GDP in India Essay
India’ economy is the twelfth largest economy in the world in terms of market exchanging rates. The economy has been progressed towards a market research based one from regulated one since economy liberalization in 1991. The economy ranked second for fast growing in 2008 when India’s GDP growth rate was 6.1% in 2009. Gross domestic product is the method of measuring a country’s economic performance every year. GDP is the market value of total products and services are produced every year. GDP can be measured in three methods like product approach, income approach and expenditure approach. Indian economy GDP of India crossed over a trillion dollar in 2007. The country economy has been flourished with development in information technology, knowledge process services and high-end services. In this essay, we will discuss about the current economic factors increasing GDP growth through different sectors in India.
Contribution of different sectors in GDP:
In earlier years, agriculture was the chief sector to contribute in the GDP of India. But in past years, the government has taken major initiatives to improve GDP rate in a recommendable rate through SEZ’S, NRI investments, FDI policies etc. it has been predicted that India’s GDP will overtake UK, Russia and Germany by 2025 and japan by 2035, will become third largest economy just after the US economy. Though agriculture’ share has been declined over past years still it contributes 27.6% in the total GDP. Other contributing sectors are IT industry, services sector, production and manufacture industry.
Also See: Essay on Sustainable Development
Economy fact in India GDP:
India economy has ranked twelfth largest among all other countries of the world in terms of GDP and other growth. India GDP ranks 5th in purchasing power parity condition according to the calculations of World Bank. India’s GDP is one of the rapidly growing economy in the world. The growth rate of India’s GDP is 9.4% per year in an average which increased for the huge population and per capita income is now $964 at nominal and the PPP point is $4182 in GDP calculation. India’s GDP must be calculated cautiously by monitoring prevalent diversity in the GDP rate. The major other sectors contributing in GDP except agriculture are manufacturing industry, service sector, IT industry, knowledge sources etc. with the introduction of artificial intelligence, machine learning and data driven services many opportunities have been opened for India to grow in economy. India has become one of the favourable source to outsource different services and activities for other countries like high-skilled professionals, raw materials, goods etc. this business strategy is increasing GDP of India in a favourable rate. New sectors like pharmaceuticals, biotechnology, health science, shipbuilding, transport industry, tourism industry, and telecommunication are increasing contribution over time with the fast paced development. According to the report of World Bank report, India’s GDP has reached 1217 dollars or 1.96% in the world economy. There are diverse sources of product and services in India like village farming, small industry, handicraft which are contributing in GDP. Now, Indiahas marked a landmark in the world economy on the basis of service and industrial economy. It has positioned higher in terms of PPP related to GDP by chief financial unit like international monetary fund and World Bank. Innovative methods of irrigation process and use of modern technologies have also flourished agriculture sector. It is predicted that India’s per capita income will be increased with the development in other sectors connecting to economy. Development of GDP will eventually affect other aspects like employment, business, personal income and overall lifestyle. India is focusing on creating multilateral business bonds for increasing its market areas and demand.
Conclusion:
Growth in India’ GDP will result in overall development in economy and lifestyle of people. It will create several opportunities for business growth and employment which is effective to improve other aspect of life. So, all citizens should focus on developing each part of economy and play their contribution role for flourishing Indian economy through GDP and per capita income. It is favourable news for all people that their GDP growth is seeing the positive growth from past years.