Economy of India

Economy - overview
India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.
GDP (purchasing power parity)
$4.515 trillion (2011 est.)
$3.806 trillion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$1.676 trillion (2011 est.)
GDP - real growth rate
7.2% (2011 est.)
6.6% (2009 est.)
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GDP - per capita (PPP)
$3,700 (2011 est.)
$3,200 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
17.2%
industry:
26.4%
services:
56.4% (2011 est.)
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Labor force
487.6 million (2011 est.)
rank:
2
Labor force - by occupation
agriculture:
52%
industry:
14%
services:
34% (2009 est.)
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Unemployment rate
9.8% (2011 est.)
10% (2010 est.)
Population below poverty line
29.8% (2010 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)
32.8% of GDP (2011 est.)
rank:
14
Budget
revenues:
$196.4 billion
expenditures:
$308.8 billion (2011 est.)
Taxes and other revenues
11.7% of GDP (2011 est.)
rank:
206
Budget surplus (+) or deficit (-)
-6.7% of GDP (2011 est.)
rank:
180
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Public debt
48.5% of GDP (2011 est.)
51.4% of GDP (2010 est.)
data cover central government debt, and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)
8.9% (2011 est.)
12% (2010 est.)
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Central bank discount rate
5.5% (31 December 2010 est.)
6% (31 December 2009 est.)
Commercial bank prime lending rate
10.17% (31 December 2011 est.)
10.167% (31 December 2010 est.)
Stock of narrow money
$305.7 billion (31 December 2011 est.)
$340.1 billion (31 December 2010 est.)
Stock of broad money
$1.293 trillion (31 December 2011 est.)
$1.323 trillion (31 December 2010 est.)
Stock of domestic credit
$1.452 trillion (31 December 2011 est.)
$1.25 trillion (31 December 2010 est.)
Market value of publicly traded shares
$1.015 trillion (31 December 2011)
$1.179 trillion (31 December 2009)
Agriculture - products
rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish
Industries
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals
Industrial production growth rate
4.8% (2011 est.)
rank:
69
Electricity - production
835.3 billion kWh (2009 est.)
rank:
5
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Electricity - consumption
600.6 billion kWh (2008 est.)
rank:
6
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Electricity - exports
810 million kWh (2009 est.)
Electricity - imports
5.27 billion kWh (2009 est.)
Oil - production
954,000 bbl/day (2010 est.)
rank:
24
Oil - consumption
3.182 million bbl/day (2010 est.)
rank:
5
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Oil - exports
825,600 bbl/day (2009 est.)
rank:
23
Oil - imports
3.06 million bbl/day (2009 est.)
rank:
5
Oil - proved reserves
5.682 billion bbl (1 January 2011 est.)
rank:
22
Natural gas - production
52.8 billion cu m (2010 est.)
rank:
18
Natural gas - consumption
64.95 billion cu m (2010 est.)
rank:
12
Natural gas - exports
0 cu m (2010 est.)
rank:
116
Natural gas - imports
12.15 billion cu m (2010 est.)
rank:
21
Natural gas - proved reserves
1.074 trillion cu m (1 January 2011 est.)
rank:
25
Current account balance
-$41.4 billion (2011 est.)
-$57.73 billion (2010 est.)
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Exports
$299.4 billion (2011 est.)
$225.3 billion (2010 est.)
Exports - commodities
petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel
Exports - partners
UAE 13%, US 11.4%, China 6.3%, Singapore 5.3% (2011)
Imports
$461.4 billion (2011 est.)
$357.5 billion (2010 est.)
Imports - commodities
crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals
Imports - partners
China 12.1%, UAE 8.3%, Saudi Arabia 5.8%, US 5.1%, Switzerland 4.7% (2011)
Reserves of foreign exchange and gold
$297.9 billion (31 December 2011 est.)
$297.7 billion (31 December 2010 est.)
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Debt - external
$289.7 billion (31 December 2011 est.)
$290.3 billion (31 December 2010 est.)
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Stock of direct foreign investment - at home
$230 billion (31 December 2011 est.)
$198.4 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$109.9 billion (31 December 2011 est.)
$93.9 billion (31 December 2010 est.)
Exchange rates
41.487 (2007)
Fiscal year
1 April - 31 March
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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