India to Cross $1 trillion in GDP by Next Year; Fastest GDP Growth in 18 Years

Indian economy, Asia's fourth-largest, was expected to expand 9.2% this fiscal year ending in March, its fastest growth in almost two decades, according to the government reports. By comparison, China's economy grew 10.7% in 2006. India's economic growth has averaged 8.3% over the past three fiscal years. 

India's nominal GDP is expected to touch about $900 billion this year and next year India is expected to cross $1 trillion in GDP, according to Standard Chartered Bank estimates. 

  • Manufacturing output growth was seen at 11.3% compared with 9.1% a year ago
  • Services sector, which make up more than half of economic activity, were seen growing 11.2% in 2006-'07 compared with 9.8% a year earlier.
  • Farming, which generates a 20% of GDP but employs about 60% of the population, was estimated to grow 2.7% percent in 2006-'07.
  • Electricity was seen expanding 7.7%.


India expects fastest GDP growth in 18 years -

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