GDP of India 2018 – Gross Domestic Product (All you need to know about)
Gross Domestic Product – GDP of India 2018, Check Current GDP of India, Find GDP Data of India for 2018. In this article you can find complete details for Indian GDP like – How GDP is Measured, Main emphasis of GDP, Current gdp of india 2018, gdp of india 2018, Details for how to calculate gdp of india. Now you can scroll down below and check more details for Gross Domestic Product – GDP of India 2018.
GDP is the best way to understand the economy of any country. GDP stands for gross domestic product. Which is the market value of officially recognized final goods and services produced in a given period. It is also a financial indicator that measures the total production of the country. The production done by every person and industries in the country is also included. Per capita GDP (Capita on GDP) is generally considered to be the life-level of a country and the prosperity index of the economy.
Gross Domestic Product
“Gross domestic product (GDP) is the market value of all final goods and services produced within the territory of a country during a given period of time.”
|GDP||US$2.454 trillion (nominal; 2017|
$9.489 trillion (PPP; 2017)
|GDP rank||6th (nominal); 3rd (PPP)|
GDP per capita
|$1,850 (nominal est.; 2017)|
$7,153 (PPP est; 2017)
GDP per capita rank
|140th (nominal) / 122nd (PPP)|
GDP by sector
Services: 45.4% (2016 est.)
|1.54% (June 2017)|
Base borrowing rate
|6.50% (as on 23 June 2017)|
Population below poverty line
|12.4% of population below the poverty line of $1.90/day|
(2011–12, World Bank)
1. Market value:
To arrive at the GDP all the goods and services are measured at their market prices. This it enables to bring a standardized measure of valuing the goods and services.
2. Final Goods:
GDP considers final goods and services only. Final goods & services mean those which are readily available for the end user to consume. As we are already including the value of final goods which comes through different forms of intermediary, it is not required to include the intermediary goods again.
For example: If a fisherman sells fishes to dealer at Rs.100 and the same is sold by the dealer to final consumer at Rs. 200. Now as a final product available to consumer, we include the market value of fish at Rs 200. This includes the value of intermediary RS 100 when it is being passed from the fisherman.
3. Goods & Services:
GDP includes the tangible and intangible production made within a nation’s territory. Tangible things are those which can be seen and touched Eg: Mobiles, vehicles, fruits and other goods. In tangible things are those which cannot be seen and touched. Eg : Software services, Advisory & audit service.
4. Produced in the country:
GDP considers only those goods services which are produced within the territory of the country by either the foreigners or Indians. It means goods which are produced outside the territory by Indian producers are not considered to compute GDP.
How it is measured:
Generally GDP is measured for a period of an year or a quarter. GDP is measured by using following formula:
GDP = C + I + G + NX
C = Indicates consumption which is very broader in this context. It includes all the spending made on goods and services by the consumers in a nation.
I = Indicates Investment. This means the total amount spent on goods and services which will be used for further production of goods and services. Like investment made on capital equipment, machineries, factory buildings, technology etc.,
G = Indicates total government’s spending on goods and services at different levels of governing the public.
NX = Indicates net amount of exports. i.e., NX=Total exports – total imports.
Current GDP Data of India 2015
|GDP||$2.182 trillion (Nominal, October 2015)|
$8.02 trillion (PPP, October 2015)
|GDP rank||7th (Nominal) / 3rd (PPP)|
GDP per capita
|$1,688 (Nominal: 131st; October 2015)|
$6,209 (PPP: 121st; 2015)
GDP by sector
Services: 57% (2013-14)
WPI:-4.54% (October 2015)
GDP of India (In Billions)
GDP at Current Prices
GDP based on purchasing-power-parity (PPP) valuation of country GDP
Source of Data – IMF
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