An Overview of the Economy
The Indian economy is among the fastest growing in the world and
is still growing at a rate of double that of the West during
the Industrial Revolution. The economy has posted an average growth
rate of over 7% in the decade since 1996, with a GDP growth rate of
9.2% in 2007.
India's economy is diverse, with about three-fifths of the
workforce still in agriculture. As time moves on though, services
and software industries are becoming major components of the
country's economic growth. India still remains a low-income economy
as classified by the World Bank, largely as a result of its huge
and growing population.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
2,988 |
| GDP (PPP) (CIA) (US$Billions) |
2,989 |
| GDP Growth (IMF) (%) |
9.2% |
| GDP Growth (CIA (%) |
9.2% |
| GDP Per Capita (PPP) (IMF) (US$) |
2,659 |
| GDP Per Capita (PPP) (CIA) (US$) |
2,700 |
| GDP by Sector (%) |
Agriculture: 17.6%
Services: 52.9%
Industry: 29.4% |
| Inflation (%) |
6.4% |
| Population Below the Poverty Line (%) |
25% |
| Labour Force (Millions) |
516.4 |
| Labour Force by Occupation (%) |
Agriculture: 60%
Services: 28%
Industry: 12% |
| Unemployment (%) |
7.2% |
| Main Industries |
Textiles, chemicals, food processing,
steel, transportation equipment, cement,
mining, petroleum, machinery, software. |
Sources: CIA World Factbook, IMF
GDP
India's GDP growth was 9.2%in 2007 and is forecasted to increase
by over 7% in 2008 according to the IMF.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
577 |
667 |
781 |
887 |
1,099 |
| GDP Growth (%) |
7.3% |
7.8% |
9.2% |
9.2% |
9.2% |
| GDP Per Capita (US$) |
543 |
618 |
712 |
797 |
977 |
| GDP Per Capita (PPP) (US$) |
1,773 |
1,950 |
2,156 |
2,405 |
2,700 |
| Inflation (%) |
3.8% |
3.8% |
4.2% |
6.1% |
6.4% |
| Unemployment (%) |
8.8% |
9.5% |
9.2% |
7.8% |
7.2% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
- |
102 |
126 |
136 |
275 |
| Mobile Phone Users |
26,154,000 |
26,154,000 |
69,193,000 |
69,193,000 |
166,100,000 |
| Internet Users |
17,000,000 |
32,000,000 |
55,000,000 |
60,000,000 |
60,000,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
India, for most of its independent history, has followed a
policy of strict government control over foreign trade and
investment. However, since the early 1990s, the government has
reduced controls on foreign trade. Yet the privatisation of
industries and the opening up of foreign sectors to foreign
investment has proceeded slowly and still generates much political
debate.
Major exports include engineering goods, textiles, gems and
petroleum products. Major imports include petroleum, electronic
goods, gold and silver. The US, UAE and China are India's main
export partners, with China, the US and Germany leading its list of
import partners.
major exports 2007
Petroleum products, textile goods, gems and jewellery,
engineering goods, leather manufactures.
major imports 2007
Crude oil, machinery, gems, fertiliser, chemicals.
| export partners |
% of total |
| US |
17.0% |
| UAE |
8.3% |
| China |
7.7% |
| UK |
4.3% |
| import partners |
% of total |
| China |
8.7% |
| US |
6.0% |
| Germany |
4.6% |
| Singapore |
4.6% |
| Australia |
4.0% |
Source: CIA World Factbook
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