3/25/2021 Economy of India – GKmojo

GKmojo
Protected: Economy of India

Economy of India
1) The economy of India is characterised as a middle income developing market economy. It
is the world’s fifth-largest economy nominal GDP and the third-largest purchasing power
parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd GDP
(nominal) and 124th GDP (PPP) in 2020.

2) Maharashtra is the wealthiest Indian state followed UP and Tamilnadu.

3) India’s largest trading partners are China, USA, UAE, Saudi Arabia, Switzerland, Germany,
Hong Kong, Indonesia, South Korea, and Malaysia.

4) GDP: Gross Domestic Product

GDP is the monetary value of all the finished goods and services produced within a country’s
borders in a specific time period.
India’s Nominal GDP ~2.6 trillion dollars. (2020)
India’s rank in world economies size of GDP (nominal): 6th
India’s rank in world economies size of GDP (PPP): 3rd

5) GDP contracted 23.9% in 1st Quarter of Current Financial Year 2020-21. GDP contracted
7.5% in the second quarter of 2020-21.

6) There are 3 sectors in Indian Economy:

Contribution of different sectors in Indian GDP:

Primary sector (Agriculture): around 16%

Secondary sector (Industry): around 23%
Tertiary sector (Service): around 62%

7) Ease of doing business rank of India 2020: 63

8) Trade partners in decreasing order:

India’s main export partners: – Arab league, European Union, USA, ASEAN, China,
Hong Kong and Japan.
India’s main import partners: – Arab League, China, ASEAN, European Union, USA,
Hong Kong, South Korea and Japan.

9) Inflation in India is measured Consumer Price Index.

10) There are 8 core industries in India-

Electricity,
Steel,
Refinery products,
Crude oil,
https://www.gkmojo.com/premium-content/economy-of-india/ 1/7
3/25/2021 Economy of India – GKmojo

Coal,
Cement,
Natural gas and
Fertilizers

The eight core industries of coal, crude oil, natural gas, refinery products, fertilisers, steel,
cement and electricity, which have a 40.27% weight in the Index of Industrial Production.

11) India has one of the fastest growing service sectors in the world with an annual growth
rate above 9% since 2001.

TOP GKMOJO COURSES

 TISS GK Course 2021-22

 RBI Grade B Phase 1 GA Course 2022

 MBA GK Course 2021-22 (IIFT TISS XAT CMAT MICAT MAT)

 SEBI Grade A Phase 1 GA Finance Course 2021

 Current affairs Course 2021

 Static GK Course 2021

 Full TISS Course with Video lectures 2021-22

 TISS MAT Business Awareness 2021 Course

https://www.gkmojo.com/premium-content/economy-of-india/ 2/7