Growth of and Fluctuations in India’s GDP and GDP Accruing from Agriculture During 1970-71 to 2019-20
Keywords:
Growth, Fluctuation, GDP, Agricultural GDP, CDVI, Coppock Index, Decadal GDP, JEL Classification O4, Q1.Abstract
In India, agricultural sector output plays a significant role in the beginning phase of the growth of the economy because it absorbs the majority of employment. The agriculture sector includes crop production, livestock rearing, forestry, and fishing. However, the agricultural sector has experienced several fluctuations due to various factors, such as monsoon variability, natural disasters, government policies, and market conditions. These fluctuations have had a substantial influence on the overall economic growth of the nation. In this present paper, we try to find the linear growth and fluctuations around the linear of India's GDP and the agricultural sector output for 50 years long period from 1970-71 to 2019-20. The outcome of this study reveals that the annual average growth rate is 5.52% for GDP and 2.89% for the agricultural sector. The Coppock based year-to-year fluctuation around the trend is 0.00089 for gross domestic product and 0.00191 for the agricultural sector output. The overall fluctuation using the RSS-based method is 0.00520 for GDP and 0.00309 for GDPA.
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