Unpacking India’s GDP: Gross domestic product at current prices in India from 1980 to 2023

As of 2023, India’s nominal gross domestic product (GDP) was approximately 3.73 trillion US dollars. This puts India at the fifth position in the world GDP ranking, following the United States ($26.94 trillion), China ($17.70 trillion), Germany ($4.42 trillion), and Japan ($4.23 trillion). The United Kingdom, France, Italy, Brazil, and Canada complete the top ten list. Gross Domestic Product (GDP) is a key indicator of a nation’s overall economic size and power. GDP is generally defined as the total market value of all the finished goods and services produced within a country’s borders in a specific time period. GDP is by no means a perfect economic indicator.

Gross domestic product (GDP) of India 1980-2028

For many years, the Western media and observers have discussed the potential rise of China and India in terms of their massive future potential. However, it is time for the rest of the world to update its thinking because the future has arrived even faster than expected. In the decades to come, the economies of China and India will go from participating in global economic flows to determining their shape and direction.

Throughout history, both China and India have made significant contributions to the global GDP, with each accounting for about a quarter to a third of it. This was largely due to their large populations. However, in the 19th century, there was a sudden shift when the United States and Europe experienced rapid industrialization, leading to an increase in productivity and, subsequently, a significant increase in their share of the global GDP.

The world's eight most influential economies throughout history

Have you read?
Best CEOs. Best Companies. Richest People (Billionaires). Richest Women (Billionaires). Richest in Each Country (Billionaires).