As of 2023, India is the world's 5th largest economy by nominal GDP, with an economy that has grown steadily over the past decade. To put India's GDP in perspective, here’s a comparison against the top 5 GDPs in the world:
1. United States
- GDP: $26.7 trillion
- Percentage of Global GDP: ~25%
- Economy Type: Highly diversified, with significant contributions from technology, finance, healthcare, and consumer goods.
- Comparison to India: The U.S. economy is more than 7 times larger than India's economy in nominal terms, dominating global economic output due to its advanced industries, technology, and financial sectors.
2. China
- GDP: $19.4 trillion
- Percentage of Global GDP: ~18%
- Economy Type: Manufacturing powerhouse, with growing technology, consumer, and service sectors.
- Comparison to India: China’s economy is about 5 times larger than India's, but both countries are major players in global manufacturing, with China being ahead in infrastructure and export capacity. India, however, is rapidly closing the gap in terms of technology and services.
3. Japan
- GDP: $4.4 trillion
- Percentage of Global GDP: ~4%
- Economy Type: Advanced technology and manufacturing-based economy, with significant contributions from electronics, automotive, and robotics industries.
- Comparison to India: Japan's economy is about 1.5 times larger than India’s, although India is poised to overtake Japan in the coming years, driven by population growth and expanding service sectors.
4. Germany
- GDP: $4.2 trillion
- Percentage of Global GDP: ~3.8%
- Economy Type: Europe’s largest economy, driven by automotive, industrial manufacturing, and exports.
- Comparison to India: Germany’s economy is similar in size to Japan’s and is larger than India's. However, India's GDP growth rate is significantly higher, and the Indian economy is expected to surpass Germany's in the near future.
5. India
- GDP: $3.7 trillion
- Percentage of Global GDP: ~3.5%
- Economy Type: A rapidly growing economy driven by services, information technology, manufacturing, and agriculture.
- Growth Outlook: India is one of the fastest-growing large economies in the world, with a young population and increasing industrialization, particularly in technology and manufacturing. Its GDP growth rate is expected to continue outpacing most of the developed economies over the next decade.
Key Insights
- India’s GDP is approximately one-seventh of the U.S. economy and one-fifth of China’s economy.
- India is poised to overtake Germany and Japan in the coming years due to its faster growth rate, bolstered by a younger population and increasing investments in infrastructure, technology, and manufacturing.
- The U.S. and China dominate the global economy, collectively accounting for over 40% of global GDP, but India's rapidly expanding economy positions it as a rising global economic power.
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