Estimated GDP Growth Rate of India in Current Financial Year (2017-18)

GDP is a very important term in Economy and Banking Sector of any Country. There are various GDP Growth Rates related to the GDP of the Country. Here are the different Growth Rates that you must know before appearing to various competitive Examinations like IBPS RRB, IBPS PO, IBPS Clerk Mains.

Gross Domestic Product (GDP)- GDP is the best way to measure a country's economy. GDP is the total value of everything produced by all the people and companies in the country.

What Is the GDP Growth Rate- The GDP growth rate measures how fast the economy is growing. It does this by comparing one-quarter of the country's gross domestic product to the previous quarter. GDP measures the economic output of a nation.

The GDP growth rate is driven by the four components of GDP. The main driver of GDP growth is personal consumption. This includes the critical sector of retail sales. The second component is the business investment, including construction and inventory levels.

Why Is the GDP Growth Rate Important?

The GDP growth rate is the most important indicator of economic health. It changes during the four phases of the business cycle: expansion, peak, contraction and trough.

When the economy is expanding, the GDP growth rate is positive. If it's growing, so will businesses, jobs and personal income. But if it expands beyond 3-4 percent, then it could hit the peak. At that point, the bubble bursts and economic growth stalls.

Here is the GDP Growth Rate of India Estimated By Various Organisation 

S. No.	Organisations	2017-18	2018-19
1	NITI Aayog	6.9-7.0%	7.5%
2	Economy Survey 2016-17 (Finance Ministry)	6.75-7.50%	-
3	World Bank	7.0%	7.2%
4	International Monetary Fund (IMF)	6.7%	7.4%
5	Organisation for Economic Co-operation and Development (OECD)	6.7%	7.2%
6	Asian Development Bank (ADB)	7.0%	7.4%
7	Hongkong and Shanghai Banking Corporation (HSBC)	6.0%	-
8	RBI (in 4th Bi-Monthly Monetary Policy)	6.7%	-
9	United Nations (UN, in May 2017)	7.1%	7.5%