India’s share in global GDP rises from 2.6% in 2014 to 3.2% in 2017
19 Dec 2018
The share of Indian economy in the global economy (measured as a ratio of India’s GDP to world’s GDP at current US dollar prices) increased from 2.6 per cent in 2014 to 3.2 per cent in 2017, as per World Development Indicators.
The average share of Indian economy in world economy during 1960 to 2013 was 1.8 per cent. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 per cent, which was also the fastest among the major economies in the world, minister of state for finance Pon Radhakrishnan stated in written reply in the Rajya Sabha on Tuesday.
Indian economy is projected to be the fastest growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is also borne by GDP growth of 7.6 per cent in the first half of 2018-19.
As per the estimates available from Central Statistics Office (CSO), the per capita income (measured as per capita net national income (at current prices)) of the country increased from Rs86,647 in 2014-15 to Rs112,835 in 2017-18, recording a 30.2 per cent growth between 2014-15 and 2017-18.