India 's share of global gross domestic product ( GDP ) rose to 7.74 percent in 2018 when adjusted for purchasing power parity ( PPP ) and was projected to increase to 9.58 percent by 2024 . This reflects the growth of India 's economy , which is helped in this ranking by the low purchasing power of the rupee . The Indian economy A significant portion of India 's economic growth comes from a shift in the workforce from the agricultural sector to the more-productive service sector . This labor force shift is particularly significant in India because of the country 's staggering population figures . As such , changes in the Indian economy have an impact on a significant portion of the world population . What does PPP mean ? The Economist magazine uses the Big Mac Index to illustrate purchasing power . Since the product should be the same in every country that has a McDonalds , the Big Mac 's price should reflect the purchasing power of each local currency . For the calculation in this statistic , economists took the prices of several standard goods ( though not the Big Mac ) and put them at the same level based on their prices in the local currency . Thus , the power of these currencies to purchase was put on par across countries , giving purchasing power parity . As such , this statistic can be interpreted as the relative size of the Indian economy if the whole world used the Indian rupee price levels .
