India | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Republic of India
Records
63
Source
India | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.72115048
1971 0.89006396
1972 0.87309306
1973 0.99512724
1974 1.63322039
1975 3.12530676
1976 3.00845728
1977 3.9779916
1978 3.40167543
1979 3.29774175
1980 2.87592822
1981 3.9044354
1982 4.10859969
1983 3.49819359
1984 3.33128373
1985 3.47022923
1986 2.37827002
1987 2.16185028
1988 2.06185517
1989 2.83144585
1990 3.39867123
1991 3.10011402
1992 2.79705478
1993 2.44189723
1994 2.1094415
1995 2.52791051
1996 2.48487037
1997 2.2061911
1998 1.78883328
1999 1.85009642
2000 2.46830054
2001 2.43620876
2002 2.34136271
2003 2.22671509
2004 3.16931676
2005 3.6587436
2006 3.93368584
2007 4.44228488
2008 7.10934832
2009 3.36239161
2010 4.49751864
2011 5.30507567
2012 4.02383769
2013 3.67308833
2014 2.81368985
2015 1.77764002
2016 1.74839024
2017 1.98393402
2018 2.25531632
2019 2.01224538
2020 1.78466921
2021 3.15934538
2022

India | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Republic of India
Records
63
Source