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India
HistorySaid – pattern
India matched the Fiscal Dominance Trap pattern in 2010. 5 pattern matches detected historically. View →
HistorySaid – ranking
India ranks 186th globally by GDP ($3.91T in 2024). View →
HistorySaid – inflation
Inflation in India fell from 5.6% (2023) to 5.0% (2024) – a 0.7pp shift. View →
HistorySaid – population
India has a population of 1.45 billion as of 2024 (growth: 0.89%). View →
Economy & Growth
GDP $3.91T
GDP per Capita $2,695
GDP Growth 6.49%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 16.55% | 16.19% | 16.29% | 15.23% Trend | 14.63% Trend | 14.04% Trend | – | – | – |
| GDP | $3.35T | $3.64T | $3.91T | $4.13T IMF WEO Oct 2025 | $4.51T IMF WEO Oct 2025 | $4.96T IMF WEO Oct 2025 | $5.46T IMF WEO Oct 2025 | $6.02T IMF WEO Oct 2025 | $6.63T IMF WEO Oct 2025 |
| GDP Deflator | 5.90% | 2.59% | 3.08% | 2.18% Trend | 1.26% Trend | 0.33% Trend | – | – | – |
| GDP Growth | 7.61% | 9.19% | 6.49% | 6.65% IMF WEO Oct 2025 | 6.16% IMF WEO Oct 2025 | 6.41% IMF WEO Oct 2025 | 6.48% IMF WEO Oct 2025 | 6.50% IMF WEO Oct 2025 | 6.50% IMF WEO Oct 2025 |
| GDP PPP | $13.12T | $14.85T | $16.19T | $17.71T IMF WEO Oct 2025 | $19.14T IMF WEO Oct 2025 | $20.71T IMF WEO Oct 2025 | $22.41T IMF WEO Oct 2025 | $24.29T IMF WEO Oct 2025 | $26.35T IMF WEO Oct 2025 |
| GDP per Capita | $2,347 | $2,530 | $2,695 | $2,818 IMF WEO Oct 2025 | $3,051 IMF WEO Oct 2025 | $3,330 IMF WEO Oct 2025 | $3,638 IMF WEO Oct 2025 | $3,975 IMF WEO Oct 2025 | $4,346 IMF WEO Oct 2025 |
| GDP per Capita PPP | $9,207 | $10,323 | $11,160 | $12,101 IMF WEO Oct 2025 | $12,964 IMF WEO Oct 2025 | $13,908 IMF WEO Oct 2025 | $14,927 IMF WEO Oct 2025 | $16,047 IMF WEO Oct 2025 | $17,278 IMF WEO Oct 2025 |
| GNI | $3.30T | $3.59T | $3.85T | $4.17T Trend | $4.46T Trend | $4.75T Trend | – | – | – |
| GNI per Capita | $2,390 | $2,580 | $2,650 | $2,911 Trend | $3,102 Trend | $3,293 Trend | – | – | – |
| Gross Savings | 29.81% | 30.94% | 30.27% | 31.51% IMF WEO Oct 2025 | 30.95% IMF WEO Oct 2025 | 30.82% IMF WEO Oct 2025 | 30.68% IMF WEO Oct 2025 | 30.56% IMF WEO Oct 2025 | 30.54% IMF WEO Oct 2025 |
| Industry Value Added | 25.38% | 25.30% | 24.63% | 24.74% Trend | 24.52% Trend | 24.30% Trend | – | – | – |
| Services Value Added | 49.73% | 49.51% | 49.87% | 50.64% Trend | 51.19% Trend | 51.75% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 4.95%
Consumer Price Index 227.60
PPP Conversion Factor 20.42
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 205.27 | 216.86 | 227.60 | 239.13 Trend | 250.50 Trend | 261.88 Trend | – | – | – |
| Inflation Rate | 6.70% | 5.65% | 4.95% | 2.82% IMF WEO Oct 2025 | 4.05% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 |
| PPP Conversion Factor | 20.49 | 20.29 | 20.42 | 20.38 Trend | 20.36 Trend | 20.33 Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Population
Population 1.5B
Population Growth 0.89%
Population Density 483.7
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 16.1 | – | – | 15.5 Trend | 15.2 Trend | – | – |
| Death Rate | 6.6 | – | – | 7.0 Trend | 6.9 Trend | – | – |
| Dependency Ratio | 47.01 | 46.56 | – | 45.96 Trend | 45.42 Trend | 44.89 Trend | – |
| Fertility Rate | 1.98 | – | – | 1.89 Trend | 1.86 Trend | – | – |
| Life Expectancy | 72.0 | – | – | 72.0 Trend | 72.4 Trend | – | – |
| Net Migration | -979,179 | -630,830 | -495,753 | – | -632,939 Trend | -590,042 Trend | -547,144 Trend |
| Population | 1.4B | 1.5B | – | 1.5B Trend | 1.5B Trend | 1.5B Trend | – |
| Population Density | 483.7 | – | – | 491.8 Trend | 495.9 Trend | – | – |
| Population Growth | 0.88% | 0.89% | – | 0.84% Trend | 0.83% Trend | 0.82% Trend | – |
| Refugee Population | – | – | – | – | – | – | – |
| Urban Population | 35.07% | 35.38% | – | 35.69% Trend | 36.00% Trend | 36.32% Trend | – |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 4.22%
Youth Unemployment 16.02%
Labor Force Participation 55.66%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Employment | 43.51% | 42.35% | 41.63% | – | 41.26% Trend | 40.72% Trend | 40.18% Trend | – | – |
| Female Labor Participation | 30.98% | 32.42% | 32.43% | – | 34.32% Trend | 35.57% Trend | 36.81% Trend | – | – |
| Industry Employment | 25.03% | 25.37% | 25.82% | – | 25.94% Trend | 26.14% Trend | 26.33% Trend | – | – |
| Labor Force Participation | 54.70% | 55.64% | 55.66% | – | 56.92% Trend | 57.75% Trend | 58.58% Trend | – | – |
| Services Employment | 31.46% | 32.27% | 32.56% | – | 32.79% Trend | 33.14% Trend | 33.49% Trend | – | – |
| Unemployment Rate | 4.17% | 4.17% | 4.22% | 4.94% IMF WEO Oct 2025 | 4.94% IMF WEO Oct 2025 | 4.94% IMF WEO Oct 2025 | 4.94% IMF WEO Oct 2025 | 4.94% IMF WEO Oct 2025 | 4.94% IMF WEO Oct 2025 |
| Youth Unemployment | 15.60% | 15.75% | 16.02% | – | 13.71% Trend | 12.55% Trend | 11.39% Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 6.73%
Government Spending 13.33%
Military Spending 2.27%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | -8.97% | -7.40% | -7.90% | -7.11% IMF WEO Oct 2025 | -7.15% IMF WEO Oct 2025 | -7.09% IMF WEO Oct 2025 | -6.94% IMF WEO Oct 2025 | -6.77% IMF WEO Oct 2025 | -6.63% IMF WEO Oct 2025 |
| Education Spending | – | – | – | – | – | – | – | – | – |
| Government Debt to GDP | 82.17% | 80.72% | 81.64% | 81.36% IMF WEO Oct 2025 | 80.76% IMF WEO Oct 2025 | 79.96% IMF WEO Oct 2025 | 79.06% IMF WEO Oct 2025 | 78.06% IMF WEO Oct 2025 | 76.87% IMF WEO Oct 2025 |
| Government Revenue | 20.13% | 20.49% | 20.48% | 20.23% IMF WEO Oct 2025 | 20.23% IMF WEO Oct 2025 | 20.32% IMF WEO Oct 2025 | 20.42% IMF WEO Oct 2025 | 20.51% IMF WEO Oct 2025 | 20.61% IMF WEO Oct 2025 |
| Government Spending | 13.33% | – | – | 12.92% Trend | – | – | – | – | – |
| Health Spending | 3.40% | 3.34% | – | 3.61% Trend | 3.69% Trend | – | – | – | – |
| Military Spending | 2.38% | 2.36% | 2.27% | 2.10% Trend | 1.99% Trend | 1.87% Trend | – | – | – |
| Tax Revenue | 6.73% | – | – | 5.88% Trend | – | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Debt
External Debt $716.5B
External Debt to GNI 18.58%
Short-term Debt 19.48%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Debt Service | 8.27% | 10.16% | 10.49% | 8.33% Trend | 7.65% Trend | 6.97% Trend |
| Domestic Credit | – | – | – | – | – | – |
| External Debt | $615.5B | $647.6B | $716.5B | $732.9B Trend | $766.7B Trend | $800.6B Trend |
| External Debt to GNI | 18.65% | 18.04% | 18.58% | 17.10% Trend | 16.38% Trend | 15.66% Trend |
| Interest Payments to Revenue | 33.98% | – | – | 36.24% Trend | – | – |
| Short-term Debt | 20.77% | 19.63% | 19.48% | 20.35% Trend | 20.67% Trend | 20.99% Trend |
Italic values are IMF World Economic Outlook projections.
Money
Lending Rate 8.57%
Real Interest Rate 2.52%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Credit to GDP | 50.14% | – | – | – | – |
| Deposit Rate | – | – | – | – | – |
| Lending Rate | 8.70% | 8.57% | – | 7.80% Trend | – |
| M2 Money Supply Growth | 11.30% | – | – | – | – |
| Non-Performing Loans | 6.54% | 4.81% | 1.72% | -1.21% Trend | -3.02% Trend |
| Real Interest Rate | 0.32% | 2.52% | – | -2.28% Trend | – |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 83.67
Real Effective Exchange Rate 90.65
Foreign Reserves $643.0B
▾
| Indicator | 2024 | 2025 | 2026 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|---|---|---|
| Exchange Rate | 83.67 | – | – | 86.92 Trend | 89.71 Trend | 92.49 Trend | – | – |
| Foreign Reserves | $643.0B | – | – | $641.9B Trend | $651.3B Trend | $660.8B Trend | – | – |
| Real Effective Exchange Rate | 102.05 | 96.93 | 90.65 | – | – | 91.11 Trend | 88.82 Trend | 86.53 Trend |
| Reserves in Months of Imports | 7.5 | – | – | 5.2 Trend | 4.0 Trend | 2.7 Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $822.0B
Imports $923.6B
Trade Balance $-90.9B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | -2.36% | -0.88% | -0.82% | -1.00% IMF WEO Oct 2025 | -1.41% IMF WEO Oct 2025 | -1.57% IMF WEO Oct 2025 | -1.71% IMF WEO Oct 2025 | -1.83% IMF WEO Oct 2025 | -1.86% IMF WEO Oct 2025 |
| Exports | $767.6B | $773.2B | $822.0B | $939.5B Trend | $1.02T Trend | $1.10T Trend | – | – | – |
| FDI Inflows | 1.49% | 0.77% | 0.69% | 0.14% Trend | -0.27% Trend | -0.68% Trend | – | – | – |
| FDI Outflows | 0.43% | 0.38% | 0.62% | 0.55% Trend | 0.58% Trend | 0.60% Trend | – | – | – |
| Imports | $902.3B | $859.5B | $923.6B | $1.08T Trend | $1.18T Trend | $1.28T Trend | – | – | – |
| Remittances Received | $111.2B | $119.5B | $137.7B | $149.9B Trend | $163.9B Trend | $177.8B Trend | – | – | – |
| Tourism Receipts | – | – | – | – | – | – | – | – | – |
| Trade Balance | $-119.5B | $-76.2B | $-90.9B | $-122.3B Trend | $-137.6B Trend | $-153.0B Trend | – | – | – |
| Trade Openness | 50.08% | 44.99% | 44.65% | 48.59% Trend | 49.92% Trend | 51.26% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Financial Markets
Market Capitalization 131.24%
Stock Turnover Ratio 65.23%
Listed Companies 2,673
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Interest Rate Spread | – | – | – | – | – | – |
| Listed Companies | 2,168 | 2,370 | 2,673 | 2,767 Trend | 2,941 Trend | 3,115 Trend |
| Market Capitalization | 101.23% | 119.28% | 131.24% | 135.51% Trend | 143.40% Trend | 151.29% Trend |
| Stock Turnover Ratio | 49.81% | 44.81% | 65.23% | 49.20% Trend | 45.81% Trend | 42.42% Trend |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability -0.64
Government Effectiveness 0.48
Regulatory Quality -0.14
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | -0.32 | -0.32 | -0.37 | -0.38 Trend | -0.40 Trend |
| Government Effectiveness | 0.25 | 0.37 | 0.48 | 0.59 Trend | 0.66 Trend |
| Political Stability | -0.69 | -0.62 | -0.64 | -0.50 Trend | -0.44 Trend |
| Regulatory Quality | -0.09 | -0.05 | -0.14 | -0.07 Trend | -0.06 Trend |
| Rule of Law | -0.11 | 0.11 | 0.19 | 0.29 Trend | 0.36 Trend |
| Voice and Accountability | 0.09 | 0.05 | 0.09 | -0.05 Trend | -0.09 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $85
Infant Mortality Rate 24.5
Maternal Mortality Ratio 80.00
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $76 | $82 | $85 | $100 Trend | $106 Trend |
| Hospital Beds | 1.59 | – | – | – | – |
| Infant Mortality Rate | 26.8 | 25.6 | 24.5 | 21.8 Trend | 20.5 Trend |
| Maternal Mortality Ratio | 155.00 | 90.00 | 80.00 | 84.20 Trend | 78.90 Trend |
| Physicians | – | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 81.70%
Tertiary Enrollment 34.42%
Education Spending 4.10%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Education Spending | 4.10% | – | – | 4.36% Trend | – | – |
| Literacy Rate | 76.32% | 81.70% | – | 82.65% Trend | 84.09% Trend | – |
| Primary Enrollment | 112.07% | 113.16% | 120.52% | 124.28% Trend | 128.97% Trend | 133.66% Trend |
| Tertiary Enrollment | 32.45% | 34.01% | 34.42% | 36.07% Trend | 37.31% Trend | 38.55% Trend |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 34.90%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | – | – | – | – | – |
| CO2 per Capita | – | – | – | – | – |
| Electricity Access | 99.60% | 99.20% | 99.50% | 102.10% Trend | 103.09% Trend |
| Energy Use per Capita | 677 | 728 | 754 | 800 Trend | 827 Trend |
| Forest Area | 24.36% | 24.45% | 24.54% | 24.72% Trend | 24.81% Trend |
| Renewable Energy | 34.90% | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 70.00%
Mobile Subscriptions 80.56
R&D Spending 0.65%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| High-tech Exports | 14.93% | 18.57% | – | 19.43% Trend | 21.41% Trend | 23.39% Trend | – |
| Internet Users | – | – | 70.00% | – | 80.42% Trend | 87.46% Trend | 94.51% Trend |
| Mobile Subscriptions | 80.56 | – | – | 78.80 Trend | 78.13 Trend | – | – |
| Patent Applications | – | – | – | – | – | – | – |
| R&D Spending | – | – | – | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 25.5
Poverty Rate 5.30%
Income Share Top 10% 22.10%
▾
| Indicator | 2009 | 2011 | 2022 | 2025 |
|---|---|---|---|---|
| Gini Index | 27.8 | 28.8 | 25.5 | 27.0 Trend |
| Income Share Bottom 10% | 4.40% | 4.20% | 4.50% | 4.41% Trend |
| Income Share Top 10% | 24.20% | 24.80% | 22.10% | 23.41% Trend |
| Poverty Rate | 34.60% | 27.10% | 5.30% | 6.16% Trend |
Italic values are IMF World Economic Outlook projections.