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India Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











India Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
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 workforce is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output but employing 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. Nevertheless, per capita income remains below the world average. 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 nearly 7% per year from 1997 to 2017.

India's economic growth slowed 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 slow world growth. 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. Growth rebounded in 2014 through 2016. Despite a high growth rate compared to the rest of the world, India’s government-owned banks faced mounting bad debt, resulting in low credit growth. 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 through 2016.

The economy slowed again in 2017, due to shocks of "demonetizaton" in 2016 and introduction of GST in 2017. Since the election, the government has passed an important goods and services tax bill and raised foreign direct investment caps in some sectors, but most economic reforms have focused on administrative and governance changes, largely because the ruling party remains a minority in India’s upper house of Parliament, which must approve most bills.

India has a young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing integration into the global economy. However, long-term challenges remain significant, including: India's 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.

GDP (purchasing power parity):
$9.474 trillion (2017 est.)
$8.88 trillion (2016 est.)
$8.291 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 3
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.602 trillion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.7% (2017 est.)
7.1% (2016 est.)
8.2% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 27
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,200 (2017 est.)
$6,800 (2016 est.)
$6,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 156
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
28.8% of GDP (2017 est.)
29.7% of GDP (2016 est.)
30.7% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.9% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 19.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -22% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 15.4% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
5.5% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
521.9 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 2
[see also: Labor force country ranks ]
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 47%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22%
[see also: Labor force - by occupation - industry country ranks ]
services: 31% (FY 2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.5% (2017 est.)
8.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 122
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.9% (2011 est.)
[see also: Population below poverty line country ranks ]
[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%: 29.8% (2011)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
35.2 (2011)
37.8 (1997)
country comparison to the world (CIA rank, may be based on non-current data): 96
[see also: Distribution of family income - Gini index country ranks ]
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 238.2 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 329 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
9.2% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 215
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 146
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71.2% of GDP (2017 est.)
69.5% of GDP (2016 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 intragovernmental debt; intragovernmental 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
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.6% (2017 est.)
4.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (31 December 2017)
6.25% (31 December 2016)
note: this is the Indian central bank's policy rate - the repurchase rate
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.51% (31 December 2017 est.)
9.67% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 88
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$451.5 billion (31 December 2017 est.)
$293.5 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$451.5 billion (31 December 2017 est.)
$293.5 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.927 trillion (31 December 2017 est.)
$1.684 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 13
[see also: Stock of domestic credit country ranks ]
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.516 trillion (31 December 2015 est.)
$1.558 trillion (31 December 2014 est.)
$1.139 trillion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[see also: Market value of publicly traded shares country ranks ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$48.66 billion (2017 est.)
-$14.35 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 203
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$304.1 billion (2017 est.)
$268.6 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 19
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
US 15.6%, UAE 10.2%, Hong Kong 4.9%, China 4.3% (2017)

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

Imports:
$452.2 billion (2017 est.)
$376.1 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 11
[see also: Imports country ranks ]
[see also: Imports country ranks ]

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

Imports - partners:
China 16.3%, US 5.5%, UAE 5.2%, Saudi Arabia 4.8%, Switzerland 4.7% (2017)

Reserves of foreign exchange and gold:
$409.8 billion (31 December 2017 est.)
$359.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 8
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$501.6 billion (31 December 2017 est.)
$456.4 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$377.5 billion (31 December 2017 est.)
$318.5 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 20
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$155.2 billion (31 December 2017 est.)
$144.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 30
[see also: Stock of direct foreign investment - abroad country ranks ]
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Indian rupees (INR) per US dollar -
65.17 (2017 est.)
67.195 (2016 est.)
67.195 (2015 est.)
64.152 (2014 est.)
61.03 (2013 est.)


NOTE: 1) The information regarding India on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of India Economy 2020 information contained here. All suggestions for corrections of any errors about India Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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