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India Economy 2015
http://www.theodora.com/wfbcurrent/india/india_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 22, 2014

Economy - overview:
India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and served to accelerate the country's growth, which averaged under 7% per year from 1997 to 2011. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly less than half of the work force is in agriculture, but, services are the major source of economic growth, accounting for nearly two-thirds of India's output with less than 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, business outsourcing services, and software workers. India's economic growth began slowing in 2011 because of a decline in investment, caused by high interest rates, rising inflation, and investor pessimism about the government's commitment to further economic reforms and about the global situation. In late 2012, the Indian Government announced additional reforms and deficit reduction measures, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, high spending and poorly-targeted subsidies, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration. Growth in 2013 fell to a decade low, as India's economic leaders struggled to improve the country's wide fiscal and current account deficits. Rising macroeconomic imbalances in India and improving economic conditions in Western countries, led investors to shift capital away from India, prompting a sharp depreciation of the rupee. However, investors' perceptions of India improved in early 2014, due to a reduction of the current account deficit and expectations of post-election economic reform, resulting in a surge of inbound capital flows and stabilization of the rupee.

GDP (purchasing power parity):
$4.99 trillion (2013 est.)
country comparison to the world: 4

$4.833 trillion (2012 est.)
$4.63 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.67 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2013 est.)
country comparison to the world: 108

5.1% (2012 est.)
7.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,000 (2013 est.)
country comparison to the world: 169

$3,900 (2012 est.)
$3,800 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
33.7% of GDP (2013 est.)
country comparison to the world: 16

28.8% of GDP (2012 est.)
30.3% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 56.4%
government consumption: 12.4%
investment in fixed capital: 29.6%
investment in inventories: 8.2%
exports of goods and services: 25.2%
imports of goods and services: -31.8%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 17.4%
industry: 25.8%
services: 56.9% (2013 est.)

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:
0.9% (2013 est.)
country comparison to the world: 152
[see also: Industrial production growth rate country ranks ]

Labor force:
487.3 million (2013 est.)
country comparison to the world: 2
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 49%
industry: 20%
services: 31% (2012 est.)

Unemployment rate:
8.8% (2013 est.)
country comparison to the world: 98

8.5% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
29.8% (2010 est.)
[see also: Population below poverty line country ranks ]

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)
country comparison to the world: 80

37.8 (1997)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $181.3 billion
expenditures: $281.6 billion (2013 est.)

Taxes and other revenues:
10.3% of GDP (2013 est.)
country comparison to the world: 208
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.7% of GDP (2013 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
51.8% of GDP (2013 est.)
country comparison to the world: 63

51.7% of GDP (2012 est.)
note: 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
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
9.6% (2013 est.)
country comparison to the world: 208

9.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.75% (31 December 2013 est.)
country comparison to the world: 34

8% (31 December 2010 est.)
note: this is the Indian central bank's policy rate - the repurchase rate
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.6% (31 December 2013 est.)
country comparison to the world: 76

10.63% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$303.1 billion (31 December 2013 est.)
country comparison to the world: 16

$317.4 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.376 trillion (31 December 2013 est.)
country comparison to the world: 13

$1.396 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.379 trillion (31 December 2013 est.)
country comparison to the world: 15

$1.401 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.263 trillion (31 December 2012 est.)
country comparison to the world: 13

$1.015 trillion (31 December 2011)
$1.616 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$74.79 billion (2013 est.)
country comparison to the world: 190

-$91.47 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$313.2 billion (2013 est.)
country comparison to the world: 19

$296.8 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel

Exports - partners:
UAE 12.3%, US 12.2%, China 5%, Singapore 4.9%, Hong Kong 4.1% (2012)

Imports:
$467.5 billion (2013 est.)
country comparison to the world: 12

$488.9 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals

Imports - partners:
China 10.7%, UAE 7.8%, Saudi Arabia 6.8%, Switzerland 6.2%, US 5.1% (2012)

Reserves of foreign exchange and gold:
$295 billion (31 December 2013 est.)
country comparison to the world: 11

$296 billion (28 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$412.2 billion (31 December 2013 est.)
country comparison to the world: 29

$378.9 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$310 billion (30 November 2013 est.)
country comparison to the world: 20

$225.1 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$120.1 billion (31 December 2013 est.)
country comparison to the world: 28

$118.1 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Indian rupees (INR) per US dollar -

58.68 (2013 est.)
53.437 (2012 est.)
45.726 (2010 est.)
48.405 (2009)
43.319 (2008)


NOTE: The information regarding India on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of India Economy 2015 information contained here. All suggestions for corrections of any errors about India Economy 2015 should be addressed to the CIA.



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