India's GDP Growth

Study Notes

India's GDP growth rate has been steadily increasing over the years, with some fluctuations.
In 2020, India's GDP growth rate was 4.2%, ranking 7th among the G20 countries.
The Indian economy has been growing at an average rate of 7% per annum over the past decade.
The growth rate is driven by:
- Services sector (60% of GDP)
- Industrial sector (25% of GDP)
- Agricultural sector (15% of GDP)
The Indian government has set a target to reach a $5 trillion economy by 2024-25, which would require a GDP growth rate of 8-9% per annum.

Agriculture:
- Contributes 15% to India's GDP
- Employs around 50% of the workforce
- Main crops: rice, wheat, cotton, sugarcane, and tea
Manufacturing:
- Contributes 25% to India's GDP
- Textiles, automobiles, and pharmaceuticals are key industries
- India is a major hub for manufacturing in Asia
Services:
- Contributes 60% to India's GDP
- IT and ITES (BPO) sector is a significant contributor
- India is a major outsourcing destination for global companies
Other key industries:
- Pharmaceuticals
- Automobiles
- Chemicals
- Steel
- Cement

India's GDP growth rate has been steadily increasing over the years, with some fluctuations.
In 2020, India's GDP growth rate was 4.2%, ranking 7th among the G20 countries.
The Indian economy has been growing at an average rate of 7% per annum over the past decade.
To achieve a $5 trillion economy by 2024-25, India needs a GDP growth rate of 8-9% per annum.