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Published by: anon-838327 on Dec 30, 2008
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Economy of India
From Wikipedia, the free encyclopedia
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Economy of India
Currency
1Indian Rupee (INR) (
) = 100 Paise
Tradeorganisations
Statistics
 
 (PPP)$5.21 trillion (PPP) (2008 est.)
GDP growth
9.6% (2006/07)
GDP per capita
$2,659 (nominal)[3]
GDP by sector
agriculture: 19.9%, industry: 19.3%, services: 60.7%(2006 est.)
 (CPI)12.01% (26 July 2008)
Populationbelow poverty line
5.2% (2008 est.) [4]
Labour force
509.3 million (2006 est.)
Labour forceby occupation
agriculture: 60%, industry: 12%, services: 28%(2003)
7.8% (2006 est.)
Main industries
textiles, chemicals, food processing, steel,transportation equipment, cement, mining, petroleum,machinery, software, services
ExternalExports
$163 billion
 (Financial Year 2007-2008)
Export goods
textile goods, gems and jewelry, engineering goods,chemicals, leather manufactures, services
Main exportpartners
US18%, the People's Republic of China 8.9%, UAE  8.4%, UK  4.7%, Hong Kong4.2% (2005)
Imports
$187.9 billion f.o.b. (2006 est.)
Import goods
crude oil, machinery, gems, fertilizer, chemicals
Main import
the People's Republic of China 7.2%, US 6.4%,
 
partners
Belgium 5.1%,Singapore4.7%, Australia4.2%, Germany 4.2%, UK 4.1% (2005)
Public financesPublic debt
$132.1 billion (2006 est.)
Revenues
$109.4 billion (2006 est.)
Expenses
$143.8 billion; including capital expenditures of $15 billion (2006 est.)
Economic aid
donor 
: $17.3 million (2006)
 All values, unless otherwise stated, are inUS dollars
This box: view 
 edit
The
economy of India
followed a socialist-inspired approach for most of its independent history, with government control over private sector and what is termed "Licence Raj".India's economy grew at just 1¼% annualized ratein the three decades after Independence.
Since the mid-1980s, India has slowly opened up its markets througheconomic liberalization. After more fundamental reforms since 1991 and their renewal inthe 2000s, India has progressed towards a market-based system and the growth has beenstrong.
In terms of occupation, two-thirds of the Indian workforce earn their livelihood directlyor indirectly throughagriculture in rural villages. As a proportion of GDP, towns and cities make over two thirds of the Indian economy. Markets which now enjoy muchlighter burden of regulative and other obstacles have ballooned in growth, for instance,communications and world-famous business process services.
India's trade has risenfrom 6% of GDP in 1985 to 24% in 2006, although still relatively moderate.
India'sshare of world trade is around 1%.
Textiles, jewellery, engineering goods and softwareare major export commodities while crude oil, machineries, fertilizers, and chemicals aremajor imports.Today, India has thetwelfth largest GDPin the world, with a GDP of 1.2 trillion UnitedStates dollars (2008).
In the late 2000s, India's growth has averaged at above 7%, whichwill double the average income in a decade.
Analysts say that if India pushed morefundamental market reforms, it could sustain the rate and even raise it to thegovernment's 2011 target of 10%.
Between 1999 and 2008, the annualized growth ratesfor Gujarat(8.8%),Haryana(8.7%), or Delhi (7.4%) were significantly higher than for 

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