GDP, short for “Gross Domestic Product,” represents the total monetary value of all goods and services produced within a country during a specific year. A higher GDP indicates the nation’s economy is strong and growing steadily. According to the World GDP Ranking 2023, India is the fifth-largest global economy. Significant countries, such as the United States of America, China, Japan, and Germany, also hold prominent positions on the GDP Ranking list.
Top 10 largest economies in the world in 2023
Each country has unique characteristics and regional strengths contributing to its economic growth. India, for example, has a strong foundation with robust macroeconomic fundamentals, domestic demand, fiscal discipline, high saving rates, and favourable demographic trends. Major contributors to India’s economy include traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing. To know the Top 10 largest economies in the world in 2023, look at the list below:
| GDP Rank | Country Name | GDP Per Capita (USD thousand) |
| 1 | United States | 80.03 |
| 2 | China | 13.72 |
| 3 | Japan | 35.39 |
| 4 | Germany | 51.38 |
| 5 | India | 2.6 |
| 6 | United Kingdom | 46.31 |
| 7 | France | 44.41 |
| 8 | Canada | 36.81 |
| 9 | Russia | 52.72 |
| 10 | Italy | 9.67 |
India GDP Rank 2023
With an estimated GDP exceeding 3.4 trillion dollars and a population of over 1 billion, India boasts one of the world’s largest population-based economies. The Economic Survey forecast indicates a growth rate of 6.5% for India in 2023-24, making it the fastest-growing major economy in the upcoming fiscal year. This growth is expected to be driven by rising consumption and investments, both domestically and internationally, potentially propelling India to even higher rankings on the World GDP Ranking list.
India GDP 2023 Per Capita
When considering India’s per capita income, it is evident that the value of output per person is quite substantial, with a significant increase in recent years. The per capita income has risen by 33.4% in 2023 compared to the previous year, with the current figure at nearly 2 lakhs. Over the last decade, the nation’s GDP per capita has increased by an impressive 175%, primarily due to population growth and increased demand for employment.
Last 10 Years of India’s GDP Growth Rate
Here is the comprehensive list of India’s GDP growth rate over the past decade, allowing you to monitor its economic progress closely.
| Year | GDP Growth (Percentage) | Annual Change |
| 2013 | 6.39% | 0.93% |
| 2014 | 7.41% | 1.02% |
| 2015 | 8.00% | 0.59% |
| 2016 | 8.26% | 0.26% |
| 2017 | 6.80% | -1.46% |
| 2018 | 6.45% | -0.34% |
| 2019 | 3.74% | -2.72% |
| 2020 | -6.60% | -10.33% |
| 2021 | 8.68% | 15.28% |
| 2022 | 7% | 1.68% |
| 2023 | 6 to 6.8% | 1% -0.2% |
Looking at India’s GDP growth rate over the last ten years, it is clear that the economy has shown resilience and improvement. After experiencing negative growth during the pandemic in 2020, the country’s GDP growth rate has rebounded impressively, reaching 6.8% in 2023. Various sectors, including agriculture and business, have been major contributors to employment, driving India’s economic growth and enabling it to climb the global rankings.
In conclusion, India’s economy has expanded over the years, securing its position as the fifth-largest economy on the World GDP Ranking 2023. Government initiatives have played a vital role in enhancing citizens’ quality of life and elevating the nation’s global standing.
