| Economy | India |
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Economy - overview:
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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2012 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit.Little economic reform took place in 2011 largely due to courruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, insufficient access to quality basic and higher education, and accommodating rural-to-urban migration. |
GDP (purchasing power parity):
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$4.463 trillion (2011 est.)
$4.139 trillion (2010 est.)
$3.76 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$3,700 (2011 est.)
$3,500 (2010 est.)
$3,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$1.843 trillion (2011 est.) |
GDP - real growth rate:
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7.8% (2011 est.)
10.1% (2010 est.)
6.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 18.1%
industry: 26.3%
services: 55.6% (2011 est.) |
Investment (gross fixed):
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30.7% of GDP (2011 est.) |
Population below poverty line:
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25% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 31.1% (2005) |
Distribution of family income - Gini index:
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36.8 (2004)
37.8 (1997) |
Inflation rate (consumer prices):
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6.8% (2011 est.)
12% (2010 est.) |
Central bank discount rate:
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5.5% (31 December 2010 est.)
6% (31 December 2009 est.) |
Commercial bank prime lending rate:
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11.8% (31 December 2011 est.)
10.167% (31 December 2010 est.) |
Stock of money:
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$278.8 billion (31 December 2009)
$239.8 billion (31 December 2008) |
Stock of money - per capita:
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235 USD per capita |
Stock of quasi money:
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$853.4 billion (31 December 2009)
$687.7 billion (31 December 2008) |
Stock of quasi money - per capita:
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718 USD per capita |
Stock of domestic credit:
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$1.452 trillion (31 December 2011 est.)
$1.25 trillion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,222 USD per capita |
Stock of narrow money:
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$380.1 billion (31 December 2011 est.)
$340.1 billion (31 December 2010 est.) |
Stock of broad money:
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$1.538 trillion (31 December 2011 est.)
$1.323 trillion (31 December 2010 est.) |
Labor force:
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487.6 million (2011 est.) |
Labor force participation rate:
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41.00 % of population |
Labor force - by occupation:
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agriculture: 52%
industry: 14%
services: 34% (2009 est.) |
Unemployment rate:
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9.8% (2011 est.)
10% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 10.5%
male: 10.4%
female: 10.8% (2004) |
Budget:
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revenues: $218.7 billion
expenditures: $311.2 billion (2011 est.) |
Budget revenues per capita:
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184 USD per capita |
Taxes and other revenues:
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11.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5% of GDP (2011 est.) |
Public debt:
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51.6% of GDP (2011 est.)
50.6% of GDP (2010 est.)
note: data cover central government debt, and exclude debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; Debt instruments for the social funds are not sold at public auctions |
Industries:
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textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals |
Industrial production growth rate:
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6.7% (2011 est.) |
Electricity - production:
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835.3 billion kWh (2009 est.) |
Electricity - production per capita:
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703 kWh per capita |
Electricity - consumption:
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600.6 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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506 kWh per capita |
Electricity - exports:
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810 million kWh (2009 est.) |
Electricity - imports:
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5.27 billion kWh (2009 est.) |
Oil - production:
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954,000 bbl/day (2010 est.) |
Oil - production per capita:
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803 bbl/day per capita |
Oil - consumption:
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3.182 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.98 bbl/year per capita |
Oil - exports:
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825,600 bbl/day (2009 est.) |
Oil - imports:
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3.06 million bbl/day (2009 est.) |
Oil - proved reserves:
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5.682 billion bbl (1 January 2011 est.) |
Natural gas - production:
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52.8 billion cu m (2010 est.) |
Natural gas - production per capita:
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45 cu m per capita |
Natural gas - consumption:
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64.95 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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55 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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12.15 billion cu m (2010 est.) |
Natural gas - proved reserves:
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1.074 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish |
Current account balance:
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-$62.96 billion (2011 est.)
-$51.72 billion (2010 est.) |
Current account balance - per capita:
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-52 USD per capita |
Exports:
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$298.2 billion (2011 est.)
$225.6 billion (2010 est.) |
Exports per capita:
|
251 USD per capita |
Exports - commodities:
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petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel |
Exports - partners:
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US 12.6%, UAE 12.2%, China 8.1%, Hong Kong 4.1% (2010) |
Imports:
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$451 billion (2011 est.)
$357.7 billion (2010 est.) |
Imports per capita:
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380 USD per capita |
Imports - commodities:
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crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals |
Imports - partners:
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China 12.4%, UAE 6.5%, Saudi Arabia 5.8%, US 5.7%, Australia 4.5% (2010) |
Reserves of foreign exchange and gold:
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$345.8 billion (31 December 2011 est.)
$287.1 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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291 USD per capita |
Debt - external:
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$267.1 billion (31 December 2011 est.)
$251.9 billion (31 December 2010 est.) |
Debt - external - per capita:
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225 USD per capita |
Stock of direct foreign investment - at home:
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$225 billion (31 December 2011 est.)
$188.6 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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190 USD per capita |
Stock of direct foreign investment - abroad:
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$114.2 billion (31 December 2011 est.)
$91.86 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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97 USD per capita |
Market value of publicly traded shares:
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$1.616 trillion (31 December 2010)
$1.179 trillion (31 December 2009)
$645.5 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,359 USD per capita |
Currency (code):
|
Indian rupee (INR) |
Exchange rates:
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Indian rupees (INR) per US dollar -
44.64 (2011 est.)
45.726 (2010 est.)
48.405 (2009)
43.319 (2008)
41.487 (2007) |
Fiscal year:
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1 April - 31 March |
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