India's GDP growth explained: What's the road to becoming world's 3rd largest economy?  


India’s GDP growth stood at 7.8% for the first quarter of the current fiscal year, which is the fastest pace of growth for the Indian economy in a year. India is the fastest growing major economy in the world and is expected to maintain this title for the coming few years.

So, what’s driving India’s robust growth? How is the Indian economy managing to do well amidst a major global slowdown? In this week’s episode of TOI Business Bytes, Dharmakirti Joshi, Chief Economist at CRISIL Ltd gives detailed insights into India’s GDP growth story.


那么,是什么推动了印度的强劲增长呢?在全球经济大幅放缓的情况下,印度经济是如何取得亮眼成绩?在本周的《印度时报商业字节》节目中,CRISIL Ltd的首席经济学家达玛科帝·乔希详细分析了印度的GDP增长情况。

"I think 7.8% growth in the first quarter is likely to be the peak growth this year. After that, I think we'll see a slowdown,” he said.

“Beyond that global slowdown is going to intensify. Number two, the 250 basis point rate hike that has been administered since 2022, will have some sobering effect on demand,” he said.



DK Joshi cautions that the biggest worry for the economy right now is monsoon and its impact on inflation. “August was very deficient and September is expected to be good. But the deficiency is quite large. And particularly given that there are the prices of cereals, pulses, milk, I think these have been high for a much longer time, even before the monsoon set,” he said that the overall growth forecast is still maintained at 6%. “And even at this rate, India will be the fastest growing G20 country,” he said.

The CRISIL Chief Economist also explains how manufacturing will increase its share in India’s GDP in the coming years.  However, he notes that the services sector will continue to be a big growth driver as India transitions to a middle income economy.





• 17 hours ago

It could become the 3rd largest economy but with the highest population. India’s per capita income and human development index (HDI) compares to African countries.




Sukumar Roy Chowdhury • 17 hours ago

Let's discuss about Bharat's economy. We are on track and by 2027 end Bharat will be the 3rd largest economy in the world in terms of GDP




• Sukumar Roy Chowdhury • 17 hours ago

In case of change in regime, country will stagnate economically and the leaders fortune grow in turn. Could policies of UPA govt grown the economy from $ 2.03 trillion in 2014 to possible $3.76 trillion (july2023) under severe international turmoil which resulted in the negative/ miniscule growth of large developed economies.




User Nair • 21 hours ago

The whole world has acknowledged about India's developments and we are on main track. Hope you will not be upset about this.




Ashok Kumar • Pune • 1 day ago

Number Of Rs 2000 Notes in circulation were 170 CRORES. If we we have to compensate to equate Currency in Circulation to that level HOW MANY NOTES RBI HAVE TO PRINT? For Rs 500 note 850 CRORES NOTES. For Rs 200 notes 1700 Crore notes. CONSIDER cost of printing @Rs 10 per note is spent by RBI HOW MUCH BUSINESS IS GENERATED IN PAPER N PULD CHEMICAL DYES etc sectors.




Rajeev Kumar • 1 day ago

Only roads which leads to peace and prosperity is via BJP NDA and Modi........ Kick out INDIA frauds led by Italian invaders.....




Ashok Kumar • Pune • 1 day ago

Have Modi Govt Changed BASIC CALCULATION FORMULAS than that was used before 2015? Many were murmuring about it.




Ashok Kumar • Pune • 1 day ago

In May Feku announced Clean Note Policy For Exchange Of Rs 2000 Notes. Citizens started offloading these notes to pay for various things. RESULT was market got SURPLUS SPENDING than usual. This is also major hidden factor associated with GDP Growth. This effect will be visual for one more month too.




• 1 day ago

Excess money printing can increase GDP but causes inflation.. America increased interest rates to lower inflation but Modi wants to look good for next year election so not increasing intrest rates ... This in turn is making everything expensive. BJP dont have educated economist like congress.. Their decision is on Modi marketing not what is good for country and its ppl




mediacv • 1 day ago

in 2014 one US $ 58 now 83 ,average GDP in UPA period 8% now NDA 9 years 4% ,export worse in the history ,in 2015 we changed GDP calculation.The change also switched GDP calculation to using market prices rather than factor costs. to take into account gross value addition in goods and services as well as indirect taxes and subsidies (adding taxes and reducing subsidies).

2014年,1美元兑换58卢比,现在是83卢比,UPA时期的平均GDP增长率是8%,在NDA的 9年间是4%,出口数据跌至史上最差。2015年我们调整了GDP的计算方式,将GDP的计算改为使用市场售价,而非成本,把商品和服务的增值以及间接税和补贴也计算入内。



Truth Digger • Surat • 1 day ago

Bharat will be third largest economy of the world in near future. It will be a big achievement, best of luck.




Ashok Kumar • Truth Digger • Pune • 1 day ago

2016 Demonetisation, Change In GDP Calculation, 15 years Old Vehicle Scrappage policy n 2023 Clean Note Policy etc are major hidden factors for GDP Growth. Certainly n Naturally India will be 3rd Largest Economy BUT BCOZ of spending capacity for REQUIREMENTS OF 140 CR Population. PARIVARHEEN Feku is not relevant with it




• Truth Digger • 14 hours ago

Name of the country is India.




Truth Digger • Surat • 1 day ago

The country will be third largest economy of the world very soon and it will be a great achievement.




Ashok Kumar • Truth Digger • Pune • 1 day ago

GST Implementation plus Low Price CRude oil purchase are also reasons. FEKU OPPOSED GST BJP OPPOSED UPA DEMONETISATION




Logical Indian • 1 day ago

Indian economy was growing quite fast until 2018. The absolute growth in economy since 2019 is around 3.5% and the growth of 7.8% is due to lower base effect for the last 3 fiscal which is superficial to say the least.




Ashok Kumar • Logical Indian • Pune • 1 day ago

Hidden Effect of Exchange Of Rs 2000 Notes like 2016 demonetisation impact. Modi Govt Changed GDP Calculation Methodology in 2015 also matters




• 1 day ago

we Indians are on fast on the eve of janamashtami hence today's national savings may be spared for the arm forces development.




Vijaykumar • 1 day ago

This government under Modiji lift Bharat to this position.We are seeing so many changes in our life time itself which we never predict.Hats off to our PM and team.




PRAVIN RAO • Bangalore • 1 day ago

Whenever BHARAT achieves spectacular results, other Jokers, will start SULKING and get into depression as if they are MOURNING.  




Vikram • 1 day ago

Modi hai tho mumkin hai. If we were under Congress regime, we would have still been a backward country. Thankfully we have a capable and patriot as our Prime Minister.




shehjaada • 1 day ago

Smriti jain, u wrote, 'became third largest and going to become third largest' can you explain

Smriti jain你说印度“已经成为第三大经济体,并将成为第三大经济体”,你能解释一下吗



Balachandran Nair V • Trivandrum • 1 day ago

I still remember the way the so called economists used to mock the current PM and his fiscal management, today, after COVID perhaps the only economy that has come out without much damage is Indian economy




• 1 day ago

Fantastic. Now as citizens of India will someone please tell me our Median Per Capita GDP and Income. My pocket feels some how lighter.




• Joseph Chettupuzha • 1 day ago

Nobody in the government wants to talk about GDP per capita where India's rank stands at 139. GDP per capita is the real indicator of prosparity of its population.




Pkm • Joseph Chettupuzha • Kurung Kumey • 1 day ago

You begging for free stuff?




Surendra Singh • Joseph Chettupuzha • 16 hours ago

It’s about top economy of World & not about per capita. Based on per capita, Luxembourg, Singapore, Ireland, Norway, Qtar , UAE are on top.




• 1 day ago

To become 3rd largest economy India need to change its name first, then city's name, state name and then village's name




Nonpoliticalindian Nonpoliticalindian • Ravi Ingale • 1 day ago

You deserve a Bharat Ratna for this greatest invention.




• 1 day ago

First, control the population and limit it to one billion. The economy will take care of itself. The unskilled, easygoing and freeloading population are the biggest drag on economic growth.


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