India GDP 2024 : India has experience a remarkable increase in its nominal GDP over the past few years, rising from $3.7 trillion in 2018 when it was rank fifth globally to $7.3 trillion by 2024. According to S&P Global’s projections, this growth trajectory is expect to continue, propelling India to become the world’s third-largest economy by 2024. The country’s rapid economic expansion can be attribute to factors such as increase foreign investment, structural reforms, and technological advancements. However, India must address challenges like income inequality and unemployment rates to ensure that its economic growth is sustainable and inclusive. Short-term economic gains cannot undermine the need for long-term solutions that promote equity and social welfare.
India’s GDP is a topic of great interest and speculation, especially for economists, investors, and policymakers. As one of the world’s fastest-growing economies, India has been making significant strides in recent years. But what does the future hold for India’s GDP in 2024? In this blog post, we’ll delve into the factors that could impact India’s economic growth in the coming years and explore various predictions and projections made by experts. Whether you’re an investor looking to make inform decisions or simply curious about India’s economic trajectory, this blog will provide valuable insights into the potential shape of India’s GDP in 2024.
India GDP 2024
According to a report by S&P Global Ratings, India is poised to hold its position as the fastest-growing global economy for the next three years. This growth trajectory puts India on track to become the third-largest economy in the world by 2024, solidifying its position as a major player in the global economy. While India is already the fifth-largest economy in the world, S&P predicts that it will grow at a rate of 6.4% in this fiscal year, with estimates that it will reach 7% growth in the coming fiscal year. This positive economic outlook is driven by factors such as government reforms, increasing foreign investment, and a growing middle class with significant purchasing power.
According to the projections, China’s economic growth is expect to slow down from 5.4% this year to 4.6% by 2026. In contrast, India has one of the youngest working populations in the world, with around 53% of Indians being under the age of 30. This demographic advantage could potentially lead to sustain economic growth in India as this young population enters the workforce and contributes to the country’s development. However, ensuring that this youth population is gainfully employ and has access to quality education and training will be crucial for India’s long-term economic success.
Follow US On Social Media
India GDP 2024 Details
| Article Name | India GDP 2024 |
| Category | Trending |
| Official Website | Click Here |
Also Check: Karnataka Election 2024
What is GDP?
The gross domestic product (GDP) is a monetary measure of the market value of all goods and services produce by a country or countries within a specific period. It is an essential indicator of a nation’s economic health and reflects its overall level of productivity. The GDP is calculate by adding up the total value of all final goods and services produce in a given year, including consumer spending, government spending, investments, and exports. As such, it provides valuable insights into a country’s economic growth, standard of living, and overall well-being.
Gross Domestic Product (GDP) is commonly us to evaluate economic health, but it has limitations. GDP is subjective and complex, involving factors like consumption, investment, government spending, and net exports. Economists must consider multiple variables for an accurate assessment. GDP also doesn’t account for income inequality or environmental degradation, important determinants of long-term sustainability. Policymakers should take a comprehensive approach to evaluating the economy instead of relying solely on GDP figures.
Check Here: IRS Get My Payment
India Growth Rate Prediction According To S&P
According to S&P in their Global Credit Outlook for 2024, India’s GDP growth rate is project to be 6.4% for the fiscal year ending in March 2024, a decrease from 7.2% in the previous fiscal year. The rating agency anticipates that the growth rate will remain at 6.4% in the next fiscal year (2024-25), before rising to 6.9% in the subsequent year and reaching 7% in 2026-2027. S&P predicts that India will achieve an annual GDP of seven percent by 2026-27.
S&P has project that India will become the world’s third-largest economy by 2024, with expectations of being one of the largest economies in the next three years. This growth is expect to be fuel by a robust domestic digital market, particularly in the financial and consumer technology sectors. Additionally, India’s high-potential startup ecosystem is expect to expand significantly in the coming decade. S&P’s prediction comes after India‘s GDP grew at a faster rate than anticipate in the September quarter, reaching an impressive 7.6%. With a rapidly expanding middle class and a thriving digital economy, India is poise for tremendous growth in the coming years.
What should India do to enhance its Economic Rate?
To fully unlock the potential of India’s labor market, S&P Global Ratings recommends upskilling employees and increasing women’s participation in the workforce. The demographic dividend that India enjoys could be fully realized if these objectives are met. Over the next decade, S&P predicts that the Indian domestic digital market could play a crucial role in fueling the growth of high-growth startups. Specifically, consumer and financial technology sectors may benefit greatly from this trend. By investing in these areas, India can create a more robust and dynamic economy that will be able to compete on a global scale.
According to S&P, the Indian automobile industry can expect growth in the near future due to advancements in infrastructure, increase investment and innovation. The forecast was release shortly after India’s GDP expand at a rate of 7.6 percent during the September quarter, which exceed expectations. As the economy continues to grow and improve, it is likely that there will be more opportunities for expansion within the automotive sector.
Look Here: Important Days in June 2024
What influences India’s GDP growth?
India’s economy is project to grow by 6.4% in the coming fiscal year, despite facing several obstacles that could impede progress. The pandemic has adversely impact the services sector, which accounts for almost 55% of India’s GDP. Meanwhile, the manufacturing industry has faced supply chain disruptions and reduce demand. In addition to these challenges, rising air pollution levels have contribute to health issues among citizens and may also negatively impact economic growth.
To achieve this target, policymakers and businesses will need to work together to address these challenges effectively. This includes implementing measures to support the services and manufacturing sectors, such as investment in technology and infrastructure. Additionally, steps must be taken to reduce air pollution levels through initiatives like promoting clean energy sources and reducing industrial emissions. By addressing these challenges head-on, India can ensure sustainable economic growth while safeguarding the health and well-being of its citizens.
Read More: World Economy Ranking 2024
How To Increase India’s GDP?
Here are a few recommendations for improving India’s economic ranking:
- Job creation is contingent upon economic growth, necessitating the implementation of inclusive labor legislation, increase female workforce participation rates, improve healthcare and education systems, enhance skill development opportunities, as well as the expansion of apprenticeship programs.
- The proposal suggests increasing investment rates to 36% of GDP, increasing the tax-to-GDP ratio to 22%, and collaborating with state governments to streamline labor and land laws, thereby facilitating business operations.
- The logistics project involves constructing an IT-enable platform to connect various modes of transportation, lower tariffs, efficiently determine prices, and serve as a centralize repository for transport data.
- The objective of the program is to facilitate the implementation of Industry 4.0 by providing a centralize platform in each state. Additionally, it aims to encourage the expansion of export businesses that rely on manual labor and establish self-sustaining manufacturing hubs.
- Among the propose initiatives are the implementation of a Goods and Services Tax (GST) for energy, the promotion of smart grids and meters, the enhancement of freight transit through coastal shipping and inland waterways, and the completion of the Sagarmala project.
India GDP 2024 FAQ’S
Which country has highest GDP 2024?
The United States of America.
What will GDP be in 2024?
The world economy is expected to grow by 3.0% in 2024, before slowing down to 2.7% in 2024.
What will be the GDP of India in 2024?
Goldman Sachs expects the Indian economy to grow at 6.3 per cent in 2024 riding on macro-economic resilience and lower vulnerability to external shocks compared to its peers in the Asia Pacific region.
What is India GDP today?
Nominal (current) Gross Domestic Product (GDP) of India is $3,385,090,000,000 (USD) as of 2022. Real GDP (constant, inflation adjusted) of India reached $2,432,020,000,000 in 2022. GDP Growth Rate in 2022 was 7.00%, representing a change of 193,390,000,000 US$ over 2021, when Real GDP was $2,761,590,000,000.
Related Post:
RLWL Remote Location Waiting List Tickets