India real GDP growth, year by year
Quick answerIndia’s real GDP
contracted about 5.8% in
FY2020-21 during the COVID-19 lockdowns, then
rebounded ~9.7% the next year off a low base. It grew about
7.6% in FY2022-23, around
9.2% in FY2023-24, and roughly
6.5% in FY2024-25 on the latest estimate. Figures are at constant prices from
MOSPI National Accounts and are
revised periodically. Growth shapes the
RBI’s repo-rate decisions and bank
credit growth.
The chart shows annual real GDP growth (%); the table below carries the same figures so the page is readable without JavaScript — for accessibility and AI answer engines.
Annual real GDP growth (% YoY, constant prices)
| Fiscal year | Real GDP growth | Note |
| FY2019-20 | 3.9% | Pre-pandemic slowdown |
| FY2020-21 | -5.8% | COVID-19 contraction |
| FY2021-22 | 9.7% | Rebound from the pandemic low base |
| FY2022-23 | 7.6% | Broad-based recovery |
| FY2023-24 | 9.2% | Strong investment-led growth |
| FY2024-25 | 6.5% | Provisional / latest estimate, subject to revision |
Figures are official MOSPI National Accounts estimates at constant prices, rounded; later years are provisional and are revised in subsequent vintages (advance → provisional → revised). For the exact latest figures see the source linked below.
What it means for bankers
GDP growth is the backdrop to almost every banking number. When the economy grows fast, credit demand rises, borrowers’ cash flows improve and NPAs tend to fall; in a downturn the reverse happens and asset-quality risk builds. The RBI balances growth against inflation when it sets the policy rate, so the growth path feeds directly into the cost of funds for every bank. The sharp FY21 contraction and the rebound since explain much of the swing in credit growth, provisioning and profitability across India’s banking system over this period. Note the difference between GDP (market prices) and GVA (basic prices, before net product taxes) when comparing headlines to underlying production.
India GDP growth FAQ
What is the difference between GDP and GVA?
GDP measures output at market prices, so it includes product taxes minus subsidies; GVA measures output at basic prices, before those net taxes. GDP = GVA + (product taxes - product subsidies). GVA gives a cleaner read on underlying production while GDP is the headline number; the two usually move closely.
How much did India's GDP fall during COVID-19?
India's real GDP contracted roughly 5.8% in FY2020-21, the year of the COVID-19 lockdowns — the first full-year contraction in decades. It rebounded about 9.7% the following year off that low base, and has grown in the mid-to-high single digits since. Exact figures are revised periodically by MOSPI.
Why does GDP growth matter for banks and the RBI?
The RBI weighs growth against inflation when setting the repo rate, so a strong economy with rising inflation argues for tighter policy. For banks, faster growth usually means stronger credit demand, better borrower cash flows and lower defaults, while a slowdown raises asset-quality risk — which is why bank credit and NPAs track the cycle.
Who publishes India's GDP data?
India's GDP and National Accounts are compiled by the National Statistical Office (NSO) under MoSPI; the RBI republishes the series in its Handbook of Statistics. Estimates come as advance, provisional and revised vintages, so recent-year figures change as more data arrives.
Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable GDP-growth JSON feed.
Source: MOSPI National Accounts & RBI Handbook of Statistics on the Indian Economy,
rbi.org.in. Figures are official estimates, revised periodically; we never reproduce source text verbatim. Reviewed by
Vikram Jain. Last updated 19 Jun 2026, 03:30 IST.