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EconomyEconomy - 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) World Ranking: 4
$4.515 trillion (2011 est.)
$4.21 trillion (2010 est.) $3.806 trillion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$1.676 trillion (2011 est.)
Gdp - real growth rate World Ranking: 26
7.2% (2011 est.)
10.6% (2010 est.) 6.6% (2009 est.) Gdp - per capita (ppp) World Ranking: 164
$3,700 (2011 est.)
$3,500 (2010 est.) $3,200 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 17.2%
Industry 26.4% Services 56.4% (2011 est.) Labor force World Ranking: 2
487.6 million (2011 est.)
Labor force - by occupation
Agriculture 52%
Industry 14% Services 34% (2009 est.) Unemployment rate World Ranking: 109
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 World Ranking: 79
36.8 (2004)
37.8 (1997) Investment (gross fixed) World Ranking: 14
32.8% of GDP (2011 est.)
Budget
Revenues $196.4 billion
Expenditures $308.8 billion (2011 est.) Taxes and other revenues World Ranking: 206
11.7% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 180
-6.7% of GDP (2011 est.)
Public debt World Ranking: 60
48.5% of GDP (2011 est.)
51.4% of GDP (2010 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 Inflation rate (consumer prices) World Ranking: 185
8.9% (2011 est.)
12% (2010 est.) Central bank discount rate World Ranking: 61
5.5% (31 December 2010 est.)
6% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 94
10.17% (31 December 2011 est.)
10.167% (31 December 2010 est.) Stock of narrow money World Ranking: 16
$305.7 billion (31 December 2011 est.) $340.1 billion (31 December 2010 est.) Stock of broad money World Ranking: 15
$1.293 trillion (31 December 2011 est.) $1.323 trillion (31 December 2010 est.) Stock of domestic credit World Ranking: 14
$1.452 trillion (31 December 2011 est.) $1.25 trillion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 9
$1.015 trillion (31 December 2011) $1.616 trillion (31 December 2010) $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 World Ranking: 69
4.8% (2011 est.)
Electricity - production World Ranking: 5
835.3 billion kWh (2009 est.)
Electricity - consumption World Ranking: 6
600.6 billion kWh (2008 est.)
Electricity - exports
810 million kWh (2009 est.)
Electricity - imports
5.27 billion kWh (2009 est.)
Oil - production World Ranking: 24
954,000 bbl/day (2010 est.)
Oil - consumption World Ranking: 5
3.182 million bbl/day (2010 est.) Oil - exports World Ranking: 23
825,600 bbl/day (2009 est.)
Oil - imports World Ranking: 5
3.06 million bbl/day (2009 est.) Oil - proved reserves World Ranking: 22
5.682 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 18
52.8 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 12
64.95 billion cu m (2010 est.)
Natural gas - exports World Ranking: 116
0 cu m (2010 est.)
Natural gas - imports World Ranking: 21
12.15 billion cu m (2010 est.)
Natural gas - proved reserves World Ranking: 25
1.074 trillion cu m (1 January 2011 est.) Current account balance World Ranking: 184
-$41.4 billion (2011 est.)
-$57.73 billion (2010 est.) Exports World Ranking: 21
$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 World Ranking: 12
$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 World Ranking: 10
$297.9 billion (31 December 2011 est.) $297.7 billion (31 December 2010 est.) Debt - external World Ranking: 30
$289.7 billion (31 December 2011 est.) $290.3 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 21
$230 billion (31 December 2011 est.) $198.4 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 26
$109.9 billion (31 December 2011 est.) $93.9 billion (31 December 2010 est.) Exchange rates
Indian rupees (INR) per US dollar - 46.67 (2011 est.)45.726 (2010 est.) 48.405 (2009) 43.319 (2008) 41.487 (2007) Fiscal year
1 April - 31 March
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