Open AccessA STUDY ON DYNAMICS OF INDIA'S GROSS DOMESTIC PRODUCT FOR 2014-2019
Author(s) -
Mohammed Aslam Khan
Publication year - 2020
Publication title -
american journal of economics
Language(s) - English
Resource type - Journals
ISSN - 2520-0453
DOI - 10.47672/aje.554
Subject(s) - gross domestic product , economics , population , agriculture , real gross domestic product , product (mathematics) , economy , agricultural economics , economic growth , macroeconomics , geography , mathematics , demography , archaeology , sociology , geometry
Background: The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It reflects the total market value of all finished products and services produced over a specific period within a country. GDP is presented as a comparison to the previous quarter or year and is considered the benchmark for the economy's size. India is emerging as one of the fastest-growing economies in the world and is expected to rank among the top three economic powers of the world over the next 15-20 years, supported by its stable democracy, population growth, and partnerships.Purpose: The purpose of this paper was to study the dynamics of the Indian economy's GDP growth for the period of 2014 to 2019. The present study tried to understand the trend, contribution, and structure of the various sectors such as agriculture, industry, and services in India's GDP growth.Methodology: The research methodology used in this paper was quantitative since this method can be used to analyze nearly infinite numbers of phenomena. The study used secondary data for the period 2014 to 2019. Data was collected from the Economic Survey of India and Reserve bank of India bulletins. Descriptive and inferential data analysis techniques were employed.Findings: The study of GDP growth between 2014-2019 and sectoral level analysis shows interesting facts that India will reach a $5 Trillion GDP mark by 2024-25 at current prices.Unique contribution to theory, practice, and policy: This paper intended to make policy recommendations that can help India's long-term sustainable growth. The study recommended strategies such as increasing public finance in the agricultural sector and strengthening the integrated public transport projects to the government to maintain stable economic growth to achieve a $5 Trillion economy. This paper will increase the economic researcher's awareness and position it in the library of an institution of higher education