World GDP Ranking 2024: India Rises to Fifth Largest Economy
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Gross Domestic Product (GDP) refers to the monetary value of all goods and services produced within a nation during a given year.
It serves as a critical indicator of a country’s financial strength and economic growth. According to the World GDP Ranking 2024, India has ascended to become the fifth-largest economy globally, following the United States, China, Germany, and Japan.
Top 10 Largest Economies in the World in 2024
With a GDP surpassing 20 trillion dollars, the United States remains the largest economy in the world. China, investing heavily in economic growth, is close behind. Germany, Japan, and India follow, each contributing significantly to the global economic landscape. Here’s a closer look at the top 10 GDP countries for 2024:
- United States – $28,783 billion
- China – $18,536 billion
- Germany – $4,730 billion
- Japan – $4,112 billion
- India – $3,942 billion
- United Kingdom – $3,502 billion
- France – $3,132 billion
- Brazil – $2,333 billion
- Italy – $2,332 billion
- Canada – $2,242 billion
GDP Growth and Projections
In 2023-24, India’s GDP growth rate is projected to be 8.2%, making it the fastest-growing major economy. This growth is driven by rising consumption and increased domestic and foreign investments. India’s economy, with an estimated GDP of over Rs.173.82 lakh crore, supports a population exceeding 1 billion, positioning it as a major player in the global economy.
India’s GDP Per Capita 2024
India’s per capita income is also rising, with a significant increase observed over the past decade. In the financial year 2023, India’s per capita income was nearly Rs.2 lakh, compared to Rs.71,609 in 2012. This 175% increase reflects the growing economic strength and improved living standards in the country.
India’s Economic Contributions
India’s economy is robust, with strong macroeconomic fundamentals, high domestic demand, fiscal discipline, high saving rates, and favorable demographic trends. The primary contributors to India’s GDP include traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing.
Historical GDP Growth Rates
India has shown resilient economic growth over the past decade, with varying growth rates influenced by global and domestic factors. Here’s a summary of India’s GDP growth rates over the last 10 years:
- 2013: 6.39%
- 2014: 7.41%
- 2015: 8.00%
- 2016: 8.26%
- 2017: 6.80%
- 2018: 6.45%
- 2019: 3.74%
- 2020: -6.60%
- 2021: 8.68%
- 2022: 7.00%
- 2023: 8.20%
Top 10 Lowest GDP Countries 2024
- South Sudan
- Burundi
- Central African Republic
- Congo
- Mozambique
- Niger
- Malawi
- Liberia
- Madagascar
- Yemen
India’s ascent to the fifth position in the World GDP Ranking 2024 highlights its significant economic progress. Government initiatives and robust economic policies have contributed to this growth, ensuring a better quality of life for its citizens.
As India continues to grow, it is poised to climb even higher in the global economic rankings, driven by its diverse and dynamic economic landscape.
Why do you think Brazil is ranked in that position? Share your thoughts in the comments.
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