In 2023, India showcased remarkable economic growth, with its GDP rising to impressive levels. According to reports from the Statistics Ministry and the Ministry of Finance, India's GDP for the third quarter of fiscal year 2024 reached an astounding 8.4%, a significant increase from the 4.3% recorded during the same quarter of the previous year.
The projected GDP for the entire fiscal year 2024 stands at 7.6%. This upward trajectory in GDP can be largely attributed to strong performances across various sectors, particularly construction, manufacturing, and services. However, there are concerns regarding the slower pace of private consumption growth.
The construction sector has experienced double-digit growth, primarily driven by robust demand for residential projects. Similarly, the manufacturing and services sectors have also made considerable gains, contributing to the overall economic expansion.
The GDP per capita in India for 2023 was recorded at $2,610. This figure reflects both the size of the economy and the large population of over 1.4 billion people.
GDP growth serves as a vital indicator of economic health, representing the total market value of all final goods and services produced within a country over a specific timeframe. A higher GDP growth rate signifies an expanding economy, which typically translates into improved living standards, better employment opportunities, and increased income levels.
Major sectors propelling India's GDP include agriculture, industry, and services. Agriculture remains crucial due to India's substantial rural population, while the industry and services sectors have experienced significant growth, especially in technology services and business outsourcing.
India's economic trajectory in 2023 reflects its resilience and dynamic growth, establishing it as a critical player on the global stage. The country continues to leverage strong domestic demand, considerable investments, and a favorable demographic profile to enhance its economic advancement.
Q1. What was India's GDP growth rate in 2023?
Answer: India's GDP growth rate for the third quarter of fiscal year 2024 was reported at 8.4%, a significant increase from 4.3% in the previous year.
Q2. How does India's GDP per capita compare globally?
Answer: As of 2023, India's GDP per capita was recorded at $2,610, reflecting its vast population and economic size.
Q3. Which sectors are driving India's GDP growth?
Answer: The key sectors driving India's GDP growth include construction, manufacturing, and services, with construction showing particularly strong performance.
Q4. What is India's global economic ranking?
Answer: India is currently ranked as the fifth-largest economy in the world, with a GDP of approximately $3.94 trillion according to the IMF.
Q5. Why is GDP growth important?
Answer: GDP growth is crucial as it indicates the overall economic health of a country, leading to improved living standards and enhanced employment opportunities.
Question 1: What was India's GDP growth rate in Q3 of FY2024?
A) 7.0%
B) 8.4%
C) 6.5%
D) 5.0%
Correct Answer: B
Question 2: Which sector showed double-digit growth in 2023?
A) Agriculture
B) Manufacturing
C) Construction
D) Services
Correct Answer: C
Question 3: What is India's GDP per capita as of 2023?
A) $1,500
B) $2,610
C) $3,000
D) $4,500
Correct Answer: B
Question 4: Which country has the largest GDP in the world?
A) China
B) India
C) United States
D) Germany
Correct Answer: C
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