India's share of global gross domestic product (GDP) 2024

India: Share of global gross domestic product (GDP) adjusted for Purchasing Power Parity (PPP) from 2014 to 2024

by H. Plecher, last edited Nov 6, 2019
India's share of global gross domestic product (GDP) 2024India’s share of global gross domestic product (GDP) rose to 7.74 percent in 2018 when adjusted for purchasing power parity (PPP) and was projected to increase to 9.58 percent by 2024. This reflects the growth of India’s economy, which is helped in this ranking by the low purchasing power of the rupee.
The Indian economy

A significant portion of India’s economic growth comes from a shift in the workforce from the agricultural sector to the more-productive service sector. This labor force shift is particularly significant in India because of the country’s staggering population figures. As such, changes in the Indian economy have an impact on a significant portion of the world population.

What does PPP mean?

The Economist magazine uses the Big Mac Index to illustrate purchasing power. Since the product should be the same in every country that has a McDonalds, the Big Mac’s price should reflect the purchasing power of each local currency. For the calculation in this statistic, economists took the prices of several standard goods (though not the Big Mac) and put them at the same level based on their prices in the local currency. Thus, the power of these currencies to purchase was put on par across countries, giving purchasing power parity. As such, this statistic can be interpreted as the relative size of the Indian economy if the whole world used the Indian rupee price levels.
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India: Share of global gross domestic product (GDP) adjusted for Purchasing Power Parity (PPP) from 2014 to 2024

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