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Economy of India

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Economy of India
Economy of The Republic of India
Modern Indian currency notes Rank Currency Fiscal year Trade organizations 10th (nominal) / 3th (PPP) 1 Indian Rupee (INR) ( 1 April – 31 March WTO, SAFTA, G-20 and others Statistics GDP $1.846 trillion (nominal: 10th; 2011) [1] $4.47 trillion (PPP: 3th; 2011) 8.5% (2010–11) $1,371 (nominal: 138th; 2010) [1] $3,408 (PPP: 129th; 2010) [1] [1] ) = 100 Paise

GDP growth GDP per capita

GDP by sector Inflation (CPI) Population below poverty line Gini coefficient Labour force Labour force by occupation Unemployment Average gross salary Main industries

services (55.2%), industry (26.3%), agriculture (18.5%) (2010 est.) 9.39% (November 2011) 37% (2010) [3] [2]

36.8 (List of countries) 478 million (2nd; 2010) agriculture (52%), industry (14%), services (34%) (2009 est.)

9.4% (2009–10)

[4]

$1,371 yearly (2010) telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals 132nd [5] (2011) External

Ease of Doing Business Rank

Exports Export goods Main export partners Imports Import goods Main import partners FDI stock Gross external debt

$225.6 billion (2010 est.) petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel US 12.6%, UAE 12.2%, China 8.1%, Hong Kong 4.1% (2010) $357.7 billion (2010 est.) crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals China 12.4%, UAE 6.5%, Saudi Arabia 5.8%, US 5.7%, Australia 4.5% (2010) $35.6 billion (2009–10) $238 billion (31 December 2010 est.) Public finances

Public debt

71.84% of GDP (2010 est.)

[6]

Economy of India

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$185.4 billion (2010 est.) $269.8 billion (2010 est.) $2.107 billion (2008) [7]

Revenues Expenses Economic aid Credit rating

BBB- (Domestic) BBB- (Foreign) BBB+ (T&C Assessment) Outlook: Stable [8] (Standard & Poor's) $319 billion (July 2011) [9]

Foreign reserves

[10] Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars

"Dollar" and "$" refer throughout to the US dollar. The Economy of India is the tenth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP).[1] 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 lower-middle income economy.[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.

Overview
Communist policies governed India for sometime after India's Independence from the British. The economy was then characterised by extensive regulation, protectionism, public ownership, pervasive corruption and slow growth.[13][14] Since 1991, continuing economic liberalisation has moved the country towards a market-based economy.[13][14] A revival of economic reforms and better economic policy in first decade of the 21st century accelerated India's economic growth rate. In recent years, Indian cities have continued to liberalise business regulations.[5] By 2008, India had established itself as the world's [[Lisignificantly slowed to 6.79% in 2008–09, but subsequently recovered to 7.4% in 2009–10, while the fiscal deficit rose from 5.9% to a high 6.5% during the same period.[15] India’s current account deficit surged to 4.1% of GDP during Q2 FY11 against 3.2% the previous quarter. The unemployment rate for 2009–2010, according to the state Labour Bureau, was 9.4% nationwide.[4] As of 2010, India's public debt stood at 71.84% of GDP which is highest among BRIC nations.By some resources the indian economy is far greater than official because of its billions of black money which are not indicated in official numbers.[6] India's large service industry accounts for 57.2% of the country's GDP while the industrial and agricultural sectors contribute 28.6% and 14.6% respectively.[16] Agriculture is the predominant occupation in Rural India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.[17]

owing to the lack of quantitative information. up by a record 72% from a level of $253 billion in 2004. central and parts of . India's top five trading partners are United Arab Emirates. steel. food processing. which valued India's total merchandise trade (counting exports and imports) at $294 billion and India's services trade at $143 billion. used uniform weights and measures. ensured that India.[23] Over time.[21] Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD. barter was prevalent. which included the world's first urban sanitation systems and the existence of a form of municipal government. potatoes. and traded with other cities. while their craftsmen received a part of the crops at harvest time for their services. cement. when it was largely taken over by the local [22] the main catalyst for the Age of Discovery. Gold. mining.[27] The political stability and uniform revenue policy resulting from a centralised administration under the Mughals. statistics from a 2009–10 government survey.[13] India currently accounts for 1. wheat. software and pharmaceuticals. suggested that the share of agriculture in employment had dropped to 45. transportation equipment. and the Gangetic plains and the Indus valley housed several centres of river-borne commerce. silver and copper coins were issued by the royal mints which functioned on the basis of free coinage.[18] In 2009–2010. However. Thus. up from 16% in 1990–91. sheep.[4] Major industries include telecommunications. state patronage for overseas trade came to an end by the The spice trade between India and Europe was thirteenth century AD. India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion. land revenue and trade. goats. jute. made tools and weapons. Major agricultural products include rice. a drainage system and water supply reveals their knowledge of urban planning. India's trade and business sector has grown fast.Economy of India However. sugarcane. India's total trade in goods and services has reached a share of 43% of GDP in 2005–06. practiced agriculture.[25] Although many kingdoms and rulers issued coins. coupled with a well-developed internal trade network. poultry and fish. Villages paid a portion of their agricultural produce as revenue to the rulers. Saudi Arabia and Germany. China. the Saurashtra and Bengal coasts played an important role in maritime trade. Previously a closed economy. 3 History Pre-colonial period (up to 1773) The citizens of the Indus Valley civilisation. despite having a traditional agrarian economy characterised by a predominance of subsistence agriculture dependent on primitive technology.[19] India's total merchandisee trade (counting exports and imports) stands at $ 606. tea. a permanent settlement that flourished between 2800 BC and 1800 BC. Jewish and Muslim communities. machinery. Most overland trade was carried out via the Khyber Pass connecting the Punjab region with Afghanistan and onward to the Middle East and Central Asia. The Mughal economy functioned on an elaborate system of coined currency.[18] The labour force totals 500 million workers.5%. used for import and export as well as transit points between the Mediterranean region and southeast Asia. traders organised themselves into associations which received state patronage. before the arrival of the British. textiles. chemicals.[28] After the decline of the Mughals. petroleum. initially on the Malabar and subsequently on the Coromandel coast. United States.[24] Further north.7 billion[20] and is currently the 9th largest in the world. cotton. cattle. was to a large extent economically unified. oilseed. western.5% of world trade as of 2007 according to the World Trade Statistics of the WTO in 2006. Both the Malabar and Coromandel Coasts were the sites of important trading centres from as early as the first century BC. Evidence of well-planned streets. water buffalo. domesticated animals.[26] Assessment of India's pre-colonial economy is mostly qualitative. Parsi. which used a smaller sample size than earlier surveys.

coupled with the Second World War. and extremely inadequate infrastructure. a civil service that aimed to be free from political Estimates of the per capita income of India interference.3% at that time. which was the economic hub of British India. agriculture with a focus on trade. and created a single currency with fixed exchange rates. which.[37] This [36] (1857–1900) as per 1948–49 prices. This marked a determinative shift in India's trade. on paper.[38] with industrial development stalled.3% of the population of the region constituting present-day India resided in villages. and significant growth in production and trade. India's share of world income collapsed from 22. the Maratha Empire disintegrated into several confederate states. Calcutta and Madras grew rapidly. agriculture unable to feed a rapidly growing population. only one-sixth of India's population lived in cities by 1951.[40] and urbanisation generally remained sluggish until the 1920s. encouraged free trade. a common-law and an adversarial legal system.[33] After the removal of international restrictions by the Charter of 1813. mass impoverishment and destitution of farmers. However. saw the development and dispersal of industries. the policy of discriminating protection (where certain important industries were given financial protection by the state). led to numerous famines. — Manmohan Singh[31] An aerial view of Calcutta Port taken in 1945. due to the colonial policies of the British.[39] The 1872 census revealed that 91. almost equal to Europe's share of 23. It also established a well-developed system of railways and telegraphs. and the resulting political instability and armed conflict severely affected economic life in several parts of the country.[30] 4 Colonial period (1773–1947) There is no doubt that our grievances against the British Empire had a sound basis.Economy of India south and north India were integrated and administered by the Maratha Empire. Despite this. a largely illiterate and unskilled labour force. After the loss at the Third Battle of Panipat. and a less powerful impact on the rest of the economy. "the brightest jewel in the British Crown" was the poorest country in the world in terms of per capita income. resulting in decreased production of food crops.[41] . Company rule in India brought a major change in the taxation and Calcutta. Subsequently. although this was compensated for to some extent by localised prosperity in the new provincial kingdoms.[34] The result was a significant transfer of capital from India to England. led to a massive drain of revenue rather than any systematic effort at modernisation of the domestic economy.8% in 1952. due to the lack of industrialisation and absence of adequate transportation. guaranteed property rights among the colonisers. Indian trade expanded substantially and over the long term showed an upward trend. the British East India Company entered the Indian political theatre and established its dominance over other European powers. due to reduced demand and dipping employment. at the end of colonial rule. Indeed. and in the short term. coincided with major changes in the world economy – industrialisation. to as low as 3. encouraging rural-urban migration.[35] India's colonisation by the British created an institutional environment that. and in particular the large port cities of Bombay. As the painstaking statistical work of the Cambridge historian Angus Maddison has shown.[32] The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors. standardised weights and measures and capital markets.6% in 1700.[29] By the end of the eighteenth century. at the beginning of the 20th century. which tended to promote commercialisation of World War II. India inherited an economy that was one of the poorest in the developing world. saw increased industrial activity during agricultural policies.

However. Steel. along with the statistician Prasanta Chandra Mahalanobis. who thought it would waste capital and labour. with a strong emphasis on import substitution industrialisation. Leaders of the Indian independence movement and left-wing people who opposed India's independence movementeconomic historians have blamed colonial rule for the dismal state of India's economy in its aftermath and argued that financial strength required for industrial development in Europe was derived from the wealth taken from colonies in Asia and Africa. and power plants. removed price controls. the subsequent government policy of Fabian socialism hampered the benefits of the economy. reduced corporate taxes and promoted the creation of small scale industries in large numbers. because of the unfavourable comparison with growth rates in other Asian countries. it has also been criticised as an unsustainable effort.[48] The rate of growth of the Indian economy in the first three decades after independence was derisively referred to as the Hindu rate of growth by economists. improving crop patterns and strengthening forward and backward linkages between agriculture and industry. a record in the world for non-communist economies. and retard the development of small manufacturers. He also raised the income tax levels at one point to a maximum of 97.5%.[44] Five-Year Plans of India resembled central planning in the Soviet Union. which improved the condition of agriculture by increasing crop productivity.Economy of India The impact of the British rule on India's economy is a controversial topic. business regulation. a large public sector. which was seen by Indian leaders as exploitative. insurance.[51] However. rather than the more extreme Soviet-style central command system. and by those leaders' exposure to democratic socialism as well as the progress achieved by the economy of the Soviet Union.[42] 5 Pre-liberalisation period (1947–1991) Indian economic policy after independence was influenced by the colonial experience.[52] Post-liberalisation period (since 1991) . mining. right-wing historians have countered that India's low economic performance was due to various sectors being in a state of growth and decline due to changes brought in by colonialism and a world that was moving towards industrialisation and economic integration. involving the rapid development of heavy industry by both public and private sectors.and technology-intensive heavy industry and subsidising manual. the government led by Morarji Desai eased restrictions on capacity expansion for incumbent companies. were effectively nationalised in the mid-1950s.[46][47] The policy of concentrating simultaneously on capital. the use of high-yielding varieties of seeds. low-skill cottage industries was criticised by economist Milton Friedman. economic interventionism. the first prime minister of India.[49][50] Since 1965. machine tools. leading to high fiscal deficits and GDP of India has risen rapidly since 1991 . telecommunications. In the late 1970s. formulated and oversaw economic policy during the initial years of the country's existence. They expected favorable outcomes from their strategy.[45] Jawaharlal Nehru. resulting in the growth of capitalistic farming.[39] Domestic policy tended towards protectionism. and based on direct and indirect state intervention. At the same time. and central planning. among other industries. ignoring institutional reforms and widening income disparities.[43] while trade and foreign investment policies were relatively liberal. increased fertilisers and improved irrigation facilities collectively contributed to the Green Revolution in India.

the government gave the green light to the flow of massive investment – both domestic and foreign. During the period from 2004 to 2008.[65] Post-liberalisation.[58] While the credit rating of India was hit by its nuclear weapons tests in 1998. brought in foreign competition.[64] The Indian industrial sector underwent significant changes as a result of the economic reforms of 1991. After freeing the industry in 2004–2005 from a number of limitations. resulted in a major balance-of-payments crisis for India. Nano. the transformation of the textile industry from a degrading to rapidly developing industry.8 billion bailout loan from the International Monetary Fund (IMF). this has also reduced employment generation even by smaller manufacturers who earlier relied on relatively labour-intensive processes. The collapse of the Soviet Union. By 2012. with a substantial reduction in state control of the economy and increased financial liberalisation. revamping [62] automobile industries.[17] In absolute terms.[56] By the turn of the 20th century. it has since been raised to investment level in 2003 by S&P and Moody's. India is often seen by most economists as a rising economic superpower and is believed to play a major role in the global economy in the 21st century. primarily financial. making it the third largest economy of the world.[57] This has been accompanied by increases in life expectancy. India is 12th in the world in terms of nominal factory output. which found itself facing the prospect of defaulting on its loans. along with his finance minister Manmohan Singh. India had progressed towards a free-market economy. including the threat of cheaper Chinese imports.[67] As stated in late January. literacy rates and food security. Shri Shankersinh Vaghela. improved infrastructure and led to an expansion in the production of fast moving consumer goods. which was India's major trading partner. Goldman Sachs predicted that India's GDP in current prices would overtake France and Italy by 2020. the world's cheapest car. But demand for . total investment amounted to 27 billion dollars. initiated the economic liberalisation of 1991. Shown here is the Tata [63] management.[55] Since then.[60][61] 6 Sectors Industry and services Industry accounts for 28% of the GDP and employ 14% of the total workforce. the Indian private sector was faced with increasing domestic as well as foreign competition. behind the US and China. and relying on cheap labour and new technology.[54] In response. Germany. although no government has tried to take on powerful lobbies such as trade unions and farmers. led to privatisation of certain public sector industries. although the beneficiaries have largely been urban residents. which in return demanded reforms. this figure will reach 38 billion as expected. However. still convinced of the government. UK and Russia by 2025 and Japan by 2035. and the Gulf War. by the then Minister of Textiles.Economy of India a worsening current account. which removed import restrictions. reduced tariffs and interest rates and ended many public monopolies. The reforms did away with the Licence Raj. liberalised the FDI regime.[66] Textile manufacturing is the second largest source of employment after agriculture and accounts for 20% of manufacturing output.[53] India asked for a $1. has become the biggest achievement of the central government. allowing automatic approval of foreign direct investment in many sectors. India.[59] In 2003. the overall thrust of liberalisation has remained the same. on contentious issues such as reforming labour laws and reducing agricultural subsidies. Prime Minister Narasimha Rao. providing employment to over 20 million people. which caused a spike in oil prices. It India has one of the world's fastest growing has since handled the change by squeezing costs. these investments in 2012 will create an additional sector of more than 17 million jobs.

[68] Ludhiana produces 90% of woollens in India and is known as the Manchester of India. In 2008. generally 30% to 50% of the highest average yield in the world. logging and fishing accounted for 15. rice in the world after China. with the country producing 79 different minerals (excluding fuel and atomic resources) in 2009–10.[73] Organised retail supermarkets accounts for 24% of the market as of 2008. over thirty regulations such as "signboard licences" and "anti-hoarding measures" may have to be complied before a store can open doors.1% of the total workforce. up from 4. chromite. Andhra Pradesh. due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation. only during 2008–2009 fiscal year (which ends 31 March) textile and clothing industry will be forced to cut about 800 thousand new jobs – nearly half of the rate of two million. India is the second largest producer of [76] agricultural credit and subsidies since the Green Revolution in India. is still the largest economic sector and a significant piece of the overall socio-economic development of India.[80] 546820 square kilometres ( sq mi) of the land area. Some hospitals woo medical tourism. seven Indian firms were listed among the top 15 technology outsourcing companies in the world. and even within states. Punjab. on the supply side. having a cumulative growth rate of revenue 33. or about 39% of the total cultivated area. is irrigated. which will have to go all the export-oriented sectors of Indian economy to soften the impact of the global crisis. Bihar. and an availability of a large pool of low cost. West Bengal and Maharashtra are key agricultural contributing states of India. technology. educated and fluent English-speaking workers.7% of the GDP in 2009–10. up from 15% in 1950. mica. According to Union Minister for Commerce and Industries Kamal Nath.[75] 7 Agriculture India ranks second worldwide in farm output. bauxite. with the total utilisable water resources.[70] The growth in the IT sector is attributed to increased specialisation. and despite a steady decline of its share in the GDP.[17] Information technology and business process outsourcing are among the fastest growing sectors. asbestos. gypsum. It has the largest share in the GDP. casual wear and sportswear. accounting for 55% in 2007. highly skilled.[69] India is 13th in services output. Madhya Pradesh.[72] Mining forms an important segment of the Indian economy. Agriculture and allied sectors like forestry. ochre. Moreover. amounting to 1123 billion cubic metres. but growing at double digits. knitted garments. India had the world's third largest fishing industry.[74] Regulations prevent most foreign investment in retailing.6 in) and a total annual precipitation of 4000 billion cubic metres. phosphorite and silica sand. India receives an average annual rainfall of 1208 millimetres (47. and Andhra However.[81] India's inland water resources including rivers. Farmers work outside a rice field in Andhra application of modern agricultural practices and provision of Pradesh.5% in 1991–2000. including surface and groundwater. There are taxes for moving goods from state to state.[78] Yields per unit area of all crops have grown since 1950. The share of the Indian IT industry in the country's GDP increased from 4. canals. employed 52. or those looking to outsource their operations. manganese. matched on the demand side by increased demand from foreign consumers interested in India's service exports. including iron ore. The services sector provides employment to 23% of the work force and is growing quickly. Tirupur has gained universal recognition as the leading source of hosiery. limestone.[82] .Economy of India Indian textiles in world markets continues to fall.[71] In 2009. international comparisons reveal the average yield in India is Pradesh is the second largest rice producing state [77] in India with Uttar Pradesh being the largest.[74] Tourism in India is relatively undeveloped.[79] Indian states Uttar Pradesh.5% in 1951–80. fluorite. with a growth rate of 7.8 % in 2005–06 to 7% in 2008.6% between 1997–98 and 2002–03 and contributing to 25% of the country's total exports in 2007–08. ponds and lakes and marine resources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment to nearly six million people in the fisheries sector. Haryana.

accounting for 10. and gold.260 in 1969 to 72.[76] It is the second largest producer of rice.170 in 2007 and the population covered by a branch decreased from 63. the number of bank branches has increased from 8.[17][93] As of 2009.590 or 42% in 2007. only 32. followed by six others in 1980.[84] The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas.7%. houses.2% and 6. like ceremonies and short duration loans. which includes individual or family owned indigenous bankers or money lenders and non-banking financial companies. other reforms have opened up the banking and insurance sectors to private and foreign players. other sources of renewable energy 7. Despite an increase of rural branches. from 1. retail trade.270 out of 500. the government has approved significant banking reforms.7%.7%. together known as scheduled banks. hydroelectricity 24. and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture. jute and pulses.9% and 8.12 billion) in 1970–71 to 3830922 crore (US$727.[92] The petroleum crude oil requirements. public and foreign owned commercial banks and cooperative banks.[83] 8 Banking and finance The Indian money market is classified into the organised sector.000 during the same period.000 million tons in 2005.[94] India is the fourth largest consumer of oil in the world and imported $82. sugarcane.835 megawatts (MW). as well as the second largest fruit and vegetable producer.5% respectively.[85] Prime Minister Indira Gandhi nationalised 14 banks in 1969.860 or 22% of the total number of branches in 1969 to 30. Oil and Natural Gas Corporation (ONGC).000 villages are covered by a scheduled bank.[97] India is also rich .[94] Oil and natural gas fields are located offshore at Mumbai High.9%.[96] India meets most of its domestic energy demand through its 106 billion tonnes of coal reserves.[89] The public sector banks hold over 75% of total assets of the banking industry. Gujarat and Rajasthan. etc. which had As of 2010. Shown here is an industry in India mostly consists of public sector companies such as ONGC platform at Mumbai High in the Arabian Sea. small-scale industry. cattle. India had an installed power generation capacity of 164.800 to 15.6%. like encouraging mergers.[90] Since liberalisation.[95] As of 2010. and nuclear power 2. India imported about 70% of its [92] an adverse effect on its current account deficit. especially for non-productive purposes.6% of the world fruit and vegetable production respectively.[88] More than half of personal savings are invested in physical assets such as land. and onshore mainly in the states of Assam. to ensure that the banks fulfill their social and developmental goals. with the private and foreign banks holding 18. and the unorganised sector. Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL). small businesses. The total bank deposits increased from 5910 crore (US$1.1 billion worth of oil in the first three quarters of 2010. Krishna Godavari Basin and the Cauvery Delta. There are some major private Indian companies in the oil sector such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex. producing 77. While some of these relate to nationalised banks. reducing government interference and increasing profitability and competitiveness. of which thermal power contributed 64. Since then. and also has the world's second largest cattle population with 175 million animals in 2008. one of the few sites of domestic production.[17][91] Energy and power India's oil reserves meet 25% of the country's domestic oil demand.[86][87] India's gross domestic saving in 2006–07 as a percentage of GDP stood at a high 32.Economy of India India is the largest producer in the world of milk. comprising private. wheat. India's total proven oil reserves stood at 775 million metric tonnes while gas reserves stood at 1074 billion cubic metres.[76] India is also the second largest producer and the largest consumer of silk in the world. cotton and groundnuts.88 billion) in 2008–09.

16 billion).61 billion) in 2010.[101] Since liberalisation. Foreign trade was subject to import tariffs. raw materials and consumer goods. India's huge thorium reserves – about 25% of world's reserves – are expected to fuel the country's ambitious nuclear energy program in the long-run. gems and jewellery.[19] India's major trading partners are the European Union. restrictions on technology transfer. India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers to trade into the WTO policies. the Indo-US nuclear deal has paved the way for India to import uranium from other countries.[100] India's exports were stagnant for the first 15 years after independence. while imports were up 7. petroleum products. For instance.9 billion) in 2009 to 40070 crore (US$7. wind and biofuels (jatropha. While participating actively in its general council meetings.5% at 125133 crore (US$23. Imports in the same period. export taxes and quantitative restrictions. export obligations and government approvals. the value of India's international trade has increased sharply.[103] In 2006–07.[98] However. the WTO. major export commodities included engineering goods. Trade deficit for the same month dropped from 46865 crore (US$8. exports increased 22. gold and silver.Economy of India in certain renewable sources of energy with significant future potential such as solar.[106] .3% year-on-year to 85063 crore (US$16. The restrictions ensured that FDI averaged only around $200 million annually between 1985 and 1991. due to industrialisation being nascent. A map showing the global distribution of Indian exports in 2006 as a percentage of the top market (USA – $20. to protect its economy and to achieve self-reliance. commercial borrowing and deposits of non-resident Indians.000). textiles and garments. these approvals were needed for nearly 60% of new FDI in the industrial sector. India was largely and intentionally isolated from the world markets. electronic goods.[105] India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor. chemicals and pharmaceuticals.500.[104] In November 2010. Major import commodities included crude oil and related products.78 billion). iron ore and other minerals. agricultural products. India has been crucial in voicing the concerns of the developing world.[102] with the contribution of total trade in goods and services to the GDP rising from 16% in 1990–91 to 43% in 2005–06. due to general neglect of trade policy by the government of that period. India's dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years. sugarcane). a large percentage of the capital flows consisted of foreign aid.902. machinery.[99] 9 External trade and investment Further information: Globalisation in India and List of the largest trading partners of India Global trade relations Until the liberalisation of 1991. while foreign direct investment (FDI) was restricted by upper-limit equity participation. the United States and the United Arab Emirates. China. consisted predominantly of machinery.

Despite a surge in foreign investments. India's balance of payments on its current account has been negative. India is a preferred destination for FDI.00 [115] As the fourth-largest economy in the world in PPP terms.00 5.4% in 2008–09.2% and 39.Economy of India 10 Balance of payments Since independence. India's exports rose consistently.9 billion for the same month.[109] Between January and October 2010. such as United States and members of the European Union. exports and imports have both registered impressive growth with monthly exports reaching $25. the global economic slump followed by a general deceleration in world trade saw the exports as a percentage of Cumulative Current Account Balance 1980–2008 imports drop to 61.00 4.[110] As of June 2011.00 9.2% respectively in June 2009.9 billion for the month of May 2011 and monthly imports reaching $40. covering 80.8 billion). chemicals.[110] The steep decline was because countries hit hardest by the global recession. precipitated by a balance of payment crisis.[116] India has a large pool of skilled managerial and technical expertise.914 6.00 7.[116] India has strengths in telecommunication. apparels. due to positive economic reforms aimed at deregulating the economy and stimulating foreign investment.158 4.[20] India's reliance on external assistance and concessional debt has decreased since liberalisation of the economy.164 11. since the decline in imports was much sharper compared to the decline in exports.3% in 1990–91 to 4.[108] India's growing oil import bill based on IMF data is seen as the main driver behind the large current account deficit. India imported $82.[92] Due to the global late-2000s recession.[107] However. are being permitted by the Government for providing an additional source of funds to Indian corporates.7 billion.5 billion in December 2009. and the debt service ratio decreased from 35. Since economic liberalisation in the 1990s. and jewellery. [114] Foreign direct investment Share of top five investing countries in FDI inflows. in 2008–09.7% of GDP. up from 66. information technology and other significant areas such as auto components. both Indian exports and imports declined by 29.1% for imports. account for more than 60% of Indian exports. India's trade deficit reduced to 25250 crore (US$4.1 billion worth of crude oil. or commercial loans from non-resident lenders.[111] However.968 42. This represents a year on year growth of 56.8 billion in March 1991 to $283. rigid FDI policies were a significant hindrance.2% in 1990–91.9% for exports and 54.4% in 2008–09.[113] India's foreign exchange reserves have steadily risen from $5. The Ministry of Finance monitors and regulates them through ECB policy guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act of 1999.[92] which rose to $118. pharmaceuticals. However.275 8. External Commercial Borrowings (ECBs).[112] In India.3% of its imports in 2002–03. The size of the middle-class population stands at 300 million and represents a growing consumer market.[117] . India has positioned itself as one of the front-runners of the rapidly growing Asia-Pacific region. (2000–2010) Rank 1 2 3 4 5 Country Mauritius Singapore USA UK Netherlands Inflows Inflows (%) (million USD) 50. or 9.

The rupee is divided into 100 paise. dollar till 1975 through a fixed exchange rate. the Japanese yen and the Deutsche mark. 11 Currency The Indian rupee is the only legal tender in India. the country's central bank.S.S. Industrial policy reforms have substantially reduced industrial licensing requirements. educational institutions. there still remains an unfinished agenda of permitting greater FDI in politically sensitive areas such as insurance and retailing. banker to the government.[119] India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in ventures. The total FDI equity inflow into India in 2008–09 stood at 122919 crore (US$23. removed restrictions on expansion and facilitated easy access to foreign technology and foreign direct investment FDI. It is governed by a central board of directors. and city.000 rupee note. the U. the rupee has been steadily appreciating against the U. with effect from 30 June 2011.[123][124] India's monetary system is managed by the Reserve Bank of India (RBI).[122] However. the RBI serves as the nation's monetary authority.[128] In 2009.[129] .[126] The RBI's new headquarters in Mumbai The rupee was linked to the British pound from 1927–1946 and then the U.Economy of India During 2000–10.[121]. and Mauritius is a capital gains tax haven.[120] Despite a number of changes in the FDI policy to remove caps in most sectors. The highest-denomination banknote is the 1. double taxation is avoided due to a tax treaty between India and Mauritius. dollar. and as an issuer of currency.and regional-level infrastructure.[127] Since 2003. recreational facilities. both of which peg their currency to that of the Indian rupee. dollar. effectively creating a zero-taxation FDI channel. headed by a governor who is appointed by the Government of India. hospitals. the government amended the rules to allow 100% FDI in the construction sector. commercial premises.[125] Established on 1 April 1935 and nationalised in 1949. the country attracted $178 billion as FDI. regulator and supervisor of the monetary system. In March 2005. The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalised FDI regime.S.7 billion from the IMF. custodian of foreign exchange reserves.35 billion). It was devalued in September 1975 and the system of fixed par rate was replaced with a basket of four major international currencies – the British pound. a rising rupee prompted the Government of India to purchase 200 tons of gold for $6. a growth of 25% in rupee terms over the previous period. and is also accepted as legal tender in the neighbouring Nepal and Bhutan. including built-up infrastructure and construction development projects comprising housing. the lowest-denomination coin in circulation is the 10 paise coin.[118] The inordinately high investment from Mauritius is due to routing of international funds through the country given significant tax advantages. 50 paise is the minimum coin accepted in the markets as all denominations below have ceased to be legal currency.

averaging 14. the Parliament of India. and one-third of urban Indians lived in "homes too cramped to exceed even the minimum requirements of a prison cell in the US.Economy of India 12 Income and consumption India's gross national income per capita had experienced astonishing growth rates since 2002.9 m2) per person in urban areas. Indian official estimates of the extent of poverty have been subject to debate. with concerns being raised World map showing the Gini coefficient.[139] Since the early 1950s. The proportion of underweight children is nearly double that of Sub-Saharan Africa.368. according to World Bank statistics.[141] The Parliament of India also refused to accept Union Government's argument that it had taken adequate measures to reduce incidence of poverty in India.3 m2) room for their basic living needs. while 41. the window of opportunity must not be lost for improving the job prospects for the 80 million new entrants who are expected to join the work force over the next decade.India's Per Capita Income has tripled from $ 423 in 2002–03 to $ 1219 in 2010–11.6 m2) per person in rural areas and 117 sq ft (10.[130] It will further go up to $ 1440 during 2011–12 fiscal. that List of countries by GNI (nominal. under central planning. Atlas method) per have met with partial success. According to The Times of India. data released in 2009 by the Government of India estimated that 37% of the population lived below the poverty line.[142] Recent statistics in 2010 point out that the number of high income households has crossed lower income households.The question of whether economic reforms have reduced poverty has fuelled debates without generating clear-cut answers and has also increased political pressure against further economic reforms.[144] . India has a Gini coefficient of [131][132] line.4% growth over these eight years."[136] The average is 103 sq ft (9.6% of the population lived on less than $2 a day (PPP). Better designed labor regulations can attract more labor.[133][134][135] However. passed the Rural Employment Guarantee Bill into law. 75. — World Bank: India Country Overview 2008.[137][138] However. which attempted to use the unemployed to generate productive assets and build rural infrastructure. India has not had any major famines since Independence. in response to the perceived failure of economic growth to generate employment for the rural poor.170 $)  Higher GNI per capita compared to India  Lower GNI per capita upon the strategies of the Food for work programme and National compared to India Rural Employment Programme of the 1980s.25 (PPP) per day. 0.[3] Housing is modest.6% of the population was living below the new international poverty line of $1. Given the country’s momentum of growth. successive governments have implemented various schemes to alleviate poverty. As of 2005. a measure of about the methodology for the determination of the poverty income inequality. guaranteeing 100 days of minimum wage employment to every rural household in all the districts of India.[136] Around half of Indian children are malnourished. All these programmes have relied capitaGNI per capita:  India (1. especially those involving the downsizing of labour and cutting agricultural subsidies.[140] In August 2005. a majority of Indians had a per capita space equivalent to or less than a 100 square feet (9.[143] Employment India’s labor regulations – among the most restrictive and complex in the world – have constrained the growth of the formal manufacturing sector where these laws have their widest application.intensive investment and create jobs for India’s unemployed millions and those trapped in poor quality jobs.

Pakistan (85th). India’s GDP per capita in US$ terms will quadruple". as a result benefiting the privileged rather than the poorer sections of society.[153] Further.[159] 13 Economic trends and issues In the revised 2007 figures. inequalities and inadequacies in the education system have been identified as an obstacle preventing the benefits of increased employment opportunities from reaching all sectors of society.[156] Public campaigns. reservations in governments. setting up public sector enterprises.[141] Avenues for employment generation have been identified in the IT and travel and tourism sectors. 7% is in the organised sector.5 billion).[155] The Indian government is implementing the world's largest child labour elimination program. by providing financial assistance for setting up businesses. provision of meals in school and other incentives have proven successful in increasing attendance rates in schools in some states. The decline in organised employment due to the decreased role of the public sector after liberalisation has further underlined the need for focusing on better education and has also put political pressure on further reforms. about the same as that for the preceding decade.[154] Child labour in India is a complex problem that is basically rooted in poverty. 8. skill honing. behind countries such as China (89th). an increase of 2. Goldman Sachs predicts that "from 2007 to 2020. Of the total workforce.[148] Unemployment in India is characterised by chronic (disguised) unemployment. two-thirds of which are in the public sector.[145] The NSSO survey estimated that in 2004–05. but their share in FDI remained low at around 1%.[78] While agriculture has faced stagnation in growth. The allocation of the Government of India for the eradication of child labour was $21 million in 2007. by reducing the number of permissions and other bureaucratic clearances required. and Nigeria (125th).[160] In spite of the high growth rate. remittances from Indian migrants overseas stood at 250000 crore (US$47. the report stated that India would continue to remain a low-income country for decades to come but could be a "motor for the world economy" if it fulfills its growth potential. Government schemes that target eradication of both poverty and unemployment (which in recent decades has sent millions of poor and unskilled people into urban areas in search of livelihoods) attempt to solve the problem. and that the Indian economy will surpass the United States (in US$) by 2043. which has focused on subsidising higher rather than elementary education.[158] India ranked 133rd on the Ease of Doing Business Index 2010. Special investigation cells have been set up in states to enforce existing laws banning the employment of children under 14 in hazardous industries. Numerous non-governmental and voluntary organisations are also involved.2% over 1993 levels.[160] Commercial office buildings in Gurgaon. etc.3% of the population was unemployed.[151][152] The 11th five-year plan has also identified the need for a congenial environment to be created for employment generation.[149][150] India's labour regulations are heavy even by developing country standards and analysts have urged the government to abolish or modify them in order to make the environment more conducive for employment generation. coupled with a failure of governmental policy. Agriculture .Economy of India Agricultural and allied sectors accounted for about 52. more inflows into foreign direct investment. with primary education targeted for ~250 million.[157] In 2009–10. based on increased and sustaining growth. the highest in the world.[146][147] Growth of labour stagnated at around 2% for the decade between 1994–2005. which have been experiencing high annual growth rates of above 9%. with unemployment uniformly higher in urban areas and among women. services have seen a steady growth.1% of the total workforce in 2009–10.

[163] The partial failure of land reforms in many states. have considerably reduced corruption and opened up avenues to redress grievances. hampered by ignorance of such practices. has resulted in sharecropping with cultivators lacking ownership rights. price risks and uncertainty. 2010 . with 70% of holdings being less than one hectare in size. rudimentary market infrastructure. land.[162] Irrigation facilities are inadequate. high costs.[166] Yet. governmental intervention in labour. — World Bank: "India Country Overview 2008"[144] India's population is growing faster than its ability to produce rice and wheat. bureaucracy and the Licence Raj that were largely blamed for the institutionalised corruption and inefficiency. The allocation of water is inefficient. slow progress in implementing land reforms. and credit markets are hurting the market. While overregulation of agriculture has increased costs.Economy of India Slow agricultural growth is a concern for policymakers as some two-thirds of India’s people depend on rural employment for a living. unsustainable and inequitable.[161] The low productivity in India is a result of several factors.[162] Further. and various central and state government acts that established vigilance commissions. Infrastructure and services are inadequate. Poorly maintained irrigation systems and almost universal lack of good extension services are among the factors responsible.[81] resulting in farmers still being dependent on rainfall. inadequate or inefficient finance and marketing services for farm produce and impracticality in the case of small land holdings. Farmers' access to markets is hampered by poor roads. According to the World Bank.[167] The Right to Information Act (2005) which requires government officials to furnish information requested by citizens or face punitive action. a 2005 study by Transparency International (TI) found that more than half of those surveyed had firsthand experience of paying bribe or peddling influence to get a job done in a public office. India's large agricultural subsidies are hampering productivity-enhancing investment. exacerbated by poorly maintained or non-existent land records.[168] Overview of the index of perception of corruption.[165] 14 Corruption Corruption has been one of the pervasive problems affecting India. The economic reforms of 1991 reduced the red tape. and excessive regulation. which is often inconsistent and unevenly distributed across the country. the average size of land holdings is very small. and consequently low productivity of labour. illiteracy. Current agricultural practices are neither economically nor environmentally sustainable and India's yields for many agricultural commodities are low. The irrigation infrastructure is deteriorating.[164] Adoption of modern agricultural practices and use of technology is inadequate.[167] The 2010 report by TI ranks India at 87th place and states that significant setbacks were made by India in reducing corruption. specifically the monsoon season. as revealed by the fact that only 39% of the total cultivable land was irrigated as of 2010. computerisation of services.

poor quality and inefficiency.[184] Almost all of the electricity in India is produced by the public sector.[174] India's literacy rate had grown from 52.[181] While 80% of Indian villages have at least an electricity line.Economy of India 15 The current government has concluded that most spending fails to reach its intended recipients. This amounts to 13 times the country's total external debt.[177] Infrastructure In the past. telecommunications and real estate. Education India has made huge progress in terms of increasing primary education attendance rate and expanding literacy to approximately three-fourth of the population. and among different social groups. compared with 3% in China. transportation. Totals are rounded.[170][171] The Indian economy continues to face the problem of an underground economy with a 2006 estimate by the Swiss Banking Association suggesting that India topped the worldwide list for black money with almost $1. Power outages are common. Shown here is the Mumbai-Pune expressway in Maharashtra. urban and rural areas. The stolen electricity amounts to 1.[172][173] The number of people employed in non-agricultural occupations in the public and private sectors. barring railways.04% in 2011.[182][183] Transmission and distribution losses amount to around 20%. there exists a severe disparity in literacy rates and educational opportunities between males and females. development of infrastructure was completely in the hands of the public sector and was plagued by slow progress.[178] India's low spending on power. Private sector data relates to non-agriculture [140] establishments with 10 or more employees. the literacy rate of 74% is still lower than the worldwide average and the country suffers from a high dropout rate. The right to education at elementary level has been made one of the fundamental rights under the eighty-sixth Amendment of 2002. handled mostly by cash-strapped state-run enterprises.[175] However. and many buy their own power generators to ensure Shown here is the Chennai Port. construction. Some half of the electricity is stolen. as a result of an inefficient distribution system. This has prompted the government to partially open up infrastructure to the private sector allowing foreign [140][179] investment. at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher growth rates. is today constructed and maintained by private contractors.456 billion stashed in Swiss banks.[180] Some 600 million Indians have no electricity at all. . one study found that 25% of public sector teachers and 40% of public sector medical workers could not be found at the workplace. in exchange for tax and other concessions from the government. just 44% of rural households have access to electricity. cumbersome and overworked bureaucracy also contributes to administrative inefficiency. and most public infrastructure.2% in 1991 to 74.5% of GDP.[169] India's absence rates are one of the worst in the world. A large.[176] Further. and legislation has been enacted to further the objective of providing free education to all children.

quality and availability of water supply remains a major problem even in urban India. mostly comprising rural residents who migrate to cities the interior regions and distributing industries across states. literacy rates. millions of people. thereby paving the way for creating a competitive market-based electricity sector.[187] India has the world's third largest road network. both in urban and rural areas. transmission and distribution aspects of electricity.[196] The five-year plans. availability of infrastructure and socio-economic development. abolishing licencing requirements in generation and opening up the sector to private players.[192] 16 Economic disparities India continues to grow at a rapid pace.3 million kilometers and carrying 65% of freight and 80% of passenger traffic.1 million telephone subscribers.[186] Substantial improvements in water supply infrastructure. with the proportion of the population having access to safe drinking water rising from 66% in 1991 to 92% in 2001 in rural areas.[194] Six low-income states – Bihar. although the government recently reduced its annual GDP growth projection from 9% to 8% for the current fiscal year ending March 2012. The slowdown is marked by a sharp drop in investment growth resulting from political uncertainties. and focusing more on sectors like tourism which. However. live in squalid conditions like results have not been very encouraging since these measures in fact [193] these. which attract the manufacturing and service sectors.[190] India has a national teledensity rate of 67. and from renewed concerns about the European and US economies.[198][199] . with an installed capacity of 128400 MW. a tightening of macroeconomic policies aimed at addressing a high fiscal deficit and high inflation (going well beyond food and fuel prices). — World Bank: India Country Overview 2011[144] A critical problem facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of poverty.[189] Container traffic is growing at 15% a year. can become a source of growth and develops faster than other sectors. increased inefficiency and hampered effective industrial growth.[181] As of 2006–07 the electricity production was at 652.[185] In 2007. although being geographically and historically determined. electricity demand exceeded supply by 15%. but the seeking jobs. two-thirds of them in urban areas. it is now clear that a number of MDG targets will only be met under the Twelfth Five Year Plan (2012-17). this is growing and is expected to boom following the expansion of 3G and wimax services. Chhattisgarh. and from 82% to 98% in urban areas. including mandating the separation of generation. with most cities getting water for only a few hours during the day.2 billion kWh. with well-developed infrastructure and an educated and skilled workforce. have taken place over the past decade.[195] Severe disparities exist among states in terms of income. however. The governments of backward regions are trying to reduce disparities by offering tax holidays and cheap land.[197] After liberalisation. reforms brought about by the Electricity Act of 2003 caused far-reaching policy changes.[191] but Internet use is rare—there were only 10.. Madhya Pradesh.[181] However. especially in the pre-liberalisation era. the more advanced states have been better placed to benefit from them. Jharkhand. attempted Illegal Slums next to high-rise commercial to reduce regional disparities by encouraging industrial development in buildings in Kochi.67% with 806. Orissa and Uttar Pradesh – are home to more than one third of India's population. life expectancy and living conditions. Although the Government was quite successful in cushioning the impact of the global financial crisis on India.Economy of India electricity supply.[188] covering about 3.29 million broadband lines in India in September 2010.

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aspx) Office of the Economic Adviser (http://eaindustry.in/) Department of Commerce.org.in/WBSITE/EXTERNAL/COUNTRIES/ SOUTHASIAEXT/INDIAEXTN/ 0.htm) Reserve Bank of India's database on the Indian economy (http://www.in/index.contentMDK:20195738~menuPK:295591~pagePK:141137~piPK:141127~theSitePK:295584.in/home.nic.incometaxindia.in/) India in Business (http://www. html) .imf.in/English/default. India (http://www.gov/library/publications/the-world-factbook/geos/in. Government of India (http://finmin.in/cae1-english.nic.Official website for Investment and Trade in India Union Budget & Economic Survey (http://indiabudget.nic.in/scripts/Statistics.00.asp) Central Board of Excise and Customs (http://www.in/).org/external/country/IND/index.org.indiainbusiness.cbec.worldbank.gov.nic. Government of India (http://commerce.org/download/doingbusinessinindia2006.rbi.in/) Department of Industrial Policy & Promotion (http://dipp.nic.gov.asp) Income Tax Department of India (http://www.htm) • CIA – The World Factbook – India (https://www.cia.aspx) Publications and statistics • World Bank – India Country Overview (http://www.nic.html) • Ernst & Young 2006 report on doing Business in India (http://ibef. pdf) • IMF..Economy of India 24 External links Government of India websites • • • • • • • • • Ministry of Finance.

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