GDP of India
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GDP is the abbreviated form of Gross Domestic Product. Gross Domestic Product, commonly referred as GDP, is one of the primary indicators which are used to measure the health of a country’s economy. It was first developed in 1934 for a US Congress report by Simon Kuznets. In 1944, after the Bretton Woods Conference, GDP was accepted as a major tool for measuring the economic health of a country. By definition, GDP is the market value of all officially recognized final goods and services produced within a country in a given period.
GDP can be determined by a number of methods which includes the Production Approach, Income Approach andExpenditure Approach. In India, GDP is calculated by the Expenditure Method which deploys the below provided expression for the determination of GDP, Gross Domestic Product.
- GDP = C + I + G + (X – M)
Where,
- C = Consumption
- I = Investment
- G = Total Government Expenditures
- X = Gross Exports
- M = Gross Imports
In the above relation, C or the consumption comprise of the personal expenditures pertaining to food, rent, households and medical expenses; I or the Investments comprise of business investments as capital which includes purchase of equipments or machinery for a factory, purchase of a software, construction of a new mine, erection of an industry, purchase of a new house and purchase of similar goods and services except the investments on financial products; G or Total Government Expenditures comprise of expenditure on final goods and services which includes investments on purchase of weapons and aircrafts, salaries of government employees and other expenditures of the government; X or Gross Exports comprise of all goods and services produced within the country for overseas consumption; and M or Gross Imports comprise of any goods and services imported from any other nation for consumption within the country.
GDP of India
Financial Year
|
GDP (At Factor Cost)
|
1951 – 1952
|
2.3%
|
1952 – 1953
|
2.8%
|
1953 – 1954
|
6.1%
|
1954 – 1955
|
4.2%
|
1955 – 1956
|
2.6%
|
1956 – 1957
|
5.7%
|
1957 – 1958
|
-1.2%
|
1958 – 1959
|
7.6%
|
1959 – 1960
|
2.2%
|
1960 – 1961
|
7.1%
|
1961 – 1962
|
3.1%
|
1962 – 1963
|
2.1%
|
1963 – 1964
|
5.1%
|
1964 – 1965
|
7.6%
|
1965 – 1966
|
-3.7%
|
1966 – 1967
|
1%
|
1967 – 1968
|
8.1%
|
1968 – 1969
|
2.6%
|
1969 – 1970
|
6.5%
|
1970 – 1971
|
5%
|
1971 – 1972
|
1%
|
1972 – 1973
|
-0.3%
|
1973 – 1974
|
4.6%
|
1974 – 1975
|
1.2%
|
1975 – 1976
|
9%
|
1976 – 1977
|
1.2%
|
1977 – 1978
|
7.5%
|
1978 – 1979
|
5.5%
|
1979 – 1980
|
-5.2%
|
1980 – 1981
|
7.2%
|
1981 – 1982
|
6%
|
1982 – 1983
|
3.1%
|
1983 – 1984
|
7.7%
|
1984 – 1985
|
4.3%
|
1985 – 1986
|
4.5%
|
1986 – 1987
|
4.3%
|
1987 – 1988
|
3.8%
|
1988 – 1989
|
10.5%
|
1989 – 1990
|
6.7%
|
1990 – 1991
|
5.6%
|
1991 – 1992
|
1.3%
|
1992 – 1993
|
5.1%
|
1993 – 1994
|
5.9%
|
1994 – 1995
|
7.3%
|
1995 – 1996
|
7.3%
|
1996 – 1997
|
7.8%
|
1997 – 1998
|
4.8%
|
1998 – 1999
|
6.5%
|
1999 – 2000
|
6.1%
|
2000 – 2001
|
4.4%
|
2001 – 2002
|
5.8%
|
2002 – 2003
|
3.8%
|
2003 – 2004
|
8.5%
|
2004 – 2005
|
7.4%
|
2005 – 2006
|
7.5%
|
2006 – 2007
|
9%
|
2007 – 2008
|
8.7%
|
2008 – 2009
|
7.1%
|
2009 – 2010
|
7.45%
|
2010 – 2011
|
8.5%
|
2011 – 2012
|
8.2%
|
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