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India:
Economy

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Economy - overview
Definition
India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. About three-fifths of the work force is in agriculture, leading the United Progressive Alliance (UPA) government to articulate an economic reform program that includes developing basic infrastructure to improve the lives of the rural poor and boost economic performance. The government has reduced controls on foreign trade and investment. Higher limits on foreign direct investment were permitted in a few key sectors, such as telecommunications. However, tariff spikes in sensitive categories, including agriculture, and incremental progress on economic reforms still hinder foreign access to India's vast and growing market. Privatization of government-owned industries remains stalled and continues to generate political debate; populist pressure from within the UPA government and from its Left Front allies continues to restrain needed initiatives. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points. India achieved 8.5% GDP growth in 2006, and again in 2007, significantly expanding production of manufactures. India is capitalizing on its large numbers of well-educated people skilled in the English language to become a major exporter of software services and software workers. Economic expansion has helped New Delhi continue to make progress in reducing its federal fiscal deficit. However, strong growth combined with easy consumer credit and a real estate boom fueled inflation concerns in 2006 and 2007, leading to a series of central bank interest rate hikes that have slowed credit growth and eased inflation concerns. The huge and growing population is the fundamental social, economic, and environmental problem.
GDP (purchasing power parity)
Definition - World rank and map
$2.989 trillion (2007 est.)
GDP (official exchange rate)
Definition
$1.099 trillion (2007 est.)
GDP - real growth rate
Definition - World rank and map
9.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$2,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 17.6%
industry: 29.4%
services: 52.9% (2007 est.)
Labor force
Definition
516.4 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 60%
industry: 12%
services: 28% (2003)
Unemployment rate
Definition - World rank and map
7.2% (2007 est.)
Population below poverty line
Definition
25% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 3.6%
highest 10%: 31.1% (2004)
Distribution of family income - Gini index
Definition - World rank and map
36.8 (2004)
Inflation rate (consumer prices)
Definition - World rank and map
6.4% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
34.6% of GDP (2007 est.)
Budget
Definition
revenues: $141.8 billion
expenditures: $178.3 billion (2007 est.)
Public debt
Definition - World rank and map
58% of GDP (federal and state debt combined) (2007 est.)
Agriculture - products
Definition
rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish
Industries
Definition
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
Industrial production growth rate
Definition - World rank and map
8.9% (2007 est.)
Electricity - production
Definition - World rank and map
661.6 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
488.5 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
425.6 kWh (2005)
Electricity - exports
Definition
67 million kWh (2005)
Electricity - imports
Definition
1.764 billion kWh (2005)
Oil - production
Definition - World rank and map
834,600 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
2.438 million bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
2.1 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
350,000 bbl/day (2005 est.)
Oil - imports
Definition - World rank and map
2.098 million bbl/day (2004 est.)
Oil - proved reserves
Definition - World rank and map
5.7 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
28.68 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
34.47 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
30 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
5.793 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
1.056 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$19.35 billion (2007 est.)
Exports
Definition - World rank and map
$150.8 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Exports - partners
Definition
US 15.1%, UAE 8.8%, China 8.4%, UK 4.3% (2006)
Imports
Definition - World rank and map
$230.2 billion f.o.b. (2007 est.)
Imports - commodities
Definition
crude oil, machinery, gems, fertilizer, chemicals
Imports - partners
Definition
China 10.5%, US 7.8%, Germany 4.5%, Singapore 4.5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$275 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$148.1 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$95.28 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$37.62 billion (2007 est.)
Market value of publicly traded shares
Definition
$818.9 billion (2006)
Economic aid - recipient
Definition
$1.724 billion (2005)
Currency (code)
Definition
Indian rupee (INR)
Exchange rates
Definition
Indian rupees per US dollar - 41.487 (2007), 45.3 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003)
Fiscal year
Definition
1 April - 31 March


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