Narendra Modi vs Manmohan Singh: What numbers say about India’s GDP
1 min read 14 Jun 2022, 09:53 AM ISTFor the fiscal year ending March 31, 2022, India's real gross domestic product (GDP) grew at an annual rate of 8.7 percent.
PremiumIndia's GDP grew at an annual rate of 6.8 percent on average from 2004 to 2020. According to data released by the Ministry of Statistics and Programme Implementation, India's GDP increased by 6.8 percent on average from 2014 to 2020, during the first six years of the Narendra Modi-led NDA administration.
Interestingly, the GDP growth rate was the same during the Manmohan Singh-led UPA government's ten years in power, at 6.8 percent. The average GDP change over the previous year between 2014 and 2020 was 10.18 percent. On the other hand, the same for the 2004-2014 period was nearly 15 percent.
The average household final consumption expenditure (PFCE) rates of expenditure components to GDP in 2004-2014 was 10.56 percent while the same in 2014-2020 was almost the same at 10.61 percent.
The average government final consumption expenditure (GFCE) rates of expenditure components to GDP in 2004-2014 was 56.54 percent while the same in 2014-2020 was 59.23 percent.
The average gross fixed capital formation (GFCF) rates of expenditure components to GDP in 2004-2014 was 33.38 percent while the same in 2014-2020 was 28.88 percent.
The Gross National Income (GNI) at 2011-12 Prices is now estimated at ₹139.32 lakh crore during 2018-19, as against the previous year’s estimate of ₹130.34 lakh crore. In terms of growth rates, the GNI is estimated to have risen by 6.9 percent during 2018-19, in comparison to the growth rate of 7.2 percent in 2017-18.
The Per Capita Income in real terms (at 2011-12 Prices) during 2018-19 is estimated at 92,565 as compared to 87,623 for the year 2017-18. The growth rate in Per Capita Income is estimated at 5.6 percent during 2018-19, as against 5.7 percent in the previous year.
The growth rate of India's real gross domestic product (GDP) for the year ended March 31, 2022 was 8.7 percent. After adjusting for inflation, a growth of 8.7 percent sounds pretty good until we consider that GDP contracted by 6.6 percent in the previous year.
