The growth rate of Gross Domestic Product (GDP) of India at constant prices (i.e. at the price level of the base year 2004-05) has been fluctuating during the period 2001-02 to 2013-14. The fluctuations range from 3.84% in the year 2002-03 to 9.57% in 2006-07.
The GDP growth rate decreased from 5.81% in 2001-02 to 3.84% in 2002-03. Thereafter, GDP growth rate increased and reached a high growth trajectory of 9% plus growth. India experienced 3 consecutive years of GDP growth rate in excess of 9% viz. 9.48% in 2005-06, 9.57% in 2006-07 and 9.32% in 2007-08.
The GDP growth rate declined to 6.72% in 2008-09 largely due to global financial meltdown following the collapse of Lehman brothers (investment bank) of US in September, 2008. GDP growth rate improved to 8.59% in 2009-10 and 8.91% in 2010-11 due to high capital inflows attributed to the massive Quantitative Easing (QE) undertaken by the US to combat economic slowdown of global level.
The GDP growth rate slumped to 6.69% in 2011-12, 4.47% in 2012-13 and 4.74% in 2013-14 (P). This was due largely to domestic policy logjam, tax disputes and shaken investor confidence in Indian economy with attendant lower Gross Domestic Savings Rate (GDSR) and Gross Fixed Capital Formation (GFCF).
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