India tops G20 growth rankings since 2014, outpaces China: IMF data

India has emerged as the fastest-growing major economy in the G20 over the 2014-2026 period, recording a compound annual growth rate (CAGR) of 6.1% in nominal US dollar terms, according to data based on IMF, World Economic Outlook and World Bank figures. China ranked second with a 5.9% CAGR, while the United States recorded 5.3%.

The data marks a significant change from the previous decade, when India ranked seventh among the G20 economies shown in the comparison. Between 2004 and 2014, India's nominal US dollar CAGR stood at 10.9%, behind China, Brazil, Russia, Indonesia, Argentina and Saudi Arabia.

India moves ahead of China

The latest figures show India moving to the top of the G20 growth ranking despite a significantly more challenging global environment during the 2014-2026 period. The years included the Covid-19 pandemic, elevated inflation, supply-chain disruptions, geopolitical tensions and conflicts that affected global trade and investment.

India's economy has more than doubled in size over the period and is now approaching $4.15 trillion, according to the data presented in the comparison.

Rank	Country	2014-2026 CAGR
1	India	6.10%
2	China	5.90%
3	United States	5.30%
4	Saudi Arabia	5.10%
5	Türkiye	4.80%
6	Indonesia	4.70%
7	Mexico	4.10%
8	Australia	3.10%
9	EU	3.10%
10	Canada	2.80%

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Infrastructure push supports growth

Supporters of India's economic performance point to a significant expansion in infrastructure during the period. Power-generation capacity, for instance, increased from around 248 GW to 532.74 GW. The country's national highway network also expanded substantially, improving connectivity and supporting logistics and economic activity.

The stronger growth performance has also been accompanied by efforts to improve India's physical and digital infrastructure, expand manufacturing capacity and attract investment.

How India Performed In 2004-2014

The previous decade presents a contrasting picture. India recorded a 10.9% nominal US dollar CAGR between 2004 and 2014 but ranked seventh among the G20 economies in the comparison.

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Rank	Country	2004-2014 CAGR
1	China	18.30%
2	Brazil	14.00%
3	Russia	13.30%
4	Indonesia	13.10%
5	Argentina	12.70%
6	Saudi Arabia	11.30%
7	India	10.90%

The comparison has nevertheless attracted debate. Critics argue that nominal dollar growth can be affected by inflation, currency movements and base effects and does not provide a complete picture of real economic expansion or living standards. Comparisons with other fast-growing emerging economies also suggest that India's performance should be assessed against a broader group of peers.

Still, the shift in rankings is notable. While the 2004-2014 period was characterised by a favourable global growth cycle apart from the 2008 financial crisis, India’s subsequent expansion has taken place amid repeated global disruptions, highlighting the country's increased weight in the world economy.

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