Indian Economy

81. Progress in rural sanitation facilities and potable water access is significant .
82. The annual consumption of fertilizers per hectare shows agricultural development .
83. Progress in irrigation coverage and electrification of rural households is commendable .
84. The number of registered electric vehicles is rising .
85. The proportion of renewable energy in total energy consumption is increasing .
86. The trend in the distribution of UDAY savings shows energy efficiency .
87. The SDG India Index performance highlights state-wise progress .
88. The rise in per-capita incomes and per-capita electricity consumption shows economic growth .
89. The rise in forest and tree cover as a percentage of geographical area shows environmental conservation .
90. The number of households without any of the selected assets has declined significantly .
91. Digital payments penetration shows financial inclusion .
92. UPI transaction volumes highlight digital financial integration .
93. The number of ATMs per million people shows banking outreach .
94. The participation of SHGs in economic activities is increasing .
95. SHG members accessing loans through bank linkages show financial empowerment .
96. The rise in deposits and credits shows banking sector growth .
97. The positive growth trend in credit to GDP ratio indicates financial deepening .
98. The share of domestic bank credit in total external financing is substantial .
99. The increase in the number of unicorns shows innovation and entrepreneurship .
100. The volume of startups and the value of their funding show a positive trend in the entrepreneurial ecosystem .​
 
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  • India's Real GDP grew by 8.2% in FY24, continuing the robust growth from previous years.​
  • India's economy grew by 7.2% in FY23, a strong recovery from the 6.7% contraction in FY21 due to COVID-19.​
  • Agriculture: The agriculture sector grew by 4% in FY23, contributing 18.3% to GDP.​
  • Industry: Industrial growth was 4.3% in FY23, with manufacturing growing by 3.1% and construction by 10%.​
  • Services: The services sector grew by 9.1% in FY23, contributing 54.6% to GDP.​
  • Inflation: Retail inflation averaged 6.7% in FY23, primarily driven by food and fuel prices.​
  • Unemployment: The unemployment rate fell to 4.2% in FY23 from 5.8% in FY21.​
  • Exports: Merchandise exports reached $447 billion in FY23, a 13.2% increase from the previous year.​
  • Imports: Merchandise imports stood at $613 billion in FY23, up by 21.1%.​
  • DI: India attracted $67 billion in Foreign Direct Investment (FDI) in FY23.​
  • Fiscal Deficit: The fiscal deficit was 6.4% of GDP in FY23, down from 9.5% in FY21.​
  • Public Debt: Public debt to GDP ratio stood at 83.2% in FY23.​
  • Agricultural Exports: Agricultural exports hit a record $50 billion in FY23.​
  • Infrastructure: The government spent ₹10 trillion on infrastructure projects in FY23.​
  • Energy: Solar power capacity increased 25-fold from 2014 to 2023, reaching 64 GW.​
  • Electric Vehicles: EV sales crossed 1 million units in FY23, up from 0.3 million in FY21.​
  • MSMEs: The government launched several schemes providing ₹2 trillion in credit to MSMEs.​
  • Banking: Gross NPAs of banks fell to 5.9% in FY23 from 7.5% in FY21.​
  • Employment: The Pradhan Mantri Mudra Yojana disbursed ₹3 trillion, creating 50 million jobs.​
  • Climate Action: India reduced its emissions intensity by 24% from 2005 levels.​
  • Water Management: The Jal Jeevan Mission provided piped water to 50 million households.​
  • Education: The National Education Policy 2020 aims to increase public investment in education to 6% of GDP.​
  • Healthcare: Health expenditure increased to 2.1% of GDP in FY23.​
  • Green Energy: India's renewable energy capacity reached 150 GW, aiming for 500 GW by 2030.​
  • Transport: The PM Gati Shakti plan will integrate infrastructure planning with ₹100 trillion investment.​
  • Digital India: Internet subscribers in India reached 800 million in FY23.​
  • Housing: The PMAY scheme sanctioned 11 million houses, with 8 million completed.​
  • Farmers: The PM-KISAN scheme provided ₹6000 annually to 110 million farmers.​
  • Innovation: India ranked 46th in the Global Innovation Index 2023.​
  • Security: Defense budget was ₹5 trillion, 2.15% of GDP in FY23.​
  • Digital Payments: UPI transactions crossed ₹120 trillion in FY23, revolutionizing digital payments.​
  • Housing sales hit a decade high in 2023 with a 33% YoY growth, totaling 4.1 lakh units in the top 8 cities.​
  • New housing supply surged to 5.2 lakh units in 2023, up from 4.3 lakh units in 2022.​
  • Capex by the Union Government and State Governments combined was ₹8.3 lakh crore in FY24, focusing on building productive capacities.​
  • Private corporate capex rose steadily, reaching approximately ₹9 lakh crore in FY24.​
  • Credit disbursal to industrial MSMEs and services continues to grow in double digits.​
  • Personal loans for housing surged, reflecting increased household investments in physical assets.​
  • Corporate bond issuances grew by 70.5% in FY24, showing strong financial market activity.​
  • The livestock sector grew at a CAGR of 7.38% from 2014-15 to 2022-23, contributing 30.38% to agricultural GVA.​
  • The fisheries sector contributes about 6.72% to agricultural GVA, growing at a CAGR of 8.9% from 2014-15 to 2022-23.​
  • The services sector recovered strongly post-pandemic, nearing pre-pandemic levels.​
  • Significant growth in non-contact intensive services like financial, IT, and professional services during the pandemic.​
  • India's Current Account Deficit (CAD) narrowed to around 0.7% of GDP in FY24.​
  • India's foreign exchange reserves are sufficient to cover around 11 months of imports.​
  • Multidimensional poverty in India decreased significantly, with 24.82 crore people escaping poverty between 2013-14 and 2022-23.​
  • Uttar Pradesh saw the largest decline in poverty, with 5.94 crore people escaping poverty.​
  • Bihar, Madhya Pradesh, and Rajasthan also saw significant reductions in poverty.​
  • Strong growth in central and state tax revenues helped maintain fiscal stability.​
  • The State Gross Fiscal Deficit remained under the 3% of GDP mark in FY24, showing fiscal discipline.​
  • The Macroeconomic Vulnerability Index declined, indicating a stable macroeconomic environment.​
  • Household Consumption Expenditure Survey 2022-23 shows reduced inequality and rising consumption spending.​
 
as a part time economists 🤑....i see three biggest problem in our economy growth. first is huge trade deficit, second is unemployment nd third is pollution. other things r manageable. if we solve these three problems, our economy goes to smooth path. otherwise our journey will be bumpy ones. 🙏🇮🇳
 


IMF is just too optimistic tbh. India's nominal GDP as of 2024 March was 295.3 Lakh crores per GOI data(https://pib.gov.in/PressReleasePage.aspx?PRID=2022323)
Dividing that by 83 gives us $3.56T.

Following is a reasonable/optimistic case scenario. If we assume a rough 10% nominal growth every FY and rupee stays the same:

2025 March: $3.91T
2026 March: $4.30T
2027 March: $4.73T
2028 March: $5.20T

Unless I'm missing something or my calculations are like way off, sometime in early 2028 is seems to be the likely scenario. If Rupee depreciates further, there will be further delays. Though if they change the base year, the figures will improve.
 
IMF is just too optimistic tbh. India's nominal GDP as of 2024 March was 295.3 Lakh crores per GOI data(https://pib.gov.in/PressReleasePage.aspx?PRID=2022323)
Dividing that by 83 gives us $3.56T.

Following is a reasonable/optimistic case scenario. If we assume a rough 10% nominal growth every FY and rupee stays the same:

2025 March: $3.91T
2026 March: $4.30T
2027 March: $4.73T
2028 March: $5.20T

Unless I'm missing something or my calculations are like way off, sometime in early 2028 is seems to be the likely scenario. If Rupee depreciates further, there will be further delays. Though if they change the base year, the figures will improve.
Didn't we cross 4T$ mark??
 
IMF is just too optimistic tbh. India's nominal GDP as of 2024 March was 295.3 Lakh crores per GOI data(https://pib.gov.in/PressReleasePage.aspx?PRID=2022323)
Dividing that by 83 gives us $3.56T.

Following is a reasonable/optimistic case scenario. If we assume a rough 10% nominal growth every FY and rupee stays the same:

2025 March: $3.91T
2026 March: $4.30T
2027 March: $4.73T
2028 March: $5.20T

Unless I'm missing something or my calculations are like way off, sometime in early 2028 is seems to be the likely scenario. If Rupee depreciates further, there will be further delays. Though if they change the base year, the figures will improve.
don't you think govts estimates are very conservative, and may be the ones being wrong.
 
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IMF is just too optimistic tbh. India's nominal GDP as of 2024 March was 295.3 Lakh crores per GOI data(https://pib.gov.in/PressReleasePage.aspx?PRID=2022323)
Dividing that by 83 gives us $3.56T.

Following is a reasonable/optimistic case scenario. If we assume a rough 10% nominal growth every FY and rupee stays the same:

2025 March: $3.91T
2026 March: $4.30T
2027 March: $4.73T
2028 March: $5.20T

Unless I'm missing something or my calculations are like way off, sometime in early 2028 is seems to be the likely scenario. If Rupee depreciates further, there will be further delays. Though if they change the base year, the figures will improve.
Hey, the conversation of nominal GDP from local currency to International Dollar is not, simply dividing the GDP by the exchange rate.

Don't you think the GDP in that case for most of the countries would be too volatile wrt to the Dollar.

Take for example Turkey, the exchange rate of Lira went from 5 to 32 wrt to Dollar in the last 5 years. Yet the Turkish economy grew from 760 B$ to 1.1 T$ in the same time frame. With a growth rate ranging between 11% in 2021 to 3% last year. This increase in GDP is simple not possible with out taking corrections into account.

The GDP from local currency to Dollar under goes 2 operations -
  • PPP conversation factor
  • GDP deflator

1000024168.jpg
 
"Discontent over job opportunities was seen as a key reason for Prime Minister Narendra Modi's party, the BJP, failing to win a majority on its own in the general elections, and returning to power only with the support of allies."

 
We haven't crossed $4 Tn yet, we'll do that this FY. Next FY we'll be around $4.4 trn and by 2026 we might touch $5 trn if base year change yields some expansion in documentation.
 
We haven't crossed $4 Tn yet, we'll do that this FY. Next FY we'll be around $4.4 trn and by 2026 we might touch $5 trn if base year change yields some expansion in documentation.
What’s Britain’s GDP now? What’s Japan’s GDP and Germany’s?
 
Hey, the conversation of nominal GDP from local currency to International Dollar is not, simply dividing the GDP by the exchange rate.

Don't you think the GDP in that case for most of the countries would be too volatile wrt to the Dollar.

Take for example Turkey, the exchange rate of Lira went from 5 to 32 wrt to Dollar in the last 5 years. Yet the Turkish economy grew from 760 B$ to 1.1 T$ in the same time frame. With a growth rate ranging between 11% in 2021 to 3% last year. This increase in GDP is simple not possible with out taking corrections into account.

The GDP from local currency to Dollar under goes 2 operations -
  • PPP conversation factor
  • GDP deflator

View attachment 3954

I see, makes sense now. Dividing it directly by market exchange rates would make it too volatile for many developing countries.

So GDP in US dollars is different from GDP in international dollars and IMF is probably using the International dollars for their calculations That paper was helpful thanks btw.
 
We haven't crossed $4 Tn yet, we'll do that this FY. Next FY we'll be around $4.4 trn and by 2026 we might touch $5 trn if base year change yields some expansion in documentation.
For a country like India that is not so big nor plenty in natural resources percapita, size of economy just based on services or even run of the mill manufacturing is not very indicative of any increase in power perception. What we need is transformation leveraging services and manufacturing growth to our own brands and long term innovation. China is almost there in this sense.....without that 5 or 10T is meaningless without transformation and so far IT wave was a failure and AI wave is gone and manufacturing is yet to be seen but we should catch this wave and without this it only brings more inflation and pain, first world cost and 3rd world experience.
 

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