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Gross domestic product (GDP) in India 2021

The statistic shows GDP in India from 1984 to 2019, with projections up until 2021. In 2019, GDP in India was at around 11.04 trillion international dollars. See figures on India's economic growth here, and the Russian GDP for comparison.

Economic liberalization on the Indian subcontinent

Of all the factors and empirical data that give an insight into the shape of a national economy, there aren’t as many indicators more telling than GDP. GDP is the total market value of all final goods and services that have been produced within a country in a given period of time, usually a year. Real GDP figures serve as an even more reliable tool in estimating in which direction a country’s economy may be heading, as they are adjusted for inflation and reflect real price developments.

The decision of the newly independent Indian government to adopt a mixed economy, adopting both elements of both capitalist and socialist systems, resulted in huge inefficiencies borne out of the culture of interventionism that was a direct result of the lacklustre implementation of policy and failings within the system itself. The desire to move towards a Soviet style mass planning system failed to gain much momentum in the Indian case due to a number of hindrances, an unskilled workforce being one of many.

When the government of the early 90’s saw the creation of small scale industry in large numbers due to the removal of price controls, the economy started to bounce back, but with the collapse of the Soviet Union - India’s main trading partner - the hampering effects of socialist policy on the economy were exposed and it underwent a large scale liberalization. By the turn of the 21st century, India was rapidly progressing towards a free-market economy. India’s development has continued and it now belongs to the BRIC group of fast developing economic powers.

India: Gross domestic product (GDP) in current prices from 1984 to 2021

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Source

Release date

April 2020

Region

India

Survey time period

1984 to 2019

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

"International dollar" is a hypothetical currency that has a comparable purchase power parity to the U.S. dollar at any given time, i.e. one international dollar would buy a comparable amount of goods and services in the respective country to the amount one U.S. dollar would buy in the United States.

* Estimate.

Figures have been rounded for the sake of a better understanding of the statistic.

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Statistics on "Economic Outlook India"

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