India Gdp Growth Rate Last 10 Years Chart
India is one of the fastest-growing economies in the world. The country's GDP growth rate has been consistently increasing over the past decade. In this article, we will look at the India GDP growth rate last 10 years chart and analyze the trends that have led to this growth.
Overview of India's GDP Growth Rate
India's GDP growth rate is a measure of the country's economic growth. It is calculated by comparing the value of goods and services produced in a year to the previous year. India's GDP growth rate has been on a steady rise since 2014. The country's GDP growth rate was 7.5% in 2014-15, 8% in 2015-16, and 7.1% in 2016-17.
The GDP growth rate slowed down to 6.7% in 2017-18 due to the implementation of the Goods and Services Tax (GST) and demonetization. However, the GDP growth rate picked up again, and India's GDP growth rate was 7.2% in 2018-19 and 4.2% in 2019-20.
Factors Contributing to India's GDP Growth Rate
The growth in India's GDP can be attributed to several factors. One of the primary factors is the rise in the country's middle class. The middle class in India has been growing rapidly, and this has led to an increase in demand for goods and services.
The government's focus on infrastructure development has also played a significant role in India's GDP growth. The government has invested heavily in building roads, bridges, airports, and other infrastructure projects. This has created job opportunities and boosted economic growth.
The growth of the digital economy has also contributed to India's GDP growth rate. The country has seen a surge in e-commerce, digital payments, and other online services. This has created a new avenue for businesses to reach customers and has boosted economic growth.
Impact of COVID-19 on India's GDP Growth Rate
The COVID-19 pandemic has had a significant impact on India's economy. The country's GDP growth rate has been affected, and the growth rate has slowed down. India's GDP growth rate was 4.2% in 2019-20, but it is expected to fall to -7.7% in 2020-21.
The pandemic has led to a decrease in demand for goods and services, and many businesses have been forced to shut down. The government has announced several measures to revive the economy, including stimulus packages and reforms in various sectors.
Conclusion
India's GDP growth rate has been on a steady rise over the past decade. The growth can be attributed to several factors, including the rise in the middle class, infrastructure development, and the growth of the digital economy. However, the COVID-19 pandemic has had a significant impact on India's economy, and the GDP growth rate has slowed down. The government's efforts to revive the economy are expected to bring back the growth rate in the coming years.