Economy - overview:
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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. Merchandise exports, which account for
about 15% of GDP, returned to pre-financial crisis
levels. An industrial expansion and high food
prices, resulting from the combined effects of the
weak 2009 monsoon and inefficiencies in the
government's food distribution system, fueled
inflation which peaked at about 11% in the first
half fo 2010, but has gradually decreased to
single digits following a series of central bank
interest rate hikes. New Delhi in 2010 reduced
subsidies in fuel and fertilizers, sold a small
percentage of its shares in some state-owned
enterprises and auctioned off rights to radio
bandwidth for 3G telecommunications in part to
lower the government's deficit. The Indian
Government seeks to reduce its deficit to 5.5% of
GDP in FY 2010-11, down from 6.8% in the previous
fiscal year. India's long term challenges include
widespread poverty, inadequate physical and social
infrastructure, limited non-agricultural
employment opportunities, insufficient access to
quality basic and higher education, and
accommodiating rual-to-urban migration.
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GDP (purchasing power
parity):
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$4.046 trillion (2010 est.)
country
comparison to the world: 5
$3.736 trillion (2009 est.)
$3.478 trillion (2008 est.)
note: data
are in 2010 US dollars
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GDP (official exchange rate):
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$1.43 trillion (2009 est.)
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GDP - real growth rate:
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8.3% (2010 est.)
country
comparison to the world: 7
7.4% (2009 est.)
7.4% (2008 est.)
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GDP - per capita (PPP):
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$3,400 (2010 est.)
country
comparison to the world: 164
$3,200 (2009 est.)
$3,000 (2008 est.)
note: data
are in 2010 US dollars
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GDP - composition by sector:
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agriculture: 16.1%
industry: 28.6%
services: 55.3%
(2009)
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Labor force:
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478.3 million (2009 est.)
country
comparison to the world: 2 |
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Labor force - by occupation:
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agriculture: 52%
industry: 14%
services: 34%
(2009 est.)
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Unemployment rate:
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10.8% (2010 est.)
country
comparison to the world: 118
10.7% (2009 est.)
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Population below poverty
line:
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25% (2007 est.)
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Household income or
consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 31.1%
(2005)
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Distribution of family
income - Gini index:
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36.8 (2004)
country
comparison to the world: 79
37.8 (1997)
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Investment (gross fixed):
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32% of GDP (2009 est.)
country
comparison to the world: 13 |
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Budget:
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revenues: $170.7
billion
expenditures: $257.4
billion (2009 est.)
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Public debt:
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55.9% of GDP (2010 est.)
country
comparison to the world: 42
57.3% of GDP (2009 est.)
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Inflation rate (consumer
prices):
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11.7% (2010 est.)
country
comparison to the world: 205
10.9% (2009 est.)
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Central bank discount rate:
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6% (31 December 2009)
country
comparison to the world: 74
6% (31 December 2008)
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Commercial bank prime
lending rate:
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12.19% (31 December 2009 est.)
country
comparison to the world: 59
13.31% (31 December 2008 est.)
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Stock of narrow money:
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$328.4 billion (31 December
2010 est)
$268.4 billion (31 December
2009 est)
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Stock of broad money:
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$1.29 trillion (31 December
2010 est.)
$1.04 trillion (31 December
2009 est.)
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Stock of domestic credit:
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$1.164 trillion (31 December
2010 est.)
country
comparison to the world: 14
$938.8 billion (31 December
2009 est.)
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Market value of publicly
traded shares:
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$1.179 trillion (31 December
2009)
country
comparison to the world: 14
$645.5 billion (31 December
2008)
$1.819 trillion (31 December
2007)
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Agriculture - products:
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rice, wheat, oilseed, cotton,
jute, tea, sugarcane, lentils, onions, potatoes;
dairy products, sheep, goats, poultry; fish
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Industries:
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textiles, chemicals, food
processing, steel, transportation equipment,
cement, mining, petroleum, machinery, software,
pharmaceuticals
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Industrial production growth
rate:
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9.7% (2009 est.)
country
comparison to the world: 17 |
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Electricity - production:
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723.8 billion kWh (2009 est.)
country
comparison to the world: 6 |
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Electricity - consumption:
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568 billion kWh (2007 est.)
country
comparison to the world: 6 |
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Electricity - exports:
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810 million kWh (2009 est.)
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Electricity - imports:
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5.27 billion kWh (2009 est.)
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Oil - production:
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878,700 bbl/day (2009 est.)
country
comparison to the world: 24 |
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Oil - consumption:
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2.98 million bbl/day (2009
est.)
country
comparison to the world: 5 |
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Oil - exports:
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738,600 bbl/day (2007 est.)
country
comparison to the world: 23 |
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Oil - imports:
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2.9 million bbl/day (2007 est.)
country
comparison to the world: 6 |
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Oil - proved reserves:
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5.8 billion bbl (1 January 2010
est.)
country
comparison to the world: 23 |
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Natural gas - production:
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38.65 billion cu m (2009 est.)
country
comparison to the world: 22 |
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Natural gas - consumption:
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51.27 billion cu m (2009 est.)
country
comparison to the world: 16 |
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Natural gas - exports:
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0 cu m (2008 est.)
country
comparison to the world: 170 |
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Natural gas - imports:
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12.62 billion cu m (2009 est.)
country
comparison to the world: 17 |
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Natural gas - proved
reserves:
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1.075 trillion cu m (1 January
2010 est.)
country
comparison to the world: 26 |
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Current account balance:
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-$26.91 billion (2010 est.)
country
comparison to the world: 181
-$26.63 billion (2009 est.)
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Exports:
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$201 billion (2010 est.)
country
comparison to the world: 22
$168.2 billion (2009 est.)
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Exports - commodities:
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petroleum products, precious
stones, machinery, iron and steel, chemicals,
vehicles, apparel
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Exports - partners:
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UAE 12.87%, US 12.59%, China
5.59% (2009)
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Imports:
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$327 billion (2010 est.)
country
comparison to the world: 13
$274.3 billion (2009 est.)
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Imports - commodities:
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crude oil, precious stones,
machinery, fertilizer, iron and steel, chemicals
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Imports - partners:
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China 10.94%, US 7.16%, Saudi
Arabia 5.36%, UAE 5.18%, Australia 5.02%, Germany
4.86%, Singapore 4.02% (2009)
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Reserves of foreign exchange
and gold:
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$284.1 billion (31 December
2010 est.)
country
comparison to the world: 6
$274.7 billion (31 December
2009 est.)
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Debt - external:
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$237.1 billion (31 December
2010 est.)
country
comparison to the world: 28
$221.3 billion (31 December
2009 est.)
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Stock of direct foreign
investment - at home:
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$191.1 billion (31 December
2010 est.)
country
comparison to the world: 23
$157.9 billion (31 December
2009 est.)
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Stock of direct foreign
investment - abroad:
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$89.04 billion (31 December
2010 est.)
country
comparison to the world: 26
$76.62 billion (31 December
2009 est.)
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Exchange rates:
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Indian rupees (INR) per US
dollar - 46.163 (2010), 48.405 (2009), 43.319
(2008), 41.487 (2007), 45.3 (2006)
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