August 3, 2010

Indian GDP over $1.5 trillion mark

POLITICS - Factories are being built so fast in India its difficult for the construction industry to keep up with the demand. They're training new construction workers as quickly as they can. The reason? The economy is booming and new factories, offices, apartment buildings and condos are all in high demand.

According to analysts (India's Economic Advisory Council) India's gross domestic product is expected to grow $1.72 trillion USD in 2011-12, and will likely reach the $2 trillion mark soon afterwards. For the July 2009 to June 2010 fiscal year the GDP grew to $1.52 trillion USD, representing 9% growth from the previous year.

If approx. 9% growth continues India's annual GDP should hit the $2 trillion mark sometime in 2013.

But maintaining such unprecedented growth is not a guarantee. Although India has seen 10% growth or more during recent years, the American Recession and global economic slump caused growth to slow to 6.7% in 2008-09 and 7.4% in 2009-10. Its still remarkable growth however and means millions of new higher-paying jobs for the people in India which has booming services and manufacturing sectors.

Before the economic slowdown the Indian economy grew by over 9% each year for three years in a row from 2005 to 2007.

See Also:
India's Booming Economy

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