23% on y-o-y basis for 2009-10.
- Expenses for the Commonwealth Games 2010, went up from Rs.2,112 crore in Interim Budget to Rs.3,472 crore for 2009-10 fiscal.
- Allocation to railways have gone up from Rs.10,800 crore in interim budget toRs.15,800 crore for FY 2009-10.
- Allocation under National Rural Health Mission (NRHM) has gone up by Rs.2,057 crore over Interim Budget estimate in 2009-10 of Rs.12,070 crore.
- Rs.2,113 crore has been allocated for IITs and NITs, comprising of a provision of Rs.450 crore for new upcoming IITs and NITs.
- Minimum Alternate Tax (MAT) to go up to 15% from 10%.
