The statistic shows the growth of the real gross domestic product (GDP) in India from 2019 to 2024, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, India's real gross domestic product growth was at about 7.02 percent compared to the previous year. Gross domestic product (GDP) growth rate in India Recent years have witnessed a shift of economic power and attention to the strengthening economies of the BRIC countries: Brazil, Russia, India, and China. The growth rate of gross domestic product in the BRIC countries is overwhelmingly larger than in traditionally strong economies, such as the United States and Germany. While the United States can claim the title of the largest economy in the world by almost any measure, China nabs the second-largest share of global GDP, with India racing Japan for third-largest position. Despite the world-wide recession in 2008 and 2009, India still managed to record impressive GDP growth rates, especially when most of the world recorded negative growth in at least one of those years. Part of the reason for India’s success is the economic liberalization that started in 1991and encouraged trade subsequently ending some public monopolies. GDP growth has slowed in recent years, due in part to skyrocketing inflation. India’s workforce is expanding in the industry and services sectors, growing partially because of international outsourcing — a profitable venture for the Indian economy. The agriculture sector in India is still a global power, producing more wheat or tea than anyone in the world except for China. However, with the mechanization of a lot of processes and the rapidly growing population, India’s unemployment rate remains relatively high.

Monthly data on remittance inflow to South Asian countries (Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka) from their partner countries is collected from January 2018 to December 2022 from the Central Bank database. As an alternative to monthly GDP data, monthly Industrial Production Index (IPI) data is used instead as a proxy for GDP. This is because monthly GDP data is not available. Monthly IPI data was collected from International Financial Statistics by the International Monetary Fund (IMF) for South Asian countries and partner countries (Singapore, Malaysia, Japan, Italy, and the UK). Libya and Middle Eastern nations, however, don't have monthly IPI statistics. Since the economies of those countries are heavily dependent on oil production, we created the Oil Production Index as a proxy for GDP. World Bank and EIA monthly crude oil price and production data are used to calculate Oil Production Index. Distance and standard gravity control variables like population, contiguity, and common language are taken from the Dynamic Gravity datasets constructed by the United States International Trade Commission. Migration stock data is collected from the Bureau of Manpower Employment and Training (BMET) and the International Organisation of Migration (IOM). We collect exchange rate data from the Central Bank dataset. To tackle the issue of different currency units, a Bilateral Exchange Rate Index (BERI) is constructed, where the exchange rate of each month for each country is divided by the exchange rate of the base year of that particular country. Furthermore, COVID cases, COVID mortality, and COVID vaccination data are collected from the Our World in Data website.