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India started recovery in 2013–14 when the GDP growth rate accelerated to 6.4% from the previous year's 5.5%. The acceleration continued through 2014–15 and 2015–16 with growth rates of 7.5% and 8.0% respectively. For the first time since 1990, India grew faster than China which registered 6.9% growth in 2015.
The economic impact of the COVID-19 pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy.
Countries by real GDP growth rate in 2023 (IMF WEO database 2024) This article includes lists of countries and dependent territories sorted by their real gross domestic product growth rate; the rate of growth of the total value of all final goods and services produced within a state in a given year compared with the previous year.
Figures are based on official exchange rates, not on the purchasing power parity (PPP) methodology. Values are given in millions of United States dollars (USD) and have not been adjusted for inflation. These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (April 2024 edition) and/or other ...
India 1900–2008: $675: $2,960: ... if we can learn about government policy options that have even small effects on long-term growth rates, ... Economic growth rates ...
Moreover, the growth rate has demonstrated a slowing trend since 2016, prior to the onset of the COVID-19 pandemic. The term "Hindu rate of growth" was coined by the Indian economist Raj Krishna in 1978. It refers to the annual growth rate of India's economy before the economic reforms of 1991, which averaged 4% from the 1950s to the 1980s. [1]
GDP (PPP) milestones by countries. The following is a list of countries reaching a certain threshold of GDP (PPP) in a specific year according to International Monetary Fund. [ 2 ] As for the Soviet Union, its GDP (PPP) reached 2.66 trillion USD in 1990, but it is unknown in which year did its economy surpass the 1 trillion and 2 trillion hallmark.
With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–2012, [305] India is one of the world's fastest-growing economies. [306] However, the country ranks 136th in the world in nominal GDP per capita and 125th in GDP per capita at PPP. [307]