Projections of Indian Economy GDP

Projections of Indian Economy GDP Friends people see India as a future super power because of our Economy and entire world is concerned on Indian economy because we are world's fastest growing major Economy

in today's Article we will discussing India's Economy and am going to show some surprising facts about indian economy

First discuss economic liberalization

in 90's our economy was socialist type economy and it was very weak one.

In 1991 economic liberalization happened and was initiated by Prime minister PV narshima rao and ex prime minister Dr manmohan Singh played an important role in liberalisation.

Friends let's see how economy is calculated

It is calculated in GDP which is gross domestic product

Which means it's an economic output of a country for a particular period of time

Gdp is calculated in two types

1. Nominal GDP

2. Power purchasing GDP

The main difference is inflation Which means cost of living is not adjusted in nominal but in PPP it is adjusted that's why PPP is also known as real GDP

Let's see first nominal GDP

In 2007 it was 1 trillion dollar
By 2014 it crossed 2 trillion dollars

And now in 2018 it is 2.8 trillion dollars by 2019 it is expected to cross 3 trillion dollars And India will be ranked fifth largest economy in nominal

Now let's see how GDP per capita is calculated

population is divided with GDP to get per capita.

In 2018 India's GDP per capita is 2150 dollars
By 2022 it is expected to cross 3k dollars

and if our Economy grows rapidly then the nominal GDP per capita in 2030 will be more than 8k dollars and by 2035 it will reach 12k dollars

Now let's see PPP

After Economic liberalization our Economy started growing quickly

friends by 2000 the GDP crossed 2 trillion dollars in PPP

and by 2005 this GDP touched 3 trillion dollars mark and by 2010 it crossed 5 trillion mark

now in 2018 this GDP is over 10 trillion dollars and it is third largest GDP it means in PPP we are third largest economy in the world .

Now see PPP per capita

In 2018 it is 7800 dollars
By 2022 it is expected to cross 10k dollars

Now let's see future GDP projections

By 2021 it will be 3.8 trillion dollars in nominally and by 2022 it will cross 4 trillions which makes us Fourth largest economy in the world and by 2024 nominal GDP will be above 5 trillion dollars and by 2025 will be over take Japan

to become 3rd largest economy in the world. If this trend continues then by 2030 it may cross 10 trillion dollars mark.

Lets talk about PPP projections

It crossed 10 trillion dollars already in 2018 and by 2025 this will be doubled to 20 trillion dollars and the US Economy will cross 26 trillion dollars mark

Friends if we compare GDP now with USA then the difference will be 10 trillion but by 2025 this difference will be reduced to 6 trillion dollars.

Slowly this difference will be reduce and by 2030 India's GDP will be over 27 trillion and US GDP will be around 30 trillion dollars.

The gap between USA and India which is now 10 trillion dollars by 2030 it will be reduced to 3 trillion dollars And finally by 2035 US GDP will be 32 trillion dollars and India's GDP will be 34 trillion dollars.

And it means by 2035 we will overtake US by 2035

to become 2nd largest economy in the world. If this happens by 2035 we can consider it as a good achievement and for achieving this our Economy should grow more rapidly and also good foreign relationship needed for this achievement.

what we achieved in the last decade is worth a lot of praise Due to this Economic growth the poverty in India is reduced heavily

In 2016 under poverty people are 126 million
Now in 2018 it is 73 million people in India

And in coming years it is expected to reduce more poverty from India

Recently a report is published which says India is not poorest country in the world but it is Nigeria and by 2021 it will become official.

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GDP OF INDIA

Projections of Indian Economy GDP