India’s gross domestic product (GDP) grew by 7 per cent in the year ended March 31, 2017.
The year-on-year growth was better than the 7.1 per cent increase recorded in 2016.
The GDP growth was due to the improvement in exports and the strengthening of domestic demand.
In 2017, India’s GDP growth rate was 5.4 per cent.
The country recorded a GDP growth of 7.5 per cent, the highest in the world.
The world’s second-biggest economy was ranked 11th in terms of economic activity, behind the United States of America.
In 2016, the world’s gross national product (GNP) grew at a rate of 5.1 percent.
The global economy is expected to reach a GDP of $12.9 trillion by 2023.
The average annual growth rate in the past decade was 3.3 per cent and the global GDP grew at 6.4 percent in 2017.