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.

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

10.167% (31 December 2010 est.)

$305.7 billion (31 December 2011 est.)

$340.1 billion (31 December 2010 est.)

$1.293 trillion (31 December 2011 est.)

$1.323 trillion (31 December 2010 est.)

$1.452 trillion (31 December 2011 est.)

$1.25 trillion (31 December 2010 est.)

$1.015 trillion (31 December 2011)

$1.616 trillion (31 December 2010)

$1.179 trillion (31 December 2009)

Rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish

Textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals

3.182 million bbl/day (2010 est.)

3.06 million bbl/day (2009 est.)

5.682 billion bbl (1 January 2011 est.)

1.074 trillion cu m (1 January 2011 est.)

Petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel

UAE 13%, US 11.4%, China 6.3%, Singapore 5.3% (2011)

Crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals

China 12.1%, UAE 8.3%, Saudi Arabia 5.8%, US 5.1%, Switzerland 4.7% (2011)

$297.9 billion (31 December 2011 est.)

$297.7 billion (31 December 2010 est.)

$289.7 billion (31 December 2011 est.)

$290.3 billion (31 December 2010 est.)

$230 billion (31 December 2011 est.)

$198.4 billion (31 December 2010 est.)

$109.9 billion (31 December 2011 est.)

$93.9 billion (31 December 2010 est.)

Indian rupees (INR) per US dollar -