The economy of India grew 0.4% year-on-year in the last three months of 2020, slightly below market forecasts of a 0.5% gain. Still, it is the first expansion in three quarters as the government opened economic activities in phases from June after a coronavirus lockdown in late-March. On the expenditure side, both private (1% vs -8.3% in Q3) and public (7.2% vs -17.5%) spending rebounded. Gross fixed capital formation also returned to growth (5.9% vs -7%) while exports declined 1.7% (vs -0.1% and imports sank 2% (vs -16.9%). On the production side, gross value added surged 1%, boosted by a rebound in manufacturing (1.6% vs -1.5%), construction (6.2% vs -7.2%), financial, real estate and professional services (6.6% vs -9.5%). Also, the farm sector rose faster (3.9% vs 3%) and utilities output surged (7.3% vs 2.3%). The contraction for financial year 2020/2021 was estimated slightly higher at 8% from 7.7% which would be the biggest drop ever. source: Ministry of Statistics and Programme Implementation (MOSPI)
GDP Annual Growth Rate in India averaged 5.72 percent from 1951 until 2020, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -24.40 percent in the second quarter of 2020. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.
GDP Annual Growth Rate in India is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in India to stand at 5.50 in 12 months time. In the long-term, the India GDP Annual Growth Rate is projected to trend around 7.00 percent in 2022 and 6.50 percent in 2023, according to our econometric models.