ISSN : 2663-2187

A STATISTICAL STUDY OF PREDICTION OF INDIAN GDP

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Rajani Kant Awasthi, Dr. Atul Sangal
» doi: 10.48047/AFJBS.6.12.2024.4204-4215

Abstract

A lot of research have been done by Economists on the topic of economic growth in general. The Indian economy has transitioned from a mixed planned economy to a middle-income developing social market economy with notable public sectors in strategic sectors. The annual GDP growth has been 6% to 7%. The service sector makes up more than 50% of GDP and remains the fastest growing sector, while industrial sector and the agricultural sector employs a majority of the labour force. India is world’s sixth largest manufacturer, representing 2.6% of global manufacturing output. Nearly 65% of India’s population is rural and contributes about 50% of India’s GDP. India faces high unemployment, rising inequality and a drop in aggregate demand. The aim of this study to predict the GDP growth for the Year 2025. The tool used in the study is ARIMA-GARCH and the results indicate that GDP growth for year 2025 is predicted to be 6.5%.

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