The Economy of India is the ninth largest in the world by nominal GDP and the fourth largest by purchasing power parity (PPP).[2] The country is one of the G-20 major economies and a member of BRICS. The country's per capita GDP (PPP) was $3,408 (IMF, 129th in the world) in 2010, making it a low-Income country.[11]
The independence-era Indian economy (before and a little after 1947) was inspired by the economy of the Soviet Union with socialist practices, large public sectors, high import duties and lesser private participation characterizing it, leading to massive inefficiencies and widespread corruption. However, later on India adopted free market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V.Narasimha Rao the then Prime Minister. Following these strong economic reforms, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people.[12]
India recorded the highest growth rates in the mid-2000s, and is one of the fastest-growing economies in the world. The growth was led primarily due to a huge increase in the size of the middle class consumer population, a large workforce comprising skilled and non-skilled workers, good education standards and considerable foreign investments. India is the seventeenth largest exporter and eleventh largest importer in the world. Economic growth rates are projected at around 7.5%-8% for the financial year 2011-2012.
Inflation Rate
As of November 2010 9.11%
Unemployment Rate
As of 2009-2010 9.4%
Percent of Labor Force
As of 2010 478 million and in terms of occupation
Main Products
rice,
wheat,
oilseed,
cotton,
jute,
tea,
sugarcane,
potatoes,
cattle,
water buffalo,
sheep,
goats,
poultry and
fish
Imported Items
crude oil,
precious stones,
machinery
fertilizer,
iron and
steel,
chemicals
Exported Items
petroleum products,
precious stones,
machinery,
iron and
steel,
chemicals,
vehicles,
apparel
Foreign Trading Partners (as of 2010)
US 12.6%
UAE 12.2 %
China 8.1%
Hongkong 4.1%
Main Import Partners
China 12.4%
UAE 6.5%
Saudi Arabia 5.8%
US 5.7%
Australia 4.5%
Modern Indian Currency Notes
Currency 1 Indian Rupee (INR)=100 Paise
Fixed Exchange Rates USD=54.2700 INR (as of December 2011)
Foreign Debt
$238 billion as iof December 31 of 2010 and 71.84% of GDP
Deficit
Total Population
Increased from 18.1 million in the past decade the population of India now has 1.21 billion. According to latest census figures, the number of men in the country 62.37 million and 58.64 million women.
Trying to control population for the good news is that the population growth rate was 23.87 percent 21.54 percent in 2001, have risen while the 2011 population census 17.64 percent in the past decade.
The population growth rate has declined steadily.In the past decade the growth rate is 3.90 percent was recorded.
The independence-era Indian economy (before and a little after 1947) was inspired by the economy of the Soviet Union with socialist practices, large public sectors, high import duties and lesser private participation characterizing it, leading to massive inefficiencies and widespread corruption. However, later on India adopted free market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V.Narasimha Rao the then Prime Minister. Following these strong economic reforms, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people.[12]
India recorded the highest growth rates in the mid-2000s, and is one of the fastest-growing economies in the world. The growth was led primarily due to a huge increase in the size of the middle class consumer population, a large workforce comprising skilled and non-skilled workers, good education standards and considerable foreign investments. India is the seventeenth largest exporter and eleventh largest importer in the world. Economic growth rates are projected at around 7.5%-8% for the financial year 2011-2012.
Inflation Rate
As of November 2010 9.11%
Unemployment Rate
As of 2009-2010 9.4%
Percent of Labor Force
As of 2010 478 million and in terms of occupation
- Agriculture-52%
- Industry- 14%
- Services- 34%
Main Products
rice,
wheat,
oilseed,
cotton,
jute,
tea,
sugarcane,
potatoes,
cattle,
water buffalo,
sheep,
goats,
poultry and
fish
Imported Items
crude oil,
precious stones,
machinery
fertilizer,
iron and
steel,
chemicals
Exported Items
petroleum products,
precious stones,
machinery,
iron and
steel,
chemicals,
vehicles,
apparel
Foreign Trading Partners (as of 2010)
| Main Export Partners |
|---|
US 12.6%
UAE 12.2 %
China 8.1%
Hongkong 4.1%
Main Import Partners
China 12.4%
UAE 6.5%
Saudi Arabia 5.8%
US 5.7%
Australia 4.5%
Modern Indian Currency Notes
Currency 1 Indian Rupee (INR)=100 Paise
Fixed Exchange Rates USD=54.2700 INR (as of December 2011)
| Currency | 1 Indian Rupee (INR) ( ) = 100 Paise |
|---|---|
| Fixed exchange rates | USD = 54.2700 INR (December 2011) [1 |
$238 billion as iof December 31 of 2010 and 71.84% of GDP
Deficit
Total Population
Increased from 18.1 million in the past decade the population of India now has 1.21 billion. According to latest census figures, the number of men in the country 62.37 million and 58.64 million women.
Trying to control population for the good news is that the population growth rate was 23.87 percent 21.54 percent in 2001, have risen while the 2011 population census 17.64 percent in the past decade.
The population growth rate has declined steadily.In the past decade the growth rate is 3.90 percent was recorded.
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