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India Economy 2014
http://www.theodora.com/wfbcurrent/india/india_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on February 2, 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 have served to accelerate the country's growth, which averaged under 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 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. 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 began slowing in 2011 because of a slowdown in government spending and a decline in investment, caused by investor pessimism about the government's commitment to further economic reforms and about the global situation. High international crude prices have exacerbated the government's fuel subsidy expenditures, contributing to a higher fiscal deficit and a worsening current account deficit. In late 2012, the Indian Government announced additional reforms and deficit reduction measures to reverse India's slowdown, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's medium-term growth 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 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, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration.

GDP (purchasing power parity):
$4.716 trillion (2012 est.)
country comparison to the world: 4

$4.568 trillion (2011 est.)
$4.296 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.817 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2012 est.)
country comparison to the world: 104

6.3% (2011 est.)
10.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,800 (2012 est.)
country comparison to the world: 168

$3,800 (2011 est.)
$3,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
28.8% of GDP (2012 est.)
country comparison to the world: 31

30.3% of GDP (2011 est.)
31.8% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 56.8%
government consumption: 11.9%
investment in fixed capital: 29.6%
investment in inventories: 3.5%
exports of goods and services: 23.8%
imports of goods and services: -25.6%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 17.4%
industry: 17.6%
services: 65% (2012 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:
1.2% (2012 est.)
country comparison to the world: 118
[see also: Industrial production growth rate country ranks ]

Labor force:
482.3 million (2012 est.)
country comparison to the world: 2
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 53%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
services: 28% (2011 est.)

Unemployment rate:
8.5% (2012 est.)
country comparison to the world: 97

8.1% (2011 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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.1% (2005)

Distribution of family income - Gini index:
36.8 (2004)
country comparison to the world: 78

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

Budget:
revenues: $172.1 billion
[see also: Budget revenues country ranks ]
expenditures: $263.8 billion (2012 est.)

Taxes and other revenues:
9.5% of GDP (2012 est.)
country comparison to the world: 208
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% of GDP (2012 est.)
country comparison to the world: 165
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
51.7% of GDP (2012 est.)
country comparison to the world: 63

51.3% of GDP (2011 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):
9.7% (2012 est.)
country comparison to the world: 198

9.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.5% (31 December 2010 est.)
country comparison to the world: 58

6% (31 December 2009 est.)
note: the Indian central bank's policy rate - the repurchase rate - was 8% during December 2012
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.63% (31 December 2012 est.)
country comparison to the world: 87

10.19% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$317.4 billion (31 December 2012 est.)
country comparison to the world: 16

$305.7 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.451 trillion (31 December 2012 est.)
country comparison to the world: 14

$1.293 trillion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.401 trillion (31 December 2012 est.)
country comparison to the world: 14

$1.249 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.015 trillion (31 December 2011)
country comparison to the world: 9

$1.616 trillion (31 December 2010)
$1.179 trillion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-91.47 billion (2012 est.)
country comparison to the world: 191

$-62.8 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$301.9 billion (2012 est.)
country comparison to the world: 20

$307.2 billion (2011 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:
$503.5 billion (2012 est.)
country comparison to the world: 9

$475.3 billion (2011 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:
$297.8 billion (31 December 2012 est.)
country comparison to the world: 11

$297.9 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$378.9 billion (31 December 2012 est.)
country comparison to the world: 28

$334.3 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$225.1 billion (31 December 2012 est.)
country comparison to the world: 23

$206.4 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$118.1 billion (31 December 2012 est.)
country comparison to the world: 28

$109.5 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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

53.437 (2012 est.)
46.671 (2011 est.)
45.726 (2010 est.)
48.405 (2009)
43.319 (2008)


NOTE: The information regarding India on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of India Economy 2014 information contained here. All suggestions for corrections of any errors about India Economy 2014 should be addressed to the CIA.



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