Currency in circulation as share of GDP in India FY 2015-2023
In fiscal year 2023, the share of currency in circulation (CIC) to the gross domestic product in India was nearly 13 percent. Since the demonetization in 2017, the CIC-ratio had considerably grown again.
India witnessed high ratios of CIC to GDP in times of high economical growth. This time, the CIC-ratio is expected to grow during financial year 2021, despite the recession caused by the coronavirus (COVID-19) pandemic and a likewise rise in digital payments.