Economic Analysis of India

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ECONOMIC ANALYSIS OF INDIA

The Indian Economy is the tenth-largest in the world by nominal Gross Domestic Product and the third-largest in terms of PPP.

India had a growth of over 9 % in 2005-2008 came down to 6.7 % in 2008-2009 because of the world financial crisis of the fiscal and monetary space there but with the time economy recovered to a growth of 8.4 per cent in 2010-11.

Again the slowdown in the Indian economy began in the 2011-2012, when the growth rate declined to 6.70 % from a level of 8 percent. Growth is in the range of 5.30 -5.50 % in 2012-13. The slowdown is not only confined to India but there has been a general overall slowdown in the whole global economy.

Effect on the world

The growth rate of developed economies declined from 3.0 % in 2010 to 1.3% in 2012. The emerging economies have slowed down during this particular period due to slowdown even in the export markets. China’s growth declined from 10.4 % in 2010 to 7.8 % t in 2012. Brazil’s growth declined from 7.5 per cent in 2010 to 1.5 percent in 2012.

(http://businesstoday.intoday.in/bt500/sector-wise-analysis.jsp)

Economic Survey for the year 2014

The gross domestic product will expand up to 6.7% in 2014 and with pre warning about inflation and a high current account deficit will be concerns this year. Study states the positive impact in the recovery of world economy and many government policies includes steps for opening up of foreign investment in various sectors like retail and pharma and including others also. This study states that India is on track to meet its fiscal deficit target of 5.3% of Gross Domestic Product and to narrow down it to 4.8% of Gross Domestic Product in next year i.e. 2015.

This study recommends further reducing of the imports majorly of gold and to curb India’s current account deficit which stood at 4.2% of GDP in 2013 and which is projected to be at similar level in year 2014. More foreign direct investment in retail and other sectors will be allowed which could help the sectors through the introduction of new technology and improved infrastructure in the country.

Gross Domestic Product

The Gross Domestic Product in India was worth 1841.70 billion US dollars in 2012. The GDP of India represents 2.97 % of the world economy. India Gross Domestic Product averaged to be around 485.65 $ Billion from 1970 until 2012, reaching all the time high of 1872.

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