Macroeconomic indicators--accelerating growth despite shocks

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Abstract

    In 2012/13 India’s annual real Gross Domestic Product (GDP) growth was 5.6%. This accelerated to 6.6% in 2013/14, 7.2% in 2014/15 and 7.6% in 2015/16. Estimates by several agencies including the Indian Ministry of Finance, the World Bank and others have forecast real GDP growth in 2016/17 to be in excess of 7.6%, yet below India’s current annual growth potential of 8%–10%. This data is as per the new series being used by the Central Statistical Organization of India using 2011/12 as the base year. Growth of gross value added in the respective years from 2012/13 to 2015/16 was 5.4%, 6.3%, 7.1% and 7.3%. Real per head GDP in these same years was Rs 74,712, Rs 78.653, Rs 83,285 and Rs 88,466, giving annual real per head GDP growth rates of 4.3%, 5.2%, 5.9% and 6.2%, respectively. This is a healthy growth trend, especially against the backdrop of slowing global growth. (The World Economic Outlook published by the International Monetary Fund—IMF—in April 2016 forecast global growth at 3.2% in 2016, down 0.2% from its January 2016 forecast of 3.4%.) Another point worth noting is that since 2014 actual real GDP growth rates in India have exceeded IMF projections.
    Original languageEnglish
    Title of host publicationThe Europa Regional Surveys of the World - South Asia 2017
    Editors Europa Publications
    Place of PublicationLondon & New York
    PublisherRoutledge Taylor & Francis Group
    Pages240-247
    Edition14th
    ISBN (Print)9781857438451
    Publication statusPublished - 2016

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