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The size of the country's gross domestic product (GDP) grew to Rs 100 lakh crore in 2012-13, about 11.7 per cent higher than the Rs 89 lakh crore a year before. However, it contracted in dollar terms due to the rupee's depreciation.
GDP at market prices (including indirect taxes) had grown 15.1 per cent in 2011-12.
The GDP size, at Rs 1,00,20,620 crore in 2012-13, is only just short of the advance estimate of Rs 10,028,118 crore issued in February this year by the Central Statistics Office.
In dollar terms, the economy's size fell to $1.84 trillion in 2012-13 against $1.87 trillion the previous financial year. It was so because the rupee depreciated to 54.3 against the dollar on an average in 2012-13, against 47.8 in 2011-12.
India's per capita income grew to Rs 68,757 in 2012-13, growing 11.7 per cent over Rs 61,564 the previous year. In dollar terms, per capita income fell to 1,266.2 in 2012-13 against 1,287.9 in 2011-12. (SECTOR-WISE QUARTERLY ESTIMATES OF GDP GROWTH FOR 2012-13)
According to recent estimates of the Organisation for Economic Co-operation and Development, India's economy has probably surpassed Japan for the third highest slot in world GDP, in terms of purchasing power parity (PPP) at 2005 prices. Both economies had seven per cent share in world output in 2011. However, OECD projected that in 2012 or a year after, India would replace Japan as the third largest economy. Also, India's economy might grow larger than the euro area in about 20 years.
However, in current prices, India's economic size might have shrunk a bit due to fall in the rupee value against the greenback. The OECD estimated that on PPP at current prices, India's share in world GDP was six per cent in 2010 and Japan's was seven per cent.
