World GDP Ranking 2024 list

The monetary value of all the goods and services that are produced in a country in a single financial year is referred to as the "Gross Domestic Product," or GDP. A higher GDP shows that the nation is doing well financially and expanding steadily. India's economy is the fifth largest in the world, as per the World GDP Ranking 2024 report. This GDP Ranking list includes a number of other well-known nations, like the United States of America, China, Japan, Germany, and others. Every nation has distinct features and local advantages that support its overall economic expansion.

What is GDP per capita?

The country's GDP is divided by its population to compute GDP per capita. Based on economic growth, GDP per capita is used to assess a nation's level of growth and stability. Typically countries with a higher GDP per capita ranking are industrialized and developed.

Top 10 GDP Countries in 2024:

GDP per capita of top 10 countries as of July 2024 :

Countries with their GDP Per capita Income are shown below-

1. US: $28,783
2. China: $18,536
3. Germany: $45,90
4. Japan: $4,112
5. India: $3,942
6. UK: $3,502
7. France: $3,132
8. Brazil: $2,333
9. Italy: $2,332
10. Canada: $2,242
    

As per the above data, it can be observed that the United States is leading with the largest economy with over 20 trillion dollars followed by China which is nearly the largest economy that's mainly because of heavy investment.

Ranking of India's GDP in 2024

• India ranks fifth globally due to strong macroeconomic fundamentals, robust domestic demand, fiscal discipline, high saving rates, and demographic trends.
• Leading economic contributors include agriculture, technology services, handicraft industry, and business outsourcing that helped India gain this ranking in the world.
• Real GDP of 173.82 lakh crore in 2023-24 is a witness to India's high population-based economy.
• Expected fastest economic growth of 6.5%-7% in 2024-25 is expected to rise due to domestic and foreign consumption and investments.

India's Per Capita Income in 2024

Given India's position in the 2024 World GDP Ranking, it is very evident that the country produces a significant amount of value per person. As per the claim by the Union administration many households are now in higher income levels as a result of the increase in people's per capita income. India's per capita income is very close to 2 lakh in the fiscal year 2023. In contrast, India's per capita income was 71,609 in the fiscal year 2012. Over the past ten years, it has risen by 175% which is a significant jump that shows the nation is doing really well. The country's GDP per capita has risen dramatically as a result of the sharp rise in the population and the need for employment making India's progress quite fast.

India's GDP Growth Rate of the Last 10 Years

• GDP is calculated by dividing the value of goods and services produced for sale in the market and non-market production.
• India's economy is expected to grow with an 8.2% growth in FY2024.
• The GDP growth rate over the last decade shows a steady increase from 2013 to 2024 from 6.39% to 8.2%
• Despite a negative economic growth rate during the pandemic, India now has a good GDP growth rate of 8.2%.
• Despite lower GDP per capita, India continues to grow, with sectors like agriculture and business contributing the most to employment.

In addition to the growth, India is also contributing a lot to continuously put efforts in these sectors to move its economy to prosperity.

GDP calculation

Y = C + I + G + (X − M)

This is the formula used to compute GDP.

‘C’ denotes spending on services, non-durable products, and durable items.

‘I’ stands for investment, which includes money spent on equipment and housing.

‘G’ stands for government spending, which includes paying employees, building roads, railroads, airports, and schools, and paying for the military as well.

‘(X-M)’ is Net exports which is the difference between total exports and imports.

‘Y’ stands for the Gross Domestic Product in this case.

Conclusion

Achieving fifth position in the World GDP Ranking 2024 list for India is not a small thing rather it signifies how fast India can go in the direction of growth and prosperity. In addition the government is constantly working towards initiatives that can enhance the quality of life for citizens, thereby enhancing India's global ranking as well.