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Growth
GDP growth swung more after 2014, and the pandemic accounts for the difference
Annual GDP growth from 2014-15 to 2025-26 ranged from -5.8% (2020-21) to 9.7% (2021-22). Growth slowed from 8.3% in 2016-17 to 6.8% in 2017-18, 6.5% in 2018-19 and 3.9% in 2019-20, the years after demonetisation and the GST. The standard deviation of annual growth was about 4.0 points over 2014-2025 against 1.7 over 2004-2013. Without 2020-21 it falls to 1.4, below the UPA decade's.
What follows. The pandemic year drives the wider spread. Outside it, growth after 2014 was no more volatile than before.
Real GDP growth
2004-2013 average 6.8%; 2014-2026 average 6.2%; latest 7.7% in 2025. Source, method and every year.
One of 37 readings of the dataset, rebuilt whenever the data are refreshed. Data vintage 2026-10-10. Cite as Raman, V.S., Some Perspective: India's Political Economy, 2004-2026, someperspective.info, CC BY 4.0.