Economy of India
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| Economy of India | |
|---|---|
| |
| Currency | Indian rupee (INR) ( ) = 100 Paise |
| 1 April – 31 March | |
Trade organizations
| WTO, SAFTA, BRICS, G-20 and others |
| Statistics | |
| GDP |
$2.047 trillion (nominal,Oct. 2014)[3]
$7.277 trillion (PPP,Oct. 2014)[3] |
| GDP rank | 10th (nominal) / 3rd (PPP) |
GDP growth
|  5.8% (2014) (IMF Projection)[4]6.9% (2014) (Official projection per 2014 Methodology)[5] |
GDP per capita
| $5,777(PPP: 127th; 2014)[3] |
GDP by sector
| agriculture: 13.7%, industry: 21.5%, services: 64.8% (2013)[6][7] |
CPI: 5.11%[1] WPI: -0.39% [2](Jan, 2015) | |
Population belowpoverty line
| 24.6%, 300.4 million (2011, World Bank,Based on 2005 ICP PPP)[8] 21.9% (2012, Reserve Bank of India),[9] 21.9%(2012, United Nation's Millennium Development Goal (MGD) programme)[3] |
| 33.9 (2012 est.)[10] | |
Labour force
| 487.3 million (2013 est.)[11] |
Labour force by occupation
| agriculture: 49%, industry: 20%, services: 31% (2012 est.) |
| Unemployment | 3% Urban, 2% Rural, 10.8 million Total (2013, NSSO method)[12] |
Average gross salary
| $1.46 per hour ($3,036.8 yearly in 2010);[13] GNI per capita: $1,570 yearly per person (2013);[14] Average household income: $6,671 yearly (2011)[15] |
Main industries
| software, petroleum products,chemicals, pharmaceuticals,agriculture, textiles, steel, transportation equipment, machinery, cement, mining, construction[16][17] |
| 142nd[18] (2014) | |
| External | |
| Exports | $313.2 billion: merchandize exports, $150.9 billion: services exports, $464.2 billion: total (2013)[19] |
Export goods
| software, petrochemicals, agricultureproducts, jewelry, engineering goods,[20] pharmaceuticals, textiles,chemicals, transportation parts, oresand other commodities[17] |
Main export partners
| European Union 16.7%(2013[19]) United States 12.5% United Arab Emirates 10.1% China 4.9% Singapore 4.2% |
| Imports | $466 billion: merchandize imports, $124.6 billion: services imports, $590.6 billion: total (2013)[19] |
Import goods
| crude oil, gold and precious stones, electronics, engineering goods,[20]chemicals, plastics, coal and ores, iron and steel, vegetable oil and other commodities[17] |
Main import partners
| China 11.1% (2013[19]) European Union 10.6% Saudi Arabia 7.9% United Arab Emirates 7.1% Switzerland 5.3% |
FDI stock
| Inflows: $151.7 billion, Outflows: $54.6 billion (2009-2013)[21] |
| Public finances | |
| 66.7% of GDP (2013.)[22] | |
| 4.1% of GDP (2014–15)[23] | |
| Revenues | $181.3 billion billion (2013 est.) |
| Expenses | $281.6 billion billion (2013 est.) |
| Economic aid | $1.66 billion (2012)[24] |
| BBB- (Domestic) BBB- (Foreign) BBB+ (T&C Assessment) Outlook: Stable (Standard & Poor's)[25] | |
Foreign reserves
| $334.193 billion (as of 27 Feb 2015)[26] |
The Economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP).[27] The country is one of the G-20 major economies, a member of BRICS and a developing economy that is among the top 20 global traders according to the WTO.[28] India was the 19th-largest merchandise and the 6th largest services exporter in the world in 2013; it imported a total of $616.7 billion worth of merchandise and services in 2013, as the 12th-largest merchandise and 7th largest services importer.[29]India's economic growth slowed to 4.7% for the 2013–14 fiscal year, in contrast to higher economic growth rates in 2000s.[30] The Indian Finance Ministry projects the GDP growth for fiscal 2014 will be 5.5%.[31] IMF projects India's GDP to grow at 5.6% over 2014-15.[32] Agriculture sector is the largest employer in India's economy but contributes a declining share of its GDP (13.7% in 2012-13).[6] Its manufacturing industry has held a constant share of its economic contribution, while the fastest-growing part of the economy has been its services sector — which includes construction, telecom, software and information technologies, infrastructure, tourism, education, health care, travel, trade, banking and other components of its economy.[7]
The post independence-era Indian economy (from 1947 to 1991) was a mixed economy with an inward-looking, centrally planned, interventionist policies and import-substituting economic model that failed to take advantage of the post-war expansion of trade and that nationalized many sectors of its economy.[33] India's share of global trade fell from 1.3% in 1953 to 0.5% in 1983.[34] This model contributed to widespread inefficiencies and corruption, and it was poorly implemented.[35]
After a fiscal crisis in 1991, India has increasingly adopted free-market principles and liberalised its economy to international trade. These reforms were started by former Finance minister Manmohan Singh under the guidance of Prime Minister P.V.Narasimha Rao. They eliminated much of Licence Raj, a pre- and post-British era mechanism of strict government controls on setting up new industry. Following these economic reforms, and a strong focus on developing national infrastructure such as the Golden Quadrilateral project by former Prime Minister Atal Bihari Vajpayee, the country's economic growth progressed at a rapid pace, with relatively large increases in per-capita incomes.[36] The south western state of Maharashtra contributes the highest towards India's GDP among all states, while Bihar is among its poorest states in terms of GNI per capita.Mumbai,Maharashtra is known as the trade and financial capital of India.[1][2][37]
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