Page 136 - LECTURETTE TOPICS eBOOK

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Current Scenario

India has now become one of the fastest growing economies while performing
excellently well in different sectors. Considering the contribution of industries like IT,
BPO, manufacturing and e-commerce, India’s GDP has faced an immense annual
growth. India’s current GDP per capita is $1,706.39 while the GDP growth rate is
7.1%.

India is currently competing with China in terms of growth in sectors like IT, software
services and investment. It is estimated that within 2 years, Indian GDP will attain
the growth rate of 8%. In the past year, after the implementation of GST, several
events made India regain its momentum and emerged as a fastest growing economy
again with a 7.2% GDP compared to previous GDP of 6.6%

Quick facts about Indian GDP

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• In per nominal GDP, India stands at the 141 number while in per capita
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GDP with a GDP of $2134, India ranks 123 with the GDP of $7,738.
• The factors like increased youth population, low dependency rates,
investment rates, healthy savings and collaboration with global economy

makes India’s growth potentially way more positive.
• The major aspects contributing in low economic growth are poor
infrastructure, improper labor laws and several government policies.
• India is a reliable and promising hub for service sector enjoying the yearly
growth rate of 9%

• India is a profound and leading exporter of software services,
outrushing/BPO services and IT services. These three services contribute
$157 billion revenue.
• IT industry is India’s leading private sector employer and contributes a
major share in globalizing India as an IT hub.
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• Also India ranks as the 3 largest hub for startups having more than 3100
startups in the year 2014-2015.

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