GDP Growth Rate Forecast of India 2023-24
Latest GDP Growth Rate Forecast of India. India GDP Growth Rate 2023-24 Forecast by Various Organisations. If you are preparing for IBPS, SBI, LIC, SSC, Railways, and other competitive Exams, you are bound to find a few questions on Current Affairs in your General Awareness section on the GDP Growth Rate forecast of India by Various Organisations. So be prepared to tackle it all!
Today we are providing you with an article on the GDP Growth Rate forecast of India 2023-24 by Various Organisations for Bank Exams. One or two questions are expected in upcoming exams on this topic. The GDP Growth Rate forecast for India is the most important indicator of economic health. It changes during the four phases of the business cycle: expansion, peak, contraction, and trough.
India’s GDP Growth Rate Forecast by Various Organisations
GDP Growth Rate. It is normally used while referring to the economic growth of countries. The GDP growth rate of India while talking about the economic growth of the country. To ace all the exams, you must familiarize yourself with crucial economic concepts like GDP, GNP, Growth Rate, Negative and Positive Growth, Current and Constant Prices, etc. The GDP growth rate is calculated by comparing the GDP of one period with the GDP of a previous period. It is expressed as a percentage and provides a measure of the country’s economic performance and overall economic health. If the GDP growth rate is positive, the economy is growing; if it is negative, the economy is contracting or in recession.
| GDP Growth Rate Forecast of India by Various Organisations (Updated Till Dec23) | ||
| S. No. | GDP Projection By | FY23-24 |
| 1. | S&P Global Ratings | 6.4% |
| 2. | United Nations Conference on Trade and Development (UNCTAD) | 6.6% |
| 3. | Moody’s Investors Service | 6.7% |
| 4. | Reserve Bank of India | 7% |
| 5. | Finance Ministry | 6.5% |
| 6. | Economic Survey | 6-6.5% |
| 7. | Goldman Sachs | 6.3% |
| 8. | Organisation for Economic Co-operation and Development (OECD)’s Economic Outlook | 6.3 % |
| 9. | FICCI’s (Federation of Indian Chambers of Commerce and Industry) economic outlook survey | 6.3 % |
| 10. | International Monetary Fund (IMF) | 6.3% |
| 11. | The United Nations ’World Economic Situation and Prospects (UNESP) | 6.4% |
| 12. | World Bank | 6.3% |
| 13. | Asian Development Outlook by ADB | 6.7% |
| 14. | Brickwork Ratings | 8.3% |
| 15. | National Council of Applied Economic Research (NCAER) | 6.3% |
| 16. | CRISIL’s | 6.0% |
| 17. | CARE rating | 6.5% |
| 18. | UBS | 6.3% |
| 19. | ICRA | 7% |
| 20. | Barclays | 8% |
| 21. | Fitch Ratings | 6.2% |
| 22. | India Ratings & Research (Ind-Ra) | 6.2% |
| 23. | National Statistical Office (NSO) | 9.1% |
| 24. | Normura | 6.7% |
| 25. | HSBC | 5.9% |
| 26. | Morgan Stanley | 6.4 % |
| 27. | Oxford Economies | 7% |
| 28. | UN (United Nation) | 5.8%-2023 & 6.7%-2024 |
| 29. | HDFC Bank | 9.2% |
| 30. | State Bank of India | 7% |
| 31. | Bofa Securities | 6.3% |
| 32. | Confederation of Indian Industry (CII) | 6.5-6.7% |
GDP is measured by three methods, namely-
Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country. To avoid a distorted measure of GDP due to price level changes, GDP at constant prices o real GDP is computed. GDP (as per output method) = Real GDP (GDP at constant prices) – Taxes + Subsidies.
Expenditure Method: This measures the total expenditure incurred by all entities on goods and services within the domestic boundaries of a country. GDP (as per expenditure method) = C + I + G + (X-IM) C: Consumption expenditure, I: Investment expenditure, G: Government spending and (X-IM): Exports minus imports, that is, net exports.
Income Method: It measures the total income earned by the factors of production, that is, labour and capital within the domestic boundaries of a country. GDP (as per income method) = GDP at factor cost + Taxes – Subsidies.
In India, contributions to GDP are mainly divided into 3 broad sectors – agriculture and allied services, industry and service sector. In India, GDP is measured as market prices and the base year for computation is 2011-12. GDP at market prices = GDP at factor cost + Indirect Taxes – Subsidies.
Historical GDP and growth rate of India
According to official data released on May 31, the Indian economy recorded a growth of 6.1 percent in the fourth quarter of the fiscal year 2022-23. This strong performance contributed to an annual growth rate of 7.2 percent.
| Year | GDP | GDP Per Capita (Nominal) | GDP Growth |
| 2023 (till June) | $3,737.00B | $2601 | 6.5% (Forecast) |
| 2022 | $3,385.09B | $2,389 | 7.00% |
| 2021 | $3,150.31B | $2,238 | 9.05% |
| 2020 | $2,671.60B | $1,913 | -5.83% |
| 2019 | $2,835.61B | $2,050 | 3.87% |
| 2018 | $2,702.93B | $1,974 | 6.45% |
| 2017 | $2,651.47B | $1,958 | 6.80% |
| 2016 | $2,294.80B | $1,714 | 8.26% |
| 2015 | $2,103.59B | $1,590 | 8.00% |
| 2014 | $2,039.13B | $1,560 | 7.41% |
| 2013 | $1,856.72B | $1,438 | 6.39% |
| 2012 | $1,827.64B | $1,434 | 5.46% |
| 2011 | $1,823.05B | $1,450 | 5.24% |
| 2010 | $1,675.62B | $1,351 | 8.50% |
In India, the GDP growth rate portrays the fluctuations in the adjusted value of goods and services produced by the country’s economy over a given period. India, one of the most robust economies globally, has experienced movements in both upward and downward directions concerning its GDP growth rate in recent years, considering the pre and post-pandemic situations.
GDP Per Capita
The gross domestic product (GDP) per capita is a metric for evaluating a country’s general economic prosperity. GDP per capita is a way to achieve economic well-being that takes into account both the size of a country’s economy and its population. The gross domestic product (GDP) divided by a country’s population is a useful measure of the level of living and economic prosperity in that country. In many international studies, it is a benchmark against which nations’ economies and citizens’ standard of life can be evaluated. According to the National Statistical Office, the estimated annual per capita (net national income) at current prices for the year 2022-23 is reported to be Rs 1,72,000.
Calculating GDP
GDP is calculated using the following formula: Y = C + I + G + (X − M)
- C represents consumption, which includes spending on services, non-durable goods, and durable goods.
- G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses.
- I denotes investment, which consists of spending on housing and equipment.
- The difference between total exports and imports is referred to as net exports, denoted by (X-M).
- In this context, Y represents Gross Domestic Product.
Top 10 Largest Economies in the World 2023
The United States of America, China, Japan, Germany, and India are the largest economies in the world in 2023, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports.
| Rank & Country | GDP (USD billion) | GDP Per Capita (USD thousand) |
| #1 U.S.A | 26,954 | 80.41 |
| #2 China | 17,786 | 12.54 |
| #3 Germany | 4,430 | 52.82 |
| #4 Japan | 4,231 | 33.95 |
| #5 India | 3,730 | 2.61 |
| #6 United Kingdom (U.K.) | 3,332 | 48.91 |
| #7 France | 3,052 | 46.32 |
| #8 Italy | 2,190 | 37.15 |
| #9 Brazil | 2,132 | 10.41 |
| #10 Canada | 2,122 | 53.25 |
India: India is ranked 5th in the world’s GDP rankings in 2023. India’s economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalizes on its broad domestic market, a youthful and technologically adept labor force, and an expanding middle class.
- GDP: $3,730 billion
- GDP By Country Per Capita (Nominal): $2,610
- Annual GDP Growth Rate:9%
Factors Influencing GDP Growth:
- Policy Initiatives: Analyze the government’s economic policies and reforms, assessing their potential impact on GDP growth. This may include fiscal measures, structural reforms, and initiatives aimed at promoting economic resilience.
- Global Economic Trends: Discuss the anticipated global economic conditions and their implications for India. Factors such as international trade, commodity prices, and geopolitical events can significantly affect India’s economic performance.
- Domestic Consumption and Investment: Examine trends in domestic consumption and investment. Evaluate the role of consumer confidence, income levels, and business investments in shaping the GDP growth trajectory.
- Technological Advancements: Explore the influence of technological advancements and innovation on economic growth. Assess how advancements in areas like digitalization and artificial intelligence may contribute to productivity and economic development.
- Economic Policies: Government policies, including fiscal and monetary measures, significantly impact economic growth. Reforms and initiatives aimed at enhancing ease of doing business, infrastructure development, and foreign direct investment can stimulate GDP growth.
- Investment Climate: The willingness of businesses to invest in new projects, innovations, and expansions contributes to economic growth. A favorable investment climate encourages capital formation and productivity improvement.
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