India has a GDP of $3.91T compared to $4.03T for Japan, ranking 5/197 and 4/197 by economy size, respectively.
India has $3.19T in government debt (81.6% of GDP), compared to $9.51T (236.1% of GDP) in Japan.
India vs Japan GDP by year
| Year | GDP, current $ | |
|---|---|---|
India
|
Japan
|
|
| 2024 | $3,909,891,533,858 | $4,027,597,523,551 |
| 2023 | $3,638,489,096,034 | $4,213,167,237,906 |
| 2022 | $3,346,107,287,731 | $4,262,463,317,797 |
| 2021 | $3,167,270,623,260 | $5,039,148,168,861 |
| 2020 | $2,674,851,578,587 | $5,054,068,005,376 |
| 2019 | $2,835,606,256,558 | $5,117,993,853,017 |
| 2018 | $2,702,929,641,649 | $5,040,880,939,325 |
| 2017 | $2,651,474,262,755 | $4,930,837,369,151 |
| 2016 | $2,294,796,885,663 | $5,003,677,627,544 |
| 2015 | $2,103,588,360,045 | $4,444,930,651,964 |
| 2014 | $2,039,126,479,155 | $4,896,994,405,353 |
| 2013 | $1,856,721,507,622 | $5,212,328,181,166 |
| 2012 | $1,827,637,590,410 | $6,272,362,996,105 |
| 2011 | $1,823,051,829,895 | $6,233,147,172,341 |
| 2010 | $1,675,615,519,485 | $5,759,071,769,013 |
| 2009 | $1,341,888,016,995 | $5,289,493,117,994 |
| 2008 | $1,198,895,139,006 | $5,106,679,115,127 |
| 2007 | $1,216,736,438,835 | $4,579,750,920,355 |
| 2006 | $940,259,888,788 | $4,601,663,122,650 |
| 2005 | $820,383,763,511 | $4,831,467,035,390 |
| 2004 | $709,152,728,831 | $4,893,116,005,657 |
| 2003 | $607,700,687,237 | $4,519,561,645,254 |
| 2002 | $514,939,140,319 | $4,182,846,045,874 |
| 2001 | $485,440,139,204 | $4,374,711,694,091 |
| 2000 | $468,395,521,654 | $4,968,359,075,957 |
| 1999 | $458,821,052,616 | $4,635,982,224,064 |
| 1998 | $421,351,317,225 | $4,098,362,709,531 |
| 1997 | $415,867,563,593 | $4,492,448,605,639 |
| 1996 | $392,896,866,205 | $4,923,391,533,852 |
| 1995 | $360,281,909,643 | $5,545,563,663,890 |
| 1994 | $327,274,843,459 | $4,998,797,547,741 |
| 1993 | $279,295,648,983 | $4,536,940,479,038 |
| 1992 | $288,208,070,278 | $3,980,702,922,118 |
| 1991 | $270,105,341,879 | $3,648,065,760,649 |
| 1990 | $320,979,026,420 | $3,185,904,656,664 |
| 1989 | $296,042,052,945 | $3,109,455,047,824 |
| 1988 | $296,589,670,896 | $3,125,724,434,401 |
| 1987 | $279,033,584,092 | $2,580,748,422,781 |
| 1986 | $248,985,994,041 | $2,120,083,812,110 |
| 1985 | $232,511,554,840 | $1,427,019,759,717 |
| 1984 | $212,157,645,178 | $1,345,824,500,837 |
| 1983 | $218,262,146,413 | $1,270,859,919,743 |
| 1982 | $200,715,624,831 | $1,158,731,426,906 |
| 1981 | $193,491,368,446 | $1,245,221,410,764 |
| 1980 | $186,328,579,302 | $1,129,377,244,854 |
| 1979 | $152,995,442,498 | $1,077,910,077,676 |
| 1978 | $137,302,319,829 | $1,035,611,588,217 |
| 1977 | $121,486,641,441 | $737,069,290,928 |
| 1976 | $102,716,451,980 | $598,883,902,156 |
| 1975 | $98,473,832,017 | $532,861,438,885 |
| 1974 | $99,526,597,934 | $490,035,789,970 |
| 1973 | $85,517,673,173 | $441,460,582,536 |
| 1972 | $71,464,700,667 | $324,933,841,269 |
| 1971 | $67,351,404,352 | $245,364,056,622 |
| 1970 | $62,422,483,055 | $217,223,652,719 |
| 1969 | $58,447,995,017 | $184,298,841,305 |
| 1968 | $53,085,455,871 | $156,897,496,759 |
| 1967 | $50,134,942,204 | $132,475,614,227 |
| 1966 | $45,581,230,504 | $113,046,784,179 |
| 1965 | $59,556,105,229 | $97,338,107,606 |
| 1964 | $56,480,289,941 | $87,490,590,818 |
| 1963 | $48,421,923,459 | $74,379,284,603 |
| 1962 | $42,161,481,858 | $64,987,857,542 |
| 1961 | $39,232,435,784 | $57,266,758,180 |
| 1960 | $37,029,883,876 | $47,419,238,274 |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/india/japan | CC BY 
GDP per capita in India vs Japan by year
| Year | Current $ | |||
|---|---|---|---|---|
|
India
|
Japan
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $2,695 | $11,160 | $32,487 | $52,039 |
| 2023 | $2,530 | $10,323 | $33,836 | $50,662 |
| 2022 | $2,347 | $9,207 | $34,066 | $47,192 |
| 2021 | $2,240 | $8,050 | $40,095 | $44,355 |
| 2020 | $1,907 | $6,966 | $40,029 | $42,426 |
| 2019 | $2,041 | $7,151 | $40,416 | $42,678 |
| 2018 | $1,966 | $6,715 | $39,751 | $42,142 |
| 2017 | $1,950 | $6,145 | $38,834 | $41,444 |
| 2016 | $1,708 | $5,800 | $39,375 | $40,597 |
| 2015 | $1,584 | $5,425 | $34,961 | $40,899 |
| 2014 | $1,554 | $5,192 | $38,475 | $39,555 |
| 2013 | $1,433 | $5,014 | $40,899 | $39,402 |
| 2012 | $1,429 | $4,820 | $49,145 | $37,606 |
| 2011 | $1,445 | $4,455 | $48,760 | $36,214 |
| 2010 | $1,348 | $4,206 | $44,968 | $35,336 |
| 2009 | $1,095 | $3,887 | $41,309 | $33,543 |
| 2008 | $993 | $3,633 | $39,876 | $35,274 |
| 2007 | $1,022 | $3,508 | $35,779 | $35,015 |
| 2006 | $802 | $3,221 | $35,992 | $33,632 |
| 2005 | $710 | $2,937 | $37,813 | $32,170 |
| 2004 | $624 | $2,682 | $38,299 | $30,832 |
| 2003 | $544 | $2,461 | $35,387 | $29,392 |
| 2002 | $469 | $2,277 | $32,821 | $28,624 |
| 2001 | $450 | $2,200 | $34,406 | $27,943 |
| 2000 | $443 | $2,091 | $39,169 | $27,288 |
| 1999 | $442 | $2,006 | $36,610 | $25,736 |
| 1998 | $414 | $1,852 | $32,424 | $25,508 |
| 1997 | $416 | $1,759 | $35,638 | $25,619 |
| 1996 | $401 | $1,695 | $39,150 | $24,999 |
| 1995 | $375 | $1,579 | $44,198 | $23,858 |
| 1994 | $348 | $1,467 | $39,934 | $22,823 |
| 1993 | $303 | $1,374 | $36,345 | $22,168 |
| 1992 | $319 | $1,309 | $31,993 | $21,825 |
| 1991 | $306 | $1,239 | $29,428 | $21,227 |
| 1990 | $371 | $1,212 | $25,801 | $19,912 |
| 1989 | $350 | - | $25,266 | - |
| 1988 | $358 | - | $25,500 | - |
| 1987 | $345 | - | $21,142 | - |
| 1986 | $315 | - | $17,452 | - |
| 1985 | $301 | - | $11,809 | - |
| 1984 | $281 | - | $11,207 | - |
| 1983 | $296 | - | $10,652 | - |
| 1982 | $278.7 | - | $9,780 | - |
| 1981 | $275 | - | $10,583 | - |
| 1980 | $271.1 | - | $9,669 | - |
| 1979 | $228 | - | $9,301 | - |
| 1978 | $209.4 | - | $9,012 | - |
| 1977 | $189.6 | - | $6,473 | - |
| 1976 | $164.1 | - | $5,310 | - |
| 1975 | $161.1 | - | $4,776 | - |
| 1974 | $166.7 | - | $4,448 | - |
| 1973 | $146.6 | - | $4,061 | - |
| 1972 | $125.3 | - | $3,031 | - |
| 1971 | $120.7 | - | $2,321 | - |
| 1970 | $114.4 | - | $2,101 | - |
| 1969 | $109.5 | - | $1,803 | - |
| 1968 | $101.6 | - | $1,553 | - |
| 1967 | $98 | - | $1,326 | - |
| 1966 | $91 | - | $1,144 | - |
| 1965 | $121.5 | - | $994 | - |
| 1964 | $117.9 | - | $903 | - |
| 1963 | $103.4 | - | $776 | - |
| 1962 | $92.2 | - | $685 | - |
| 1961 | $87.9 | - | $609 | - |
| 1960 | $84.9 | - | $509 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/india/japan | CC BY
India's GDP per capita is $2,695, ranking 143/197, compared to $32,487 in Japan, ranking 38/197. Adjusted for purchasing power (GDP per capita PPP), India ranks 130th at $11,160, while Japan ranks 41st at $52,039.
Economic indicators
|
India
|
Japan
|
|
|---|---|---|
| Gross domestic product |
$3.91T
2024 |
$4.03T
2024 |
| GDP rank |
5/197
2024 |
4/197
2024 |
| GDP growth |
6.49%
2023-2024 |
0.1%
2023-2024 |
| GDP per capita |
$2,695
2024 |
$32,487
2024 |
| GDP per capita rank |
143/197
2024 |
38/197
2024 |
| GDP per capita, PPP |
$11,160
2024 |
$52,039
2024 |
| GDP per capita PPP rank |
130/197
2024 |
41/197
2024 |
| Government debt |
$3.19T
2024 |
$9.51T
2024 |
| Debt-to-GDP ratio |
81.6%
2024 |
236.1%
2024 |
| Government debt per person |
$2,200
2024 |
$76,704
2024 |
| Government debt per person rank |
118/185
2024 |
3/185
2024 |
| Average annual personal income after taxes |
$4,596
2026 |
$23,653
2026 |
| Market capitalization of domestic companies |
$5.13T
2024 |
$6.31T
2024 |
| Number of millionaires |
917,000
2025 |
2,732,000
2025 |
| Number of billionaires |
205
2025 |
42
2025 |
| Income share by richest 10% |
22.1%
2022 |
23.9%
2020 |
| Income share by poorest 10% |
4.5%
2022 |
2.4%
2020 |
| Government expenditure, % of GDP |
28.4%
2024 |
39.1%
2024 |
| Consumer prices inflation |
4.95%
2023-2024 |
2.74%
2023-2024 |
| Central bank interest rate |
5.25%
2025 |
0.75%
2025 |
| Unemployment rate |
4.17%
2024 |
2.54%
2024 |
| Population |
1480351380
|
122677250
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
India
|
Japan
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 28.4% | 81.6% | 39.1% | 236.1% |
| 2023 | 27.9% | 80.7% | 39.2% | 240.5% |
| 2022 | 29.1% | 82.2% | 41.8% | 248.2% |
| 2021 | 29.9% | 83.5% | 42.5% | 253.7% |
| 2020 | 31% | 88.4% | 44.5% | 258.4% |
| 2019 | 26.8% | 75.1% | 37.3% | 236.4% |
| 2018 | 26.3% | 70.4% | 36.7% | 232.4% |
| 2017 | 26.2% | 69.7% | 36.7% | 231.3% |
| 2016 | 27.2% | 68.9% | 37.2% | 232.4% |
| 2015 | 27.1% | 69% | 37.3% | 228.3% |
| 2014 | 26.2% | 67.1% | 38.4% | 233.3% |
| 2013 | 26.6% | 67.7% | 38.8% | 229.5% |
| 2012 | 27.4% | 68% | 38.6% | 226.1% |
| 2011 | 27.6% | 68.7% | 38.6% | 219.2% |
| 2010 | 28% | 67.7% | 37.7% | 205.9% |
| 2009 | 28.5% | 72.7% | 38.7% | 198.8% |
| 2008 | 29.3% | 74.3% | 34.1% | 180.9% |
| 2007 | 26.9% | 75.4% | 33.1% | 173% |
| 2006 | 26.9% | 77.9% | 33.1% | 174.1% |
| 2005 | 26.9% | 82.4% | 33.5% | 174.6% |
| 2004 | 28.4% | 84.9% | 33.7% | 169.5% |
| 2003 | 29.9% | 85.9% | 35% | 160% |
| 2002 | 29.1% | 84.3% | 35.4% | 154.1% |
| 2001 | 28.3% | 80.1% | 35.2% | 145.1% |
| 2000 | 26.1% | 74.9% | 36% | 135.6% |
| 1999 | 25.8% | 71.3% | 35.6% | 129.5% |
| 1998 | 26% | 69.3% | 38.6% | 116% |
| 1997 | 25.2% | 69% | 33.1% | 105% |
| 1996 | 24.4% | 67.1% | 33.8% | 98.1% |
| 1995 | 25% | 70.9% | 33.4% | 92.5% |
| 1994 | 26.2% | 74.8% | 32.8% | 84.4% |
| 1993 | 26.2% | 78.3% | 32.1% | 72.8% |
| 1992 | 26.7% | 78.8% | 30.3% | 66.8% |
| 1991 | 27.3% | 76.7% | 29.3% | 62.4% |
| 1990 | 25.8% | 50.8% | 29.5% | 63.2% |
| 1989 | 25.7% | 50.5% | 29.2% | 65.7% |
| 1988 | 24.9% | 48.9% | 29.9% | 71.9% |
| 1987 | 22.5% | 48.9% | 30.6% | 75.8% |
| 1986 | 23.2% | 47.9% | 30.4% | 74.1% |
| 1985 | 21.6% | 44.3% | 30.4% | 68.3% |
| 1984 | 19.8% | 41.6% | 31.2% | 65.6% |
| 1983 | 17.8% | 39.6% | 31.8% | 63.5% |
| 1982 | 17.8% | 41.7% | 31.7% | 57.7% |
| 1981 | 16.6% | 37.2% | 31.5% | 52.8% |
| 1980 | 17.5% | 38% | 33.5% | 47.8% |
| 1979 | 15.6% | 32.2% | 33.2% | 43.8% |
| 1978 | 15% | 30.8% | 32.1% | 39% |
| 1977 | 13.9% | 29.9% | 30.4% | 31.1% |
| 1976 | 14.4% | 31.3% | 29.1% | 26.1% |
| 1975 | 12.7% | 29.5% | 28.5% | 20.9% |
| 1974 | 11.3% | 29% | 25.5% | 16.7% |
| 1973 | 12.9% | 34.1% | 23.3% | 15.9% |
| 1972 | 13.5% | 37.2% | 23.1% | 16.3% |
| 1971 | 12.4% | 37.6% | 21.8% | 12.6% |
| 1970 | 11.7% | 38.1% | 20.2% | 11.2% |
| 1969 | 11.5% | 38.8% | 19.8% | 11.4% |
| 1968 | 12.6% | 40.3% | 20.1% | 11.8% |
| 1967 | 13.8% | 38.5% | 19.9% | 11.4% |
| 1966 | 13.8% | 36.2% | 20.8% | 11.2% |
| 1965 | 13.7% | 36.8% | 20.4% | 9.78% |
| 1964 | 13.2% | 33.8% | 19.8% | 8.53% |
| 1963 | 12.3% | 35.5% | 20% | 8.66% |
| 1962 | 11.5% | 36.2% | 19.4% | 9.01% |
| 1961 | 11.8% | 38.7% | 18.2% | 8.44% |
| 1960 | 11.2% | 36.5% | 18.4% | 10.4% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1990, retrieved 2026-02-20).
GeoRank.org/economy/india/japan | CC BY
In 2024, India's government spending was $1.11T, accounting for 28.4% of its GDP, while Japan spent $1.57T, or 39.1% of GDP.
Debt-to-GDP ratio is 81.6% in India and 236.1% in Japan, ranking 43/185 and 3/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
India
|
Japan
|
|
| 2024 | -7.9% | -1.53% |
| 2023 | -7.4% | -2.26% |
| 2022 | -8.97% | -4.21% |
| 2021 | -9.45% | -6.13% |
| 2020 | -12.9% | -9.08% |
| 2019 | -7.69% | -3.04% |
| 2018 | -6.34% | -2.47% |
| 2017 | -6.23% | -3.1% |
| 2016 | -7.12% | -3.6% |
| 2015 | -7.21% | -3.68% |
| 2014 | -7.07% | -5.62% |
| 2013 | -7% | -7.61% |
| 2012 | -7.55% | -8.2% |
| 2011 | -8.35% | -8.99% |
| 2010 | -8.79% | -9.08% |
| 2009 | -9.7% | -9.69% |
| 2008 | -9.17% | -4.11% |
| 2007 | -4.59% | -2.9% |
| 2006 | -6.38% | -3.03% |
| 2005 | -7.49% | -4.44% |
| 2004 | -9.22% | -5.31% |
| 2003 | -11.4% | -7.43% |
| 2002 | -11.1% | -7.34% |
| 2001 | -11% | -6.2% |
| 2000 | -8.41% | -7.28% |
| 1999 | -8.7% | -6.75% |
| 1998 | -9.74% | -10% |
| 1997 | -8.28% | -3.53% |
| 1996 | -6.71% | -4.87% |
| 1995 | -6.81% | -4.3% |
| 1994 | -8% | -3.76% |
| 1993 | -8.57% | -2.39% |
| 1992 | -7.89% | 0.57% |
| 1991 | -7.9% | 1.67% |
| 1990 | -8.07% | 1.96% |
| 1989 | -7.68% | 1.23% |
| 1988 | -7.01% | 0.49% |
| 1987 | -9.53% | -0.36% |
| 1986 | -10.6% | -1.36% |
| 1985 | -9.58% | -1.37% |
| 1984 | -8.54% | -2.62% |
| 1983 | -7.28% | -3.95% |
| 1982 | -6.78% | -3.81% |
| 1981 | -6.07% | -3.85% |
| 1980 | -7.27% | -4.66% |
| 1979 | -4.87% | -5% |
| 1978 | -4.45% | -5.79% |
| 1977 | -4.1% | -4.02% |
| 1976 | -4.1% | -3.89% |
| 1975 | -3.11% | -2.92% |
| 1974 | -2.3% | 0.38% |
| 1973 | -3.53% | 0.56% |
| 1972 | -3.14% | -0.13% |
| 1971 | -2.9% | 1.21% |
| 1970 | -2.35% | 1.74% |
| 1969 | -2.66% | 1.26% |
| 1968 | -3.98% | 0.88% |
| 1967 | -4.97% | 0.8% |
| 1966 | -4.18% | -0.34% |
| 1965 | -4.49% | 0.48% |
| 1964 | -4.41% | 0.85% |
| 1963 | -4.16% | 1.08% |
| 1962 | -3.3% | 1.49% |
| 1961 | -4.1% | 2.58% |
| 1960 | -4.05% | 1.85% |
| 1959 | -5.29% | 0.97% |
| 1958 | -5.08% | -0.1% |
| 1957 | -3.35% | 1.27% |
| 1956 | -2.93% | 1.39% |
| 1955 | -2.77% | -0.67% |
| 1954 | -2.61% | 0.7% |
| 1953 | -1.83% | 1.65% |
| 1952 | 0.03% | 2.22% |
| 1951 | -0.5% | 5.06% |
| 1950 | -1.01% | 6.99% |
| 1949 | -0.73% | 12.5% |
| 1948 | -0.82% | 7.53% |
| 1947 | -0.86% | 6.09% |
| 1946 | -2.89% | - |
| 1945 | -4.4% | - |
| 1944 | -3.32% | - |
| 1943 | -3.48% | 0.32% |
| 1942 | -3.62% | -0.13% |
| 1941 | -0.37% | -0.19% |
| 1940 | -0.59% | 0.31% |
| 1939 | -0.32% | 0.11% |
| 1938 | -0.16% | 0.45% |
| 1937 | -0.1% | 0.71% |
| 1936 | -0.45% | 0.34% |
| 1935 | -0.4% | 0.26% |
| 1934 | -0.09% | 0.34% |
| 1933 | 0% | 0.28% |
| 1932 | 0.03% | 0.31% |
| 1931 | -0.68% | 0.23% |
| 1930 | -1.02% | 0.19% |
| 1929 | -0.91% | 0.5% |
| 1928 | -0.87% | 0.42% |
| 1927 | -0.98% | 0.58% |
| 1926 | -0.88% | 0.65% |
| 1925 | -0.67% | 0.75% |
| 1924 | -0.3% | 0.84% |
| 1923 | -0.66% | 0.87% |
| 1922 | -1.05% | 0.89% |
| 1921 | -1.45% | 1.43% |
| 1920 | -1.57% | 1.19% |
| 1919 | -1.04% | 1.21% |
| 1918 | -0.48% | 1.58% |
| 1917 | -5.69% | 1.54% |
| 1916 | 0.25% | 1.37% |
| 1915 | -0.51% | 1.41% |
| 1914 | -0.98% | 1.31% |
| 1913 | -0.85% | 1.21% |
| 1912 | -0.58% | 1.27% |
| 1911 | -0.42% | 1.21% |
| 1910 | -0.85% | 1.57% |
| 1909 | -0.7% | 1.51% |
| 1908 | -1.25% | 1.63% |
| 1907 | -1.22% | 1.77% |
| 1906 | -0.8% | 0.46% |
| 1905 | -2% | -0.68% |
| 1904 | -0.53% | -0.81% |
| 1903 | -0.56% | 0.19% |
| 1902 | -0.56% | 0.44% |
| 1901 | -0.27% | 0.21% |
| 1900 | -1.06% | 0.53% |
| 1899 | -0.56% | 0.2% |
| 1898 | -0.49% | 0.6% |
| 1897 | -1.02% | 0.33% |
| 1896 | -1% | 0.88% |
| 1895 | -0.41% | 0.28% |
| 1894 | -0.5% | -0.24% |
| 1893 | -0.59% | 0.6% |
| 1892 | -0.56% | 0.63% |
| 1891 | -0.64% | 0.61% |
| 1890 | -0.8% | 0.74% |
| 1889 | -0.45% | 0.18% |
| 1888 | -1.94% | 0.13% |
| 1887 | -1.28% | 0.11% |
| 1886 | -0.75% | 0.03% |
| 1885 | -1.48% | 0.01% |
| 1884 | -1.22% | 0.001% |
| 1883 | -0.81% | 0.03% |
| 1882 | -0.77% | 0.001% |
| 1881 | -0.05% | 0.001% |
| 1880 | -0.69% | 0.004% |
| 1879 | -0.39% | 0.02% |
| 1878 | -0.12% | 0.02% |
| 1877 | -0.84% | -0.29% |
| 1876 | -0.8% | -0.42% |
| 1875 | -0.87% | 0.005% |
| 1874 | -0.15% | - |
| 1873 | -0.28% | - |
| 1872 | 0.31% | - |
| 1871 | 0.42% | - |
| 1870 | 0.19% | - |
| 1869 | 0.01% | - |
| 1868 | -0.38% | - |
| 1867 | -0.12% | - |
| 1866 | -0.31% | - |
| 1865 | 0.21% | - |
| 1864 | -0.11% | - |
| 1863 | -0.06% | - |
| 1862 | 0.15% | - |
| 1861 | -0.16% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1861–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).
GeoRank.org/economy/india/japan | CC BY
In 2024, India's government deficit, the difference between spending and revenue, was $309B, equivalent to 7.9% of GDP. This compares to Japan's deficit of $61.6B, or 1.53% of GDP.
Over the past 65 years, India recorded a fiscal deficit in 65 of those years, while Japan ran a deficit in 47 years. On average, India posted an annual deficit equal to 6.84% of GDP, compared to deficit of 3% of GDP for Japan.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
India
|
Japan
|
|
| 2024 | 4.95% | 2.74% |
| 2023 | 5.65% | 3.27% |
| 2022 | 6.7% | 2.5% |
| 2021 | 5.13% | -0.23% |
| 2020 | 6.62% | -0.02% |
| 2019 | 3.73% | 0.47% |
| 2018 | 3.94% | 0.99% |
| 2017 | 3.33% | 0.48% |
| 2016 | 4.95% | -0.13% |
| 2015 | 4.91% | 0.8% |
| 2014 | 6.67% | 2.76% |
| 2013 | 10% | 0.34% |
| 2012 | 9.48% | -0.04% |
| 2011 | 8.91% | -0.27% |
| 2010 | 12% | -0.73% |
| 2009 | 10.9% | -1.35% |
| 2008 | 8.35% | 1.38% |
| 2007 | 6.37% | 0.06% |
| 2006 | 5.8% | 0.25% |
| 2005 | 4.25% | -0.28% |
| 2004 | 3.77% | -0.009% |
| 2003 | 3.81% | -0.26% |
| 2002 | 4.3% | -0.92% |
| 2001 | 3.78% | -0.74% |
| 2000 | 4.01% | -0.68% |
| 1999 | 4.67% | -0.34% |
| 1998 | 13.2% | 0.66% |
| 1997 | 7.16% | 1.75% |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/india/japan | CC BY
Over the past 28 years, India has recorded an average annual inflation rate of 6.33%, compared with 0.44% in Japan. In 2024, inflation was 4.95% in India and 2.74% in Japan.
Top exports between countries
|
India
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $2.02B |
| Chemicals & pharma | $1.36B |
| Metals | $662M |
| Textiles & consumer goods | $477M |
| Animal & marine products | $386M |
| Raw materials & minerals | $345M |
| Precious metals & jewellery | $245M |
| Raw agricultural goods | $162M |
| Processed food, beverages & tobacco | $161M |
| Miscellaneous | $4.25M |
|
Japan
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $6.73B |
| Metals | $4.35B |
| Chemicals & pharma | $2.98B |
| Raw materials & minerals | $1.73B |
| IT & IP services | $1.3B |
| Miscellaneous | $757M |
| Textiles & consumer goods | $453M |
| Transport & tourism services | $365M |
| Manufacturing & construction services | $352M |
| Business & finance services | $255M |
Balance of trade
|
India
|
Japan
|
|
|---|---|---|
|
Current account balance
|
-$32.1B
2024 |
$194B
2024 |
| Current account balance ranking |
186/190
2024 |
3/190
2024 |
| Current account balance, % of GDP |
-0.82%
2024 |
+4.82%
2024 |
| Goods imports |
$727B
2024 |
$719B
2024 |
| Goods exports |
$447B
2024 |
$694B
2024 |
| Service imports |
$197B
2024 |
$246B
2024 |
| Service exports |
$375B
2024 |
$228B
2024 |
| Imports of goods and services, % of GDP |
23.5%
2024 |
23.6%
2024 |
| Exports of goods and services, % of GDP |
21.2%
2024 |
22.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
India
|
Japan
|
|
|---|---|---|
| Economic freedom | 52.5 | 70.3 |
| Economic freedom ranking | 146/197 | 36/197 |
| Property rights | 48.3 | 94.2 |
| Government integrity | 37.8 | 81.1 |
| Judicial effectiveness | 52.6 | 97.9 |
| Tax burden | 71.2 | 63 |
| Government spending | 75.7 | 52 |
| Fiscal health | 6.7 | 41.7 |
| Business freedom | 67.4 | 77.8 |
| Labor freedom | 59 | 65.9 |
| Monetary freedom | 70.9 | 74.3 |
| Trade freedom | 61 | 76.2 |
| Investment freedom | 40 | 60 |
| Financial freedom | 40 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
India
|
Japan
|
|
| 2026 | 52.5 | 70.3 |
| 2025 | 53 | 70.2 |
| 2024 | 52.9 | 67.5 |
| 2023 | 52.9 | 69.3 |
| 2022 | 53.9 | 69.9 |
| 2021 | 56.5 | 74.1 |
| 2020 | 56.5 | 73.3 |
| 2019 | 55.2 | 72.1 |
| 2018 | 54.5 | 72.3 |
| 2017 | 52.6 | 69.6 |
| 2016 | 56.2 | 73.1 |
| 2015 | 54.6 | 73.3 |
| 2014 | 55.7 | 72.4 |
| 2013 | 55.2 | 71.8 |
| 2012 | 54.6 | 71.6 |
| 2011 | 54.6 | 72.8 |
| 2010 | 53.8 | 72.9 |
| 2009 | 54.4 | 72.8 |
| 2008 | 54.1 | 73 |
| 2007 | 53.9 | 72.7 |
| 2006 | 52.2 | 73.3 |
| 2005 | 54.2 | 67.3 |
| 2004 | 51.5 | 64.3 |
| 2003 | 51.2 | 67.6 |
| 2002 | 51.2 | 66.7 |
| 2001 | 49 | 70.9 |
| 2000 | 47.4 | 70.7 |
| 1999 | 50.2 | 69.1 |
| 1998 | 49.7 | 70.2 |
| 1997 | 49.7 | 70.3 |
| 1996 | 47.4 | 72.6 |
| 1995 | 45.1 | 75 |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/india/japan | CC BY
The Economic Freedom Index for India is 52.5, ranking 146/197, compared to 70.3 for Japan, ranking 36/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
India
|
Japan
|
|
|---|---|---|
| Services, % of GDP |
49.9%
2024 |
69.8%
2023 |
| Industry, % of GDP |
24.6%
2024 |
28.6%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
16.3%
2024 |
0.94%
2023 |
|
GNI, Atlas method
|
$3.84T
2024 |
$4.46T
2024 |
| GNI per capita, PPP |
$11,000
2024 |
$55,490
2024 |
| Total reserves including gold |
$643B
2024 |
$1.23T
2024 |
| Total reserves ranking |
5/177
2024 |
2/177
2024 |
|
Net foreign direct investment
|
-$2.89B
2024 |
$191B
2024 |
|
Net inflows of foreign direct investment
|
$27.1B
2024 |
$16.2B
2024 |
|
Net outflows of foreign direct investment
|
$24.2B
2024 |
$203B
2024 |
|
Servicing debt to the IMF, % of GNI
|
2.38%
2024 |
n/a |
| Poverty at national poverty lines |
21.9%
2011 |
16.1%
2020 |
|
Gross capital formation, % of GDP
|
32.9%
2024 |
26.2%
2024 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/india/japan | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1861–1990, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2021–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
- Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.