India's GDP Growth forecast by different Organisation 2018
GDP (Gross Domestic Product) is very important factor in the economy of a country. In India, GDP also plays an important role. There are many GDP Growth Rates Forecast (2017-18) made by various organizations related to GDP of India. These data are very important and may come in exams like IBPS, SSC, Bank, Railway and other competitive exams. So read the article carefully to be prepared for these exams. Here the given chart described in simple & easy way to understand the GDP growth forecasted by various organisations for FY 2018, 2019.
Definition of GDP-
It is the total value of everything produced by all the people and companies in the country. The GDP of India is calculated on yearly basis. It is a way to measure the economical growth of country.
GDP Growth Rate –
It is done by comparing one-quarter of the India's GDP to the previous quarter. It indicates the economic growth of a country. The Growth Rate is measured by 4 factors i.e. personal consumption, business investment including inventory and construction levels. If GDP of a country increases 5%, it indicates that the country has also grown 5% in the last financial year.
Measurement of GDP –
The GDP can be measured by two basic yet complicated ways.
- By adding up the income of every citizen in a year.
- By adding up the amount that every citizen spends.
Importance of GDP –
- It is used as the indicator of Economic Health of India. It also indicates the standard living of the citizen of India.
Forecast of Growth Rate according to various Organizations and Important Banking Information-
|
Name of the Organization
|
Head Quarter and Governor/ Head of
the Organization
|
Estimation of GDP of India
(2017-18-19)
|
Estimation of World GDP
|
|
Reserve Bank of India
(RBI) (According to 4th Bi-monthly Monetary Policy)
|
Dr. Urjit Patel, Mumbai
(India)
|
7%
|
N.A
|
|
International Monetary
Fund (IMF)
|
Christane Lagarde,
Washington (U.S)
|
7.2% (2017-18)
7.7% (2018-19)
|
3.5% (2017)
3.6% (2018)
|
|
World Bank
|
Jim Yong Kim, Washington
(U.S)
Member Nations - 189
|
7.2% (2017-18)
7.5% (2018-19)
7.5% (2019-20)
|
2.7% (2017-18)
|
|
Asian Development Bank
(ADB)
|
Takehiko Nakao,
Mandaluyong (Philippines)
Member Nations - 67
|
7% (2017-18)
7.5% (2018-19)
|
N.A
|
|
United Nations (UN)
|
Antoneo Gutterres,
New York (US)
Member Nations - 193
|
7.3% (2017-18)
9% (2018-19)
|
7% (2017-18)
7% (2018-19)
|
|
Fitch Ratings
|
Paul Taylor
New York (US)
|
6.9% (2017-18)
|
N.A
|
|
Credit Rating Information
Services of India Limited (CRISIL)
|
Ashu Suyash, Mumbai
(India)
|
6.7% (2017-18)
|
N.A
|
|
Federation of Indian
Chambers of Commerce and Industry (FICCI)
|
Pankaj Patel
New Delhi (India)
|
7.4% (2017-18)
|
N.A
|
|
India Ratings and Research
|
Rohit Swaney
Mumbai (India)
|
6.7% (2017-18)
|
N.A
|
|
NITI Aayog
|
Narendra Modi (Chairman)
Dr. Rajiv Kumar (Vice
Chaiman)
New Delhi (India)
|
6.9-7.0% (2017-18)
7.5% (2018-19)
|
N.A
|
|
Central Statistics Office
(CSO)
|
Devendra Verma
New Delhi (India)
|
7.1% 2017-18)
|
N.A
|
|
Nomura (Japanese Financial
Organization)
|
Koji Nagai
Tokyo (Japan)
|
7.1% 2017-18)
|
-
|
|
Hongkong and Shanghai
Banking Corporation (HSBC)
|
Stuart Gulliver
London (UK)
|
7.1% 2017-18)
|
N.A
|
|
Organization for Economic
Co-operation and Development (OECD)
|
Angel Gurria
Paris (France)
Member Nations - 35
|
6.7% (2017-18)
7.2% (2018-19)
|
N.A
|
|
National Council of
Applied Economic Research (NCAER)
|
Nandan Nilekani
New Delhi (India)
|
7.6% (2017-18)
|
N.A
|
|
Economic Survey (2017-18)
by Finance Ministry
|
Arun Jaitley (Finance
Minister)
|
6.75% (2017-18)
7-7.75% (2018-19)
|
N.A
|
Conclusion –
According to these organizations, it is clear that the GDP of India is expected to grow and that is a positive factor for the growth of Indian Economy. But in reality we are also in deep confusion if we check out previous employement, Economic Crisis, Demonetisation, Etc. But in paper language yes its growing as we can see in the above chart.
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