In this article, we would understand about what is GDP? ,its effects, its current status, its analysis etc. Gdp refers to the gross domestic product.that represents the sum total value of all goods and services produced within a country for a specific time period. it serves as an important scorecard for evaluating countrys economic growth process. Gdp can be simply calculated in three ways they are:-
The production approach, the income approach, and the expenditure approach. In 2024, India’s GDP growth will reflect a little rise from previous year’s outcomes in a complex phase. However, this is not all. The GDP of India is still debunked with high global economic challenges. leading to high rise in oil prices. Governments are seeing more investment in infrastructure and in the manufacturing sector so that the GDP level of this country may be boosted. With a good increase in GDP it is performing better in sectoral performances too in comparison to the last few years, one could have seen the steady rise in manufacturing (8.5%) and construction (10.7%). This increases infrastructure activity and the strong industrial base. The Reserve Bank of India has estimated real GDP target rate of 7% for the current year 2024–25, with quarterly growth rates varying from 6.8 to 7.2%. it has been seen as an expected improvement in consumption behavior driven by better employment and security conditions,household monthly income. An increase in corporate investments and favorable credit scenarios shows a strengthened private capital expenditure cycle. The government has also led several programs and policies to increase the GDP of the country. One such policy in this regard is the ‘’Gati Shakti National Masters plan’’ which drives towards giving more emphasis on developing connectivity and improving logistics all over the country. Similarly, for manufacturing,production linked scheme(PLB)prioritizes with focus on domestic manufacturing industries such as electronics,pharamceuticals and automobile parts.it tries to reduce import dependence and try to make India a manufacturing hub .another policy was Make in india 2.0 with governments aim on focusing high growth potential,creating innovatives ,and providing more job opportunities. And there are many such other policy programs which governments is instilling between the people of india.
India’s government policies are designed in such a way to create an instrumental environment for sustainable growth. We need to make people aware of these enhanced growths, which may arise because lack of awareness. And then we will surely take the GDP growth rate higher and ensure economic reference in the face of global challenges.