India Fact Book – Facts About Indian Economy


Indian economy

India is developing into an open-market economy, yet traces of its past autocratic policies remain. Since 1997, India is able to accelerate its economic growth at an average of 7% each year. The average 7% growth was a combined result of economic liberalization, including reduced controls on foreign trade and investment, which began in the early 1990s.

More than of the work force of India is indulged in farming and agriculture and the other half is indulged in handicrafts, a wide range of modern industries, and a multitude of services. The overall economy comprises of traditional village farming, modern agriculture, handicrafts, modern industries, and a multitude of services. The service Industry of India is the major contributor accounting for more than half of the economic growth with just one third of work force.

India has one of the largest educated English-speaking population to become a major exporter of information technology services and software workers. An industrial slowdown early in 2008, followed by the global financial crisis, led annual GDP growth to slow to 6.1% in 2009, still second highest growth in the world among major economies.

With the accelerated GDP reports of India, Goldman Sachs has predicted that India will overtake the GDP of France and Germany by 2020. India has made provisions for setting up Special Economic Zones (SEZ) and software parks that offer tax benefits and better infrastructure to set up business, which will in turn benefit the country. Mumbai city remains the economic capital of the country with RBI (Reserve Bank of India) and the Stock Exchange located here.

GDP (purchasing power parity)

  • $3.56 trillion (2009 est.)
  • $3.343 trillion (2008 est.)
  • $3.113 trillion (2007 est.)

GDP (official exchange rate)

  • $1.095 trillion (2009 est.)

GDP – real growth rate

  • 6.5% (2009 est.)
  • 7.4% (2008 est.)
  • 9% (2007 est.)

GDP – per capita (PPP)

  • $3,100 (2009 est.)
  • $2,900 (2008 est.)
  • $2,800 (2007 est.)

GDP – composition by sector

  • Agriculture: 17.5%
  • Industry: 20%
  • Services: 62.6% (2009)

Labor force

  • 467 million (2009 est.)

Labor force – by occupation

  • Agriculture: 52%
  • Industry: 14%
  • Services: 34% (2009 est.)
  • Unemployment rate:
  • 10.7% (2009 est.)
  • 10.4% (2008 est.)

Population below poverty line

  • 25% (2007 est.)

Household income or consumption by percentage share

  • Lowest 10%: 3.6%
  • Highest 10%: 31.1% (2005)

Distribution of family income – Gini index

  • 36.8 (2004)
  • 37.8 (1997)

Investment (gross fixed)

  • 32.1% of GDP (2009 est.)

Budget

  • Revenues: $129.9 billion
  • Expenditures: $237.2 billion (2009 est.)

Public debt

  • 59.6% of GDP (2009 est.)
  • 57.6% of GDP (2008 est.)

Inflation rate (consumer prices)

  • 10.7% (2009 est.)
  • 8.3% (2008 est.)

Central bank discount rate

  • 4.75% (9 December 2009)
  • 6% (31 December 2008)

Commercial bank prime lending rate

  • 11% (31 December 2009 est.)
  • 13.31% (31 December 2008)

Stock of money

  • $278.8 billion (31 December 2009)
  • $239.8 billion (31 December 2008)

Stock of quasi money

  • $853.4 billion (31 December 2009)
  • $687.7 billion (31 December 2008)

Stock of domestic credit

  • $1 trillion (31 December 2009)
  • $828.3 billion (31 December 2008)

Market value of publicly traded shares

  • $1.301 trillion (31 December 2009)
  • $645.5 billion (31 December 2008)
  • $1.819 trillion (31 December 2007)

Agriculture Products

  • rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, potatoes; onions, dairy products, sheep, goats, poultry; fish

Industries

  • textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals
  • Industrial production growth rate:7.6% (2009 est.)

Electricity

  • Electricity – production: 723.8 billion kWh (2009 est.)
  • Electricity – consumption: 568 billion kWh (2007 est.)
  • Electricity – exports: 810 million kWh (2009 est.)
  • Electricity – imports: 5.27 billion kWh (2009 est.)

Oil

  • Oil – production: 3.72 million bbl/day (2009 est.)
  • Oil – consumption: 2.67 million bbl/day (2009 est.)
  • Oil – exports: 738,600 bbl/day (2007 est.)
  • Oil – imports: 2.9 million bbl/day (2007 est.)
  • Oil – proved reserves: 5.625 billion bbl (1 January 2009 est.)

Natural Gas

  • Natural gas – production: 32.85 billion cu m (2009 est.)
  • Natural gas – consumption: 42.99 billion cu m (2008 est.)
  • Natural gas – exports: 0 cu m (2008 est.)
  • Natural gas – imports: 10.79 billion cu m (2008 est.)
  • Natural gas – proved reserves: 1.075 trillion cu m (1 January 2009 est.)

Current account balance

  • -$8.399 billion (2009 est.)
  • -$30.41 billion (2008 est.)

Exports

  • $165 billion (2009 est.)
  • $200.9 billion (2008)
  • Exports – commodities: petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel
  • Exports – partners: UAE 12.3%, US 11.7%, China 5.4%, Singapore 4.5% (2008)

Imports

  • $253.9 billion (2009 est.)
  • $322.3 billion (2008 est.)
  • Imports – commodities: crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals
  • Imports – partners: China 10.8%, Saudi Arabia 6.9%, US 6.7%, UAE 6.7%, Iran 4.2% (2008)

Reserves of foreign exchange and gold:

  • $287.5 billion (31 October 2009)
  • $254 billion (31 December 2008)

Debt – external

  • $223.9 billion (31 December 2009 est.)
  • $232.5 billion (31 December 2008)

Stock of direct foreign investment – at home

  • $161.3 billion (31 December 2009 est.)
  • $123.4 billion (31 December 2008 est.)

Stock of direct foreign investment – abroad

  • $77.42 billion (31 December 2009 est.)
  • $61.77 billion (31 December 2008 est.)

Exchange rates

  • Indian rupees (INR) per US dollar – 46.78 (2009), 43.319 (2008), 41.487 (2007), 45.3 (2006), 44.101 (2005)

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