India’s share in world GDP doubles

India’s share in world GDP doubled/increased from 1.43% in 2000 to 2.86% in 2015. In the post crisis period, the performance of Indian economy is not bad as the economy is still progressing in the world economic system. India’s GDP stood at USD 477 billion in 2000 and increased to USD 2091 billion in the year 2015 showing more than fourfold increase over a period of 15 years.

The five BRICS countries account for about 42% of the world’s population, a quarter of the world’s land area and a combined GDP of above US $ 16 trillion. The BRICS economies also contributed a significant share in the world GDP which increased from 8.27% in 2000 to 22.53% in 2015. Besides this, the volume of GDP of all the BRICS economies has increased significantly since 2000 and particularly post 2008 crisis. India, on the other hand, has performed phenomenally well if observed from the trend in its volume of GDP.

Going ahead, growth in India is projected to notch up to 8 percent in 2016–17. Growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes. Further, with the revival of sentiment and pickup in industrial activity, a recovery of private investment is expected to further strengthen growth in the coming times.

The term BRIC (Brazil, Russia, India, and China) was first coined in 2001 by Goldman Sachs in the context of an exercise to forecast global economic trends over the next half century. As a grouping, BRIC was first convened in September 2006 with a meeting of Foreign Ministers of four countries in New York on the sidelines of UN General Assembly. Following a consensus amongst the BRIC Leaders, South Africa was invited to join the grouping at the 3rd Summit in Sanya, China in April 2011. BRICS (Brazil, Russia, India, China and South Africa) as a group has demonstrated the shared will and capacity to engage with each other as well as with the world community in seeking sustainable solutions to contemporary regional and global challenges and promote global stability and well-being. Together the five BRICS countries account for about 42% of the world’s population, a quarter of the world’s land area and a combined GDP of above US $16 trillion.

The volume of GDP of all the BRICS economies has increased significantly since 2000 and particularly post 2008 crisis but GDP volume of Brazil, Russia and South Africa started decelerating from 2015 onwards. India, on the other hand, has performed phenomenally if observed from the trend in its volume of GDP. India’s GDP stood at USD 477 billion in 2000 and increased to USD 2091 billion in the year 2015 showing more than fourfold increase over a period of 15 years. China, however, has retained the top most position among the BRICS economies backed by growing manufacturing exports worldwide. The volume of its GDP has almost doubled in five years from USD 6005 billion in the year 2010 to USD 10983 billion in the year 2015 despite slowdown in all the major advanced economies.