World GDP Ranking 2024 List

GDP or “Gross Domestic Product” refers to the monetary value of all goods and services produced in a nation during a given year. A higher GDP indicates that the country is financially strong and growing at a stable rate. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world. Other prominent countries like the United States of America, China, Japan, Germany, etc., have a significant presence in this GDP Ranking list. 

Each country has their own unique characteristics and regional strengths that contribute to its overall economic growth. To find more information about India’s contribution towards its economy, read on. 

Top 10 GDP Countries 2024:

With a GDP of more than 20 trillion dollars, the United States of America is the world’s largest economy. Since China continues to invest heavily in economic growth, China has come close to becoming the largest economy. Other notable nations like Germany, India, and the United Kingdom follow next. To know the top 10 GDP countries, look at the list below:

*This data is as of 1 July 2024

India GDP 2024 Rank

With strong macroeconomic fundamentals, robust domestic demand, fiscal discipline, high saving rates and demographic trends, India is now the fifth-largest economy in the world. Today, India’s leading economic contributors are traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing. 

With a real GDP of 173.82 lakh crore in 2023-24 generated by a population of over 1 billion, India is among the highest population-based economies in the world.

Additionally, as per the recent data, India will tend to grow at 6.5%-7% in 2024-25. This means India's economic growth next fiscal year will be the fastest among major economies. Therefore, in the upcoming years, rising consumption and investments, both domestic and foreign, will contribute to the nation’s growth and may also help India to rank higher in the World GDP Ranking list.

India GDP Per Capita 2024 / India Per Capita Income 2024

Knowing India's rank in the World GDP Ranking 2024 list, it is evident that the value of output per person is quite substantial. India's per capita income of the population for 2024 is 2.73%. As per the Union government, the rise in the per capita income of people has pushed many households into higher income brackets. 

In the financial year 2023, India's per capita income is nearly 2 lakh.  On the contrary, in the financial year 2012, India’s per capita income was 71,609. It has increased by 175% in the last 10 years. The drastic increase in population and demand for employment has significantly increased the nation's GDP per capita. 

India's GDP Growth Rate - Last 10 Years

The calculation of GDP involves calculating the value of goods and services produced for market sale and non-market production, such as government-provided education or defence services. GDP is significantly important as the size of an economy is measured by the total production of goods and services in the economy. 

In this regard, India's economy is expected to rise in the upcoming years. With 8.2% growth in FY24, India will be one of the fastest-growing trillion-dollar economies in the world in 2024. To keep an eye on India's GDP growth rate, here is the complete list of the GDP growth rate over the last 10 years:

From the above table it is evident that after recovering from a negative economic growth rate during the pandemic, the country now has a good GDP growth rate of 8.2%. Despite its lower GDP per capita, India continues to climb up the list. Different sectors, including agriculture, business and others, contribute the most to employment in every term, making it one of the largest growing economies. 

Calculating GDP

GDP is calculated using the following formula:
                    Y = C + I + G + (X − M)

• C represents consumption, which includes spending on services, non-durable goods, and durable goods.
• I represents investment, which consists of spending on housing and equipment.
• G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses.
• The difference between total exports and imports is referred to as net exports, denoted by (X-M).
• In this context, Y represents the Gross Domestic Product.

Conclusion

Over time, the size of India's economy has increased, and therefore it has bagged fifth position in the World GDP Ranking 2024 list. Today, different government initiatives have ensured that all citizens lead a better quality of life, improving our position in the world ranking list.