Economy of India

Economy of India
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Economy of The Republic of India
Currency 1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year 1 April — 31 March
Trade WTO, SAFTA, G-20 and others

organizations
Statistics
GDP $1.242 trillion (2009)[1] (nominal; 12th)

$3.528 trillion (2009)[1] (PPP; 4th)
GDP growth 6.7% (2008/2009)[2]
GDP per capita $1,032 (2009)[1] (nominal; 139th)

$2,932 (2009)[1] (PPP; 128th)
GDP by sector agriculture (17.5%), industry (20%), services

(62.6%) (2009 est.)
Inflation (CPI) 7.8% (CPI) (2008)
Population 22% (2008)[3]

below poverty line
Gini index 36.8 (List of countries)

Labour force 467 million (2009 est.) (2nd)
Labour force agriculture (52%), industry (14%), services (34%)

by occupation (2003)
Unemployment 9.5% (2009 est.)[4]
Main industries telecommunications, textiles, chemicals, food

processing, steel, transportation equipment, cement,
mining, petroleum, machinery, information
technology
External
Exports $155 billion f.o.b (2009 est.)
Export goods software, petroleum products, textile goods, gems

and jewelry, engineering goods, chemicals, leather
manufactures
Main export US 12.3%, UAE 9.4%, China 9.3% (2008)

partners
Imports $232.3 billion f.o.b (2009 est.)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE

partners 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2%
(2008)
Gross external debt $232.5 billion (31 December 2009 est.)[5]
Public finances
Public debt $163.8 billion (2009)[6] 60.1% of GDP
Revenues $153.5 billion (2008 est.)
Expenses $223 billion (2009 est.)
Economic aid $1.724 billion (2005)[7]
Foreign reserves $287.37 billion (end-Dec 2009) (5th)

Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars
Throughout this article, the unqualified term "dollar" and the $ symbol refer to the
US dollar.
The economy of India is the twelfth largest economy in the world by nominal value[8] and
the fourth largest by purchasing power parity (PPP).[9] In the 1990s, following economic
reform from the socialist-inspired economy of post-independence India, the country began to
experience rapid economic growth, as markets opened for international competition and
investment. In the 21st century, India is an emerging economic power with vast human and
natural resources, and a huge knowledge base. Economists predict that by 2020,[10] India will
be among the leading economies of the world.
India was under social democratic-based policies from 1947 to 1991. The economy was
characterised by extensive regulation, protectionism, and public ownership, leading to
pervasive corruption and slow growth.[11][12][13][14] Since 1991, continuing economic
liberalisation has moved the economy towards a market-based system.[12][13] A revival of
economic reforms and better economic policy in 2000s accelerated India's economic growth
rate. By 2008, India had established itself as the world's second-fastest growing major
economy.[15][16][17] However, the year 2009 saw a significant slowdown in India's official GDP
growth rate to 6.1%[18] as well as the return of a large projected fiscal deficit of 10.3% of
GDP which would be among the highest in the world.[19][20]
India's large service industry accounts for 62.6% of the country's GDP while the industrial
and agricultural sector contribute 20% and 17.5% respectively. Agriculture is the
predominant occupation in India, accounting for about 52% of employment. The service
sector makes up a further 34%, and industrial sector around 14%.[21] The labor force totals
half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute,
tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[22] Major
industries include telecommunications, textiles, chemicals, food processing, steel,
transportation equipment, cement, mining, petroleum, machinery, information technology
enabled services and software.[22]
India's per capita income (nominal) is $1032, ranked 139th in the world,[23] while its per
capita (PPP) of US$2,932 is ranked 128th.[24][25] Previously a closed economy, India's trade
has grown fast.[12] India currently accounts for 1.5% of World trade as of 2007 according to
the WTO. According to the World Trade Statistics of the WTO in 2006, India's total
merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and
India's services trade inclusive of export and import was $143 billion. Thus, India's global
economic engagement in 2006 covering both merchandise and services trade was of the order
of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has
reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.[12]
Despite robust economic growth, India continues to face many major problems. The recent
economic development has widened the economic inequality across the country.[26] Despite
sustained high economic growth rate, approximately 80% of its population lives on less than
$2 a day (PPP).[27] Even though the arrival of Green Revolution brought end to famines in
India,[28] 40% of children under the age of three are underweight and a third of all men and
women suffer from chronic energy deficiency.[29]
Contents
[hide]
• 1 History
○ 1.1 Pre-colonial
○ 1.2 Colonial
○ 1.3 Independence to 1991
○ 1.4 Since 1991
• 2 Sectors
○ 2.1 Agriculture
○ 2.2 Industry and services
○ 2.3 Banking and finance
○ 2.4 Natural resources
 2.4.1 Petroleum and Natural gas
○ 2.5 Pharmaceuticals
• 3 External trade and investment
○ 3.1 Global trade relations
○ 3.2 Balance of payments
○ 3.3 Foreign direct investment in India
• 4 Currency
• 5 Income and consumption
• 6 Employment
• 7 Economic trends
○ 7.1 Issues
 7.1.1 Agriculture
 7.1.2 Corruption
 7.1.3 Government
 7.1.4 Education
 7.1.5 Infrastructure
 7.1.6 Labour laws
 7.1.7 Economic disparities
 7.1.8 Environment and health
• 8 See also
• 9 Notes
• 10 References
• 11 External links
[edit] History
Main articles: Economic history of India and Timeline of the economy of India
Silver coin minted during the reign of the Gupta king Kumara Gupta I (AD 414–55)
The spice trade between India and Europe was one of the main drivers of the world
economy[30] and the main catalyst for the Age of Discovery.[31]
India's economic history can be broadly divided into three eras, beginning with the pre-
colonial period lasting up to the 18th century. The advent of British colonisation started the
colonial period in the early 19th century, which ended with independence in 1947. The third
period stretches from independence in 1947 until now.
[edit] Pre-colonial
The citizens of the Indus Valley civilisation, a permanent settlement that flourished between
2800 BC and 1800 BC, practiced agriculture, domesticated animals, used uniform weights
and measures, made tools and weapons, and traded with other cities. Evidence of well
planned streets, a drainage system and water supply reveals their knowledge of urban
planning, which included the world's first urban sanitation systems and the existence of a
form of municipal government.[32]
The 1872 census revealed that 99.3% of the population of the region constituting present-day
India resided in villages,[33] whose economies were largely isolated and self-sustaining, with
agriculture the predominant occupation. This satisfied the food requirements of the village
and provided raw materials for hand-based industries, such as textiles, food processing and
crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a
portion of their agricultural produce as revenue to the rulers, while its craftsmen received a
part of the crops at harvest time for their services.[34]
Religion, especially Hinduism, and the caste and the joint family systems, played an
influential role in shaping economic activities.[35] The caste system functioned much like
medieval European guilds, ensuring the division of labour, providing for the training of
apprentices and, in some cases, allowing manufacturers to achieve narrow specialization. For
instance, in certain regions, producing each variety of cloth was the specialty of a particular
sub-caste.
Estimates of the per capita income of India (1857–1900) as per 1948–49 prices.[36]
Textiles such as muslin, Calicos, shawls, and agricultural products such as pepper, cinnamon,
opium and indigo were exported to Europe, the Middle East and South East Asia in return for
gold and silver.[37]
Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of
quantitative information. One estimate puts the revenue of Akbar's Mughal Empire in 1600 at
£17.5 million, in contrast with the total revenue of Great Britain in 1800, which totalled £16
million.[38] India, by the time of the arrival of the British, was a largely traditional agrarian
economy with a dominant subsistence sector dependent on primitive technology. It existed
alongside a competitively developed network of commerce, manufacturing and credit. After
the decline of the Mughals, western, central and parts of south and north India were
integrated and administered by the Maratha Empire. The Maratha Empire's budget in 1740s,
at its peak, was Rs. 100 million. After the loss at Panipat, the Maratha Empire disintegrated
into confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur.
Gwalior state had a budget of Rs. 30M. However, at this time, British East India company
entered the Indian political theatre. Until 1857, when India was firmly under the British
crown, the country remained in a state of political instability due to internecine wars and
conflicts.[39]
[edit] Colonial
An aerial view of Calcutta Port taken in 1945. Calcutta, which was the economic hub of
British India, saw increased industrial activity during World War II.
Company rule in India brought a major change in the taxation environment from revenue
taxes to property taxes, resulting in mass impoverishment and destitution of majority of
farmers and led to numerous famines.[40] The economic policies of the British Raj effectively
bankrupted India's large handicrafts industry and caused a massive drain of India's resources.
[41][42]
Indian Nationalists employed the successful Swadeshi movement, as strategy to
diminish British economic superiority by boycotting British products and the reviving the
market for domestic-made products and production techniques. India had become a strong
market for superior finished European goods. This was because of vast gains made by the
Industrial revolution in Europe, the effects of which was deprived to Colonial India.
The Nationalists had hoped to revive the domestic industries that were badly effected by
polices implemented by British Raj which had made them uncompetitive to British made
goods.
An estimate by Cambridge University historian Angus Maddison reveals that "India's share
of the world income fell from 22.6% in 1700, comparable to Europe's share of 23.3%, to a
low of 3.8% in 1952".[43] It also created an institutional environment that, on paper,
guaranteed property rights among the colonizers, encouraged free trade, and created a single
currency with fixed exchange rates, standardized weights and measures, capital markets. It
also established a well developed system of railways and telegraphs, a civil service that
aimed to be free from political interference, a common-law and an adversarial legal system.
[44]
India's colonisation by the British coincided with major changes in the world economy—
industrialisation, and significant growth in production and trade. However, at the end of
colonial rule, India inherited an economy that was one of the poorest in the developing world,
[45]
with industrial development stalled, agriculture unable to feed a rapidly growing
population, India had one of the world's lowest life expectancies, and low rates for literacy.
The impact of the British rule on India's economy is a controversial topic. Leaders of the
Indian independence movement, and left-nationalist economic historians have blamed
colonial rule for the dismal state of India's economy in its aftermath and that financial
strength required for Industrial development in Europe was derived from the wealth taken
from Colonies in Asia and Africa. At the same time 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
industrialization and economic integration.[46]
[edit] Independence to 1991
Compare India (orange) with South Korea (yellow). Both started from about the same income
level in 1950. The graph shows GDP per capita of South Asian economies and South Korea
as a percent of the American GDP per capita.
Indian economic policy after independence was influenced by the colonial experience (which
was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian
socialism. Policy tended towards protectionism, with a strong emphasis on import
substitution, industrialization, state intervention in labor and financial markets, a large public
sector, business regulation, and central planning.[47] Five-Year Plans of India resembled
central planning in the Soviet Union. Steel, mining, machine tools, water,
telecommunications, insurance, and electrical plants, among other industries, were effectively
nationalized in the mid-1950s.[48] Elaborate licences, regulations and the accompanying red
tape, commonly referred to as Licence Raj, were required to set up business in India between
1947 and 1990.[49]
Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra
Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. They
expected favorable outcomes from this strategy, because it involved both public and private
sectors and was based on direct and indirect state intervention, rather than the more extreme
Soviet-style central command system.[50][dead link] The policy of concentrating simultaneously on
capital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage
industries was criticized by economist Milton Friedman, who thought it would waste capital
and labour, and retard the development of small manufacturers.[51][dead link] The rate from 1947–
80 was derisively referred to as the Hindu rate of growth, because of the unfavourable
comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[44]
The Rockefeller Foundation's research in high-yielding varieties of seeds, their introduction
after 1965 and the increased use of fertilizers and irrigation are known collectively as the
Green Revolution in India, which provided the increase in production needed to make India
self-sufficient in food grains, thus improving agriculture in India. Famine in India, once
accepted as inevitable, has not returned since the end of colonial.
[edit] Since 1991
Main articles: Economic liberalization in India and Economic development in India
Major improvements in educational standards across India has helped its economic rise.
Shown here is the Indian School of Business at Hyderabad, ranked number 15 in global MBA
rankings by the Financial Times of London in 2009.[52]
In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion
for incumbents, removed price controls and reduced corporate taxes. While this increased the
rate of growth, it also led to high fiscal deficits and a worsening current account. The collapse
of the Soviet Union, which was India's major trading partner, and the first Gulf War, which
caused a spike in oil prices, caused a major balance-of-payments crisis for India, which found
itself facing the prospect of defaulting on its loans.[53] India asked for a $1.8 billion bailout
loan from IMF, which in return demanded reforms.[54]
In response, Prime Minister Narasimha Rao along with his finance minister Manmohan Singh
initiated the economic liberalisation of 1991. The reforms did away with the Licence Raj
(investment, industrial and import licensing) and ended many public monopolies, allowing
automatic approval of foreign direct investment in many sectors.[55] Since then, the overall
direction of liberalisation has remained the same, irrespective of the ruling party, although no
party has tried to take on powerful lobbies such as the trade unions and farmers, or
contentious issues such as reforming labour laws and reducing agricultural subsidies.[56] Since
1990 India has emerged as one of the fastest-growing economies in the developing world;
during this period, the economy has grown constantly, but with a few major setbacks. This
has been accompanied by increases in life expectancy, literacy rates and food security.
While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to
investment level in 2007 by S&P and Moody's.[57] In 2003, Goldman Sachs predicted that
India's GDP in current prices will overtake France and Italy by 2020, Germany, UK and
Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largest economy
of the world, behind US and China.[58][59]. In 2009 India purchased 200 Tons of Gold for $6.7
Billion from IMF as a total role reversal from 1991.
[edit] Sectors
[edit] Agriculture
Farmers work inside a rice field in Andhra Pradesh. India is the second largest producer of
rice in the world after China[60] and Andhra Pradesh is the 2nd largest rice producing state in
India and West Bengal being the largest rice producing state in India.[61]
Main articles: Agriculture in India, Forestry in India, Animal husbandry in India, and
Fishing in India
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry,
logging and fishing accounted for 16.6% of the GDP in 2007, employed 60% of the total
workforce[21] and despite a steady decline of its share in the GDP, is still the largest economic
sector and plays a significant role in the overall socio-economic development of India. Yields
per unit area of all crops have grown since 1950, due to the special emphasis placed on
agriculture in the five-year plans and steady improvements in irrigation, technology,
application of modern agricultural practices and provision of agricultural credit and subsidies
since Green revolution in India. However, international comparisons reveal the average yield
in India is generally 30% to 50% of the highest average yield in the world.[62]
India is the largest producer in the world of milk, cashew nuts, coconuts, tea, ginger, turmeric
and black pepper.[63] It also has the world's largest cattle population: 193 million.[64] It is the
second largest producer of wheat, rice, sugar, cotton, silk, peanuts and inland fish.[65] It is the
third largest producer of tobacco.[65] India is the largest fruit producer, accounting for 10% of
the world fruit production. It is the leading producer of bananas, sapotas and mangoes.[65]
India is the second largest producer and the largest consumer of silk in the world, with the
majority of the 77 million kg (2005)[66] production taking place in Karnataka State,
particularly in Mysore and the North Bangalore regions of Muddenahalli,
Kanivenarayanapura, and Doddaballapura, the upcoming sites of a INR 700 million "Silk
City".[67][68]
[edit] Industry and services
See also: Information technology in India, Business process outsourcing in India, and
Retailing in India
Development center of OFSS in Bangalore. India has Asia's largest outsourcing industry[69]
and is the world's second most favorable outsourcing destination after the United States.[70]
India has one of the world's fastest growing automobile industries[71][72] Shown here is Tata
Motors' Nano, world's least expensive car in production.[73]
Industry accounts for 54.6% of the GDP and employ 17% of the total workforce.[21] However,
about one-third of the industrial labour force is engaged in simple household manufacturing
only.[74][dead link] In absolute terms, India is 16th in the world in terms of nominal factory output.
[75]
India's small industry makes up 5% of carbon dioxide emissions in the world.
Economic reforms brought foreign competition, led to privatisation of certain public sector
industries, opened up sectors hitherto reserved for the public sector and led to an expansion in
the production of fast-moving consumer goods.[76] Post-liberalisation, the Indian private
sector, which was usually run by oligopolies of old family firms and required political
connections to prosper was faced with foreign competition, including the threat of cheaper
Chinese imports. It has since handled the change by squeezing costs, revamping
management, focusing on designing new products and relying on low labour costs and
technology.[77]
Textile manufacturing is the second largest source for employment after agriculture and
accounts for 26% of manufacturing output.[78] Tirupur has gained universal recognition as the
leading source of hosiery, knitted garments, casual wear and sportswear.[79] Dharavi slum in
Mumbai has gained fame for leather products. Tata Motors' Nano attempts to be the world's
cheapest car.[73]
India is fifteenth in services output. It provides employment to 23% of work force, and it is
growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest
share in the GDP, accounting for 55% in 2007 up from 15% in 1950.[21]
Business services (information technology, information technology enabled services,
business process outsourcing) are among the fastest growing sectors contributing to one third
of the total output of services in 2000. The growth in the IT sector is attributed to increased
specialization, and an availability of a large pool of low cost, but highly skilled, educated and
fluent English-speaking workers, on the supply side, matched on the demand side by an
increased demand from foreign consumers interested in India's service exports, or those
looking to outsource their operations. The share of India's IT industry to the country's GDP
increased from 4.8 % in 2005-06 to 7% in 2008.[80][81] In 2009, seven Indian firms were listed
among the top 15 technology outsourcing companies in the world.[82] In March 2009, annual
revenues from outsourcing operations in India amounted to US$60 billion and this is
expected to increase to US$225 billion by 2020.[83]
Organized retail such supermarkets accounts for 24% of the market as of 2008.[84]
Regulations prevent most foreign investment in retailing. Moreover, over thirty regulations
such as "signboard licences" and "anti-hoarding measures" may have to be complied before a
store can open doors. There are taxes for moving goods to states, from states, and even within
states.[84]
Tourism in India is relatively undeveloped, but growing at double digits. Some hospitals woo
medical tourism.[85]
[edit] Banking and finance
Main article: Finance in India
See also: Banking in India and Insurance in India
Structure of the organised banking sector in India. Number of banks are in brackets.[86]
The Indian money market is classified into: the organised sector (comprising private, public
and foreign owned commercial banks and cooperative banks, together known as scheduled
banks); and the unorganised sector (comprising individual or family owned indigenous
bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised
sector and microcredit are still preferred over traditional banks in rural and sub-urban areas,
especially for non-productive purposes, like ceremonies and short duration loans.[87]
Mumbai is the financial and commercial capital of India. Shown here is the World Trade
Center of Mumbai
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980,
and made it mandatory for banks to provide 40% of their net credit to priority sectors like
agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks
fulfill their social and developmental goals. Since then, the number of bank branches has
increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch
decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6
times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase
of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or
48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank.[88][89]
The public sector banks hold over 75% of total assets of the banking industry, with the
private and foreign banks holding 18.2% and 6.5% respectively.[90] Since liberalisation, the
government has approved significant banking reforms. While some of these relate to
nationalised banks (like encouraging mergers, reducing government interference and
increasing profitability and competitiveness), other reforms have opened up the banking and
insurance sectors to private and foreign players.[21][91]
More than half of personal savings are invested in physical assets such as land, houses, cattle,
and gold.[92]
[edit] Natural resources
Main article: Natural resources in India
See also: Energy policy of India
India has the world's fifth largest wind power industry, with an installed wind power capacity
of 9,587 MW. Shown here is a wind farm in Muppandal, Tamil Nadu.
India's total cultivable area is 1,269,219 km² (56.78% of total land area), which is decreasing
due to constant pressure from an ever growing population and increased urbanisation. India
has a total water surface area of 314,400 km² and receives an average annual rainfall of
1,100 mm. Irrigation accounts for 92% of the water utilisation, and comprised 380 km² in
1974, and is expected to rise to 1,050 km² by 2025, with the balance accounted for by
industrial and domestic consumers. India's inland water resources comprising rivers, canals,
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 6 million people in the fisheries
sector. In 2008, India had the world's third largest fishing industry.[93]
India's major mineral resources include coal, iron, manganese, mica, bauxite, titanium,
chromite, limestone and thorium. India meets most of its domestic energy demand through its
92 billion tonnes of coal reserves (about 10% of world's coal reserves).[94]
India's huge thorium reserves — about 25% of world's reserves — is expected to fuel the
country's ambitious nuclear energy program in the long-run. India's dwindling uranium
reserves stagnated the growth of nuclear energy in the country for many years.[95] However,
the Indo-US nuclear deal has paved the way for India to import uranium from other countries.
[96]
India is also believed to be rich in certain renewable sources of energy with significant
future potential such as solar, wind and biofuels (jatropha, sugarcane).
[edit] Petroleum and Natural gas
ONGC platform at Bombay High in the Arabian Sea. As of 2010, India is the world's fifth
largest consumer of oil.[97]
India's oil reserves, found in Bombay High, parts of Gujarat, Rajasthan and eastern Assam,
meet 25% of the country's domestic oil demand.[21][98] India's total proven oil reserves stand at
11 billion barrels,[99] of which Bombay High is believed to hold 6.1 billion barrels[100] and
Mangala Area in Rajasthan an additional 3.6 billion barrels.[101]
In 2009, India imported 2.56 million barrels of oil per day, making it one of largest buyers of
crude oil in the world.[102] The petroleum industry in India mostly consists of public sector
companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum
Corporation Limited (HPCL) and Indian Petrochemicals Corporation Limited (IPCL). There
are some major private Indian companies in oil sector such as Reliance Industries Limited
(RIL) which operates the world's largest oil refining complex.[103]
[edit] Pharmaceuticals
India has a self reliant Pharmaceuticals industry. The majority of its medical consumables are
produced domestically. Pharmaceutical Industry in India is dotted with companies like
Ranbaxy Laboratories, Dr. Reddy's Laboratories, Cipla which have created a niche for
themselves at world level.
Today, India is an exporter of countries like United States and Russia. In terms of the global
market, India currently holds a modest 1-2% share, but it has been growing at approximately
10% per year. Indian Pharmaceutical Industry is often compared to Pharmaceutical Industry
in the USA.
[edit] External trade and investment
Further information: Globalisation in India
[edit] Global trade relations
In March 2008, India's annual imports and exports stood at US$236 and US$155.5 billion
respectively.[104] Shown here is the cargo of a container ship being unloaded at the Jawaharlal
Nehru Port, Navi Mumbai.
India's economy is mostly dependent on its large internal market with external trade
accounting for just 20% of the country's GDP.[105] In 2008, India accounted for 1.45% of
global merchandise trade and 2.8% of global commercial services export.[106] Until the
liberalization of 1991, India was largely and intentionally isolated from the world markets, to
protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs,
export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted
by upper-limit equity participation, restrictions on technology transfer, export obligations and
government approvals; these approvals were needed for nearly 60% of new FDI in the
industrial sector. The restrictions ensured that FDI averaged only around US$200 million
annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign
aid, commercial borrowing and deposits of non-resident Indians.[107] India's exports were
stagnant for the first 15 years after independence, due to the predominance of tea, jute and
cotton manufactures, demand for which was generally inelastic. Imports in the same period
consisted predominantly of machinery, equipment and raw materials, due to nascent
industrialization.
Since liberalization, the value of India's international trade has become more broad-based and
has risen to Rs. 63,080,109 crores in 2003–04 from Rs.1,250 crores in 1950–51. India's major
trading partners are China, the US, the UAE, the UK, Japan and the EU.[108] The exports
during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an
increase of 18.06% over the previous year.[109] In 2006-07, major export commodities
included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and
jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major
import commodities included crude oil and related products, machinery, electronic goods,
gold and silver.[110]
India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947
and its successor, the WTO. While participating actively in its general council meetings,
India has been crucial in voicing the concerns of the developing world. For instance, India
has continued its opposition to the inclusion of such matters as labour and environment issues
and other non-tariff barriers into the WTO policies.[111]
[edit] Balance of payments
Cumulative Current Account Balance 1980-2008 based on the IMF data
Since independence, India's balance of payments on its current account has been negative.
Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports
have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in
1990–91. India's growing oil import bill is seen as the main driver behind the large current
account deficit.[112] In 2007-08, India imported 120.1 million tonnes of crude oil, more than
3/4th of the domestic demand, at a cost of $61.72 billion.[113]
Although India is still a net importer, since 1996–97 its overall balance of payments (i.e.,
including the capital account balance) has been positive, largely on account of increased
foreign direct investment and deposits from non-resident Indians; until this time, the overall
balance was only occasionally positive on account of external assistance and commercial
borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008.
Due to the global late-2000s recession, both Indian exports and imports declined by 29.2%
and 39.2% respectively in June 2009.[114] The steep decline was because countries hit hardest
by the global recession, such as United States and members of the European Union, account
for more than 60% of Indian exports.[115] However, since the decline in imports was much
sharper compared to the decline in exports, India's trade deficit reduced to 252.5 billion
rupee.[114]
India's reliance on external assistance and commercial borrowings has decreased since 1991–
92, and since 2002–03, it has gradually been repaying these debts. Declining interest rates
and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.[116] In India,
External Commercial Borrowings (ECBs) are being permitted by the Government for
providing an additional source of funds to Indian corporates. The Ministry of Finance
monitors and regulates these borrowings (ECBs) through ECB policy guidelines.[117]
[edit] Foreign direct investment in India
Share of top five investing countries in FDI inflows. (2000–2007)[118]
Inflows
Rank Country Inflows (%)
(Million USD)
1 85,178 44.24%[119]
Mauritius
2 United States 18,040 9.37%
3 United Kingdom 15,363 7.98%
4 11,177 5.81%
Netherlands
5 9,742 5.06%
Singapore
As the fourth-largest economy in the world in PPP terms, India is a preferred destination for
foreign direct investments (FDI);[120] India has strengths in telecommunication, information
technology and other significant areas such as auto components, chemicals, apparels,
pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies
resulted in a significant hindrance. However, due to some positive economic reforms aimed
at deregulating the economy and stimulating foreign investment, India has positioned itself as
one of the front-runners of the rapidly growing Asia Pacific Region.[120] India has a large pool
of skilled managerial and technical expertise. The size of the middle-class population stands
at 300 million and represents a growing consumer market.[121]
The inordinately high investment from Mauritius is due to routing of international funds
through the country given significant capital gains tax advantages; double taxation is avoided
due to a tax treaty between India and Mauritius, and Mauriitus is a capital gains tax haven,
effectively creating a zero-taxation FDI channel.
India's recently liberalized FDI policy (2005) allows up to a 100% FDI stake in ventures.
Industrial policy reforms have substantially reduced industrial licensing requirements,
removed restrictions on expansion and facilitated easy access to foreign technology and
foreign direct investment FDI. The upward moving growth curve of the real-estate sector
owes some credit to a booming economy and liberalized FDI regime. In March 2005, the
government amended the rules to allow 100 per cent FDI in the construction business.[122]
This automatic route has been permitted in townships, housing, built-up infrastructure and
construction development projects including housing, commercial premises, hotels, resorts,
hospitals, educational institutions, recreational facilities, and city- and regional-level
infrastructure.
A number of changes were approved on the FDI policy to remove the caps in most sectors.
Fields which require relaxation in FDI restrictions include civil aviation, construction
development, industrial parks, petroleum and natural gas, commodity exchanges, credit-
information services and mining. But this still leaves an unfinished agenda of permitting
greater foreign investment in politically sensitive areas such as insurance and retailing. FDI
inflows into India reached a record $19.5 billion in fiscal year 2006-07 (April-March),
according to the government's Secretariat for Industrial Assistance. This was more than
double the total of US$7.8bn in the previous fiscal year. The FDI inflow for 2007-08 has
been reported as $24 billion[123] and for 2008-09, it is expected to be above $35 billion.[124] A
critical factor in determining India's continued economic growth and realizing the potential to
be an economic superpower is going to depend on how the government can create incentives
for FDI flow across a large number of sectors in India.[125]
[edit] Currency
The RBI headquarters in Mumbai
Main articles: Indian rupee and Reserve Bank of India
The Indian rupee is the only legal tender accepted in India. The exchange rate as on 1
February 2010 is 46.18 INR the USD,[126] 64.03 to a EUR, and 73.82 to a GBP. The Indian
rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which peg
their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-
denomination banknote is the 1,000 rupee note; the lowest-denomination coin in circulation
is the 25 paise coin (it earlier had 1, 2, 5, 10 and 20 paise coins which have been discontinued
by the Reserve Bank of India).[127]
The Rupee hit a record low during early 2009 on account of global recession. However, due
to a strong domestic market, India managed to bounce back sooner than the western
countries. Since September 2009 there has been a constant appreciation in Rupee versus most
Tier 1 currencies. On 11 January 2010 Rupee went as high as 45.50 to a United states dollar
and on 10 January 2010 as high as Rupee 73.93 to a British Pound. A rising rupee also
prompted Government of India to buy 200 tonnes of Gold from IMF.
The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's
monetary authority, regulator and supervisor of the financial system, manager of exchange
control and as an issuer of currency. The RBI is governed by a central board, headed by a
governor who is appointed by the Central government of India.
[edit] Income and consumption
Main article: Income in India
Percentage of population living under the poverty line of $1 (PPP) a day, currently 356.35
rupees a month in rural areas (around $7.4 a month).
As of 2005:
• 77.7% of the population lives on less than $2.50 (PPP) a day, down from 92.5% in
1981. This compares with 80.5% in Sub-Saharan Africa.[128]
• 65.6% of the population lives on less than $2 a day (PPP), which is around 20 rupees
or $0.5 a day in nominal terms. It was down from 86.6% and compares with 73.0% in
Sub-Saharan Africa.[128][129][130][131][132]
• 24.3% of the population earned less than $1 (PPP, around $0.25 in nominal terms) a
day in 2005, down from 42.1% in 1981.[128][133]
• 41.6% of its population is living below the new international poverty line of $1.25
(PPP) per day, down from 59.8% in 1981.[128] The World Bank further estimates that a
third of the global poor now reside in India.
Today, more people can afford a bicycle than ever before. Some 40% of Indian households
owns a bicycle, with ownership rates ranging from around 30% to 70% at state level.[134]
Housing is modest. According to Times of India, "a majority of Indians have per capita space
equivalent to or less than a 10 feet x 10 feet room for their living, sleeping, cooking, washing
and toilet needs." and "one in every three urban Indians lives in homes too cramped to exceed
even the minimum requirements of a prison cell in the US."[135] The average is 103 sq ft
(9.6 m2) per person in rural areas and 117 sq ft (10.9 m2) per person in urban areas.[135]
Around half of Indian children are malnourished. The proportion of underweight children is
nearly double that of Sub-Saharan Africa.[29][136] However, India has not had famines since the
Green Revolution in the early 1970s. While poverty in India has reduced significantly,
official figures estimate that 27.5%[137] of Indians still lived below the national poverty line of
$1 (PPP, around 10 rupees in nominal terms) a day in 2004-2005.[138] A 2007 report by the
state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found
that 65% of Indians, or 750 million people, lived on less than 20 rupees per day[139] with most
working in "informal labour sector with no job or social security, living in abject poverty."[140]
Since the early 1950s, successive governments have implemented various schemes, under
planning, to alleviate poverty, that have met with partial success. All these programmes have
relied upon the strategies of the Food for work programme and National Rural Employment
Programme of the 1980s, which attempted to use the unemployed to generate productive
assets and build rural infrastructure.[141] In August 2005, the Indian parliament passed the
Rural Employment Guarantee Bill, the largest programme of this type in terms of cost and
coverage, which promises 100 days of minimum wage employment to every rural household
in all the India's 600 districts. The question of whether economic reforms have reduced
poverty or not has fuelled debates without generating any clear cut answers and has also put
political pressure on further economic reforms, especially those involving the downsizing of
labour and cutting agricultural subsidies.[142][143]
[edit] Employment
See also: Indian labour law
Agricultural and allied sectors accounted for about 60% of the total workforce in 2003 same
as in 1993–94. While agriculture has faced stagnation in growth, services have seen a steady
growth. Of the total workforce, 8% is in the organised sector, two-thirds of which are in the
public sector. The NSSO survey estimated that in 1999–2000, 106 million, nearly 10% of the
population were unemployed and the overall unemployment rate was 7.3%, with rural areas
doing marginally better (7.2%) than urban areas (7.7%). India's labor force is growing by
2.5% annually, but employment only at 2.3% a year.[144]
Official unemployment exceeds 9%. Regulation and other obstacles have discouraged the
emergence of formal businesses and jobs. Almost 30% of workers are casual workers who
work only when they are able to get jobs and remain unpaid for the rest of the time.[144] Only
10% of the workforce is in regular employment.[144] India's labor regulations are heavy even
by developing country standards and analysts have urged the government to abolish them.[12]
[145]
Unemployment in India is characterized by chronic underemployment or disguised

unemployment. 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, by providing financial
assistance for setting up businesses, skill honing, setting up public sector enterprises,
reservations in governments, etc. The decreased role of the public sector after liberalization
has further underlined the need for focusing on better education and has also put political
pressure on further reforms.[141][146]
Child labor is a complex problem that is basically rooted in poverty. The Indian government
is implementing the world's largest child labor elimination program, with primary education
targeted for ~250 million. Numerous non-governmental and voluntary organizations are also
involved. Special investigation cells have been set up in states to enforce existing laws
banning employment of children (under 14) in hazardous industries. The allocation of the
Government of India for the eradication of child labor was $10 million in 1995-96 and $16
million in 1996-97. The allocation for 2007 is $21 million.[147]
In 2006, remittances from Indian migrants overseas made up $27 billion or about 3% of
India's GDP.[148]
[edit] Economic trends
India's 300 million strong middle-class population is growing at an annual rate of 5%.[149]
Shown here is a residential area in the Mumbai metropolitan area.
In the revised 2007 figures, based on increased and sustaining growth, more inflows into
foreign direct investment, Goldman Sachs predicts that "from 2007 to 2020, India’s GDP per
capita in US$ terms will quadruple", and that the Indian economy will surpass the United
States (in US$) by 2043.[14] In spite of the high growth rate, 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.[14] Goldman Sachs has outlined 10 things
that it needs to do in order to achieve its potential and grow 40 times by 2050. These are
1. improve governance
2. raise educational achievement
3. increase quality and quantity of universities
4. control inflation
5. introduce a credible fiscal policy
6. liberalize financial markets
7. increase trade with neighbours
8. increase agricultural productivity
9. improve infrastructure and
10. improve environmental quality.[150]
[edit] Issues
[edit] Agriculture
An Indian farmer
Main article: Agriculture in India
Slow agricultural growth is a concern for policymakers as some two-thirds of India’s people depend
on rural employment for a living. Current agricultural practices are neither economically nor
environmentally sustainable and India's yields for many agricultural commodities are low. Poorly
maintained irrigation systems and almost universal lack of good extension services are among the
factors responsible. Farmers' access to markets is hampered by poor roads, rudimentary market
infrastructure, and excessive regulation.
– World Bank: "India Country Overview 2008"[151]
The low productivity in India is a result of the following factors:
• According to "India: Priorities for Agriculture and Rural Development" by World
Bank, India's large agricultural subsidies are hampering productivity-enhancing
investment. Overregulation of agriculture has increased costs, price risks and
uncertainty. Government interventions in labor, land, and credit markets are hurting
the market. Infrastructure and services are inadequate.[152]
• Illiteracy, slow progress in implementing land reforms and inadequate or inefficient
finance and marketing services for farm produce.
• The average size of land holdings is very small (less than 20,000 m²) and is subject to
fragmentation, due to land ceiling acts and in some cases, family disputes. Such small
holdings are often over-manned, resulting in disguised unemployment and low
productivity of labour.
• Adoption of modern agricultural practices and use of technology is inadequate,
hampered by ignorance of such practices, high costs and impracticality in the case of
small land holdings.
• World Bank says that the allocation of water is inefficient, unsustainable and
inequitable. The irrigation infrastructure is deteriorating.[152] Irrigation facilities are
inadequate, as revealed by the fact that only 52.6% of the land was irrigated in 2003–
04,[153] which result in farmers still being dependent on rainfall, specifically the
Monsoon season. A good monsoon results in a robust growth for the economy as a
whole, while a poor monsoon leads to a sluggish growth.[154] Farm credit is regulated
by NABARD, which is the statutory apex agent for rural development in the
subcontinent.
India has many farm insurance companies that insure wheat, fruit, rice and rubber farmers in
the event of natural disasters or catastrophic crop failure, under the supervision of the
Ministry of Agriculture. One notable company that provides all of these insurance policies is
Agriculture Insurance Company of India and it alone insures almost 20 million farmers.
India's population is growing faster than its ability to produce rice and wheat.[28] The most
important structural reform for self-sufficiency is the ITC Limited plan to connect 20,000
villages to the Internet by 2013.[155] This will provide farmers with up to date crop prices for
the first time, which should minimise losses incurred from neighbouring producers selling
early and in turn facilitate investment in rural areas.
[edit] Corruption
Overview of the index of perception of corruption, 2007

Main article: Corruption in India
Corruption has been one of the pervasive problems affecting India. The economic reforms of
1991 reduced the red tape, bureaucracy and the Licence Raj that had strangled private
enterprise and was blamed by Chakravarthi Rajagopalachari for the corruption and
inefficiencies. Yet, a 2005 study by Transparency International (TI) India 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.[156]
The Right to Information Act (2005) and equivalent acts in the Indian states, that require
government officials to furnish information requested by citizens or face punitive action,
computerisation of services and various central and state government acts that established
vigilance commissions have considerably reduced corruption or at least have opened up
avenues to redress grievances.[156] The 2009 report by Transparency International ranks India
at 84th place and states that significant improvements were made by India in reducing
corruption.[157][158]
[edit] Government
This section may require cleanup to meet Wikipedia's quality standards. Please
improve this section if you can. (November 2009)
Main article: Government of India
See also: Taxation in India and Corruption in India
The number of people employed in non-agricultural occupations in the public and private
sectors. Totals are rounded. Private sector data relates to non-agriculture establishments with
10 or more employees.[141]
The current government has concluded that most spending fails to reach its intended
recipients.[159] Lant Pritchett calls India's public sector "one of the world's top ten biggest
problems — of the order of AIDS and climate change".[159] The Economist's article about
Indian civil service (2008) says that Indian central government employs around 3 million
people and states another 7 million, including "vast armies of paper-shuffling peons".[159]
Million dollar bureaucracies can be run without a single computer in the management.[159]
At local level, administration can be worse. It is not unheard of that most state assembly seats
are held by convicted criminals.[160] One study found out that 25% of public sector teachers
and 40% of public sector medical workers could not be found at the workplace. India's
absence rates are one of the worst in the world.[161][162][163][164]
The Reserve Bank of India has warned that India's public-debt to GDP ratio is over 70%.[165]
The government of India is highly indebted and its former investment-grade status has
deteriorated near junk status.[166] India's current public-debt to GDP ratio is 58.2% (US has
60.8%). [167][168]
[edit] Education
Main article: Education in India
India has made huge progress in terms of increasing primary education attendance rate and
expanding literacy to approximately two thirds of the population.[169] The right to education at
elementary level has been made one of the fundamental rights under the Eighty-Sixth
Amendment of 2002.[170] However, education is still far behind developing countries such as
China and continues to face challenges. Despite growing investment in education, 40% of the
population is illiterate and only 15% of the students reach high school.[171] An optimistic
estimate is that only one in five job-seekers in India has ever had any sort of vocational
training.[172]
[edit] Infrastructure
See also: Transport in India, Indian Road Network, Ports in India, Electricity in India, States
of India by installed power capacity, Water supply and sanitation in India, and
Communications in India
Rapid increases in exports has resulted in congestion on highways across India. Shown here
is the Yashwantrao Chavan expressway in Maharashtra.
Development of infrastructure was completely in the hands of the public sector and was
plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale
investment.[173] India's low spending on power, construction, transportation,
telecommunications and real estate, at $31 billion or 6% of GDP in 2002 had prevented India
from sustaining higher growth rates. This has prompted the government to partially open up
infrastructure to the private sector allowing foreign investment[141][174][175] which has helped in
a sustained growth rate of close to 9% for the past six quarters.[176]
Some 600 million Indians have no mains electricity at all.[177] While 80% of Indian villages
have at least an electricity line, just 44% of rural households have access to electricity.[178]
According to a sample of 97,882 households in 2002, electricity was the main source of
lighting for 53% of rural households compared to 36% in 1993.[179] Some half of the
electricity is stolen, compared with 3% in China. The stolen electricity amounts to 1.5% of
GDP.[178][180] Almost all of the electricity in India is produced by the public sector. Power
outages are common.[177] Many buy their own power generators to ensure electricity supply.
As of 2005 the electricity production was at 661.6 billion kWh with oil production standing at
785,000 bbl/day. In 2007, electricity demand exceeded supply by 15%.[177] Multi Commodity
Exchange has tried to get a permit to offer electricity future markets.[181]
Indian Road Network is developing. Trucking goods from Gurgaon to the port in Mumbai
can take up to 10 days.[182] India has the world's third largest road network.[183] Container
traffic is growing at 15% a year.[184] Some 60% of India’s container traffic is handled by the
Jawaharlal Nehru Port Trust in Mumbai. Internet use is rare; there were only 7.57 million
broadband lines in India in November 2009, however it is still growing at slower rate and is
expected to boom after the launch of 3G and wimax services.[185]
Most urban cities have good water supply water 24 hours a day, while some smaller cities
face water shortages in summer season. A World Bank report says it is an institutional
problem in water agencies, or "how the agency is embedded in the relationships between
politics and the citizens who are the consumers."[186]
[edit] Labour laws
Main article: Indian labour laws
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. Better
designed labor regulations can attract more labor- intensive investment and create jobs for India’s
unemployed millions and those trapped in poor quality jobs. Given the country’s momentum of
growth, 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.
– World Bank: India Country Overview 2008.[151]
India's restrictive labor regulations hamper the large-scale creation of formal industrial jobs.
[12][172][187]
A recent report highlights a growing labor unrest all over India which is hampering
the industrial output.[188]
India ranked 133th on the Ease of Doing Business Index 2010, behind countries such as
China (89th), Pakistan (85th), and Nigeria (125th).
[edit] Economic disparities
Main articles: Economic disparities in India and Poverty in India
Lagging states need to bring more jobs to their people by creating an attractive investment destination.
Reforming cumbersome regulatory procedures, improving rural connectivity, establishing law and
order, creating a stable platform for natural resource investment that balances business interests with
social concerns, and providing rural finance are important.
– World Bank: India Country Overview 2008[151]
Slums next to high-rise commercial buildings in Kaloor, Kochi. Hundreds of people, mostly
comprising migrant labourers who come to the city seeking job prospects, reside in such
shabby areas.[189]
One of the critical problems facing India's economy is the sharp and growing regional
variations among India's different states and territories in terms of per capita income, poverty,
availability of infrastructure and socio-economic development.[190] Seven low-income states -
Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, and Uttar Pradesh - are
home to more than half of India's population.[191]
Between 1999 and 2008, the annualized growth rates for Maharashtra (9%)[192], Gujarat
(8.8%), Haryana (8.7%), or Delhi (7.4%) were much higher than for Bihar (5.1%), Uttar
Pradesh (4.4%), or Madhya Pradesh (3.5%).[193]
Poverty rates in rural Orissa (43%) and rural Bihar (40%) are some of the worst in the world.
[186]
On the other hand, rural Haryana (5.7%) and rural Punjab (2.4%) compare well with
middle-income countries.[186]
The five-year plans have attempted to reduce regional disparities by encouraging industrial
development in the interior regions, but industries still tend to concentrate around urban areas
and port cities[194] After liberalization, the more advanced states are better placed to benefit
from them, with infrastructure like well developed ports, urbanisation and an educated and
skilled workforce which attract manufacturing and service sectors. The union and state
governments of backward regions are trying to reduce the disparities by offering tax holidays,
cheap land, etc., and focusing more on sectors like tourism, which although being
geographically and historically determined, can become a source of growth and is faster to
develop than other sectors.[195][196]
[edit] Environment and health
Calicut Medical College, Kerala

Main articles: Environment of India, Water supply and sanitation in India, and Healthcare in
India
On Yale and Columbia's Environmental Performance Index, India's score is 21/100 on
sanitation, compared with 67/100 for the region and 48/100 for the country income group.[197]
[edit] See also
India portal
• Below Poverty Line (India)

• Bilateral investment treaty
• Communications in India
• Economic history of India
• Energy policy of India
• Indian Construction Industry
• Indian states ranking by families owning house
• Income in India
• Indian media
• Information technology in India
• Net international investment position
• List of co-operative banks in India
• List of companies of India
[edit] Notes
1. ^ a b c d "India". International Monetary Fund.
http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weorept.aspx?
sy=2006&ey=2009&scsm=1&ssd=1&sort=country&ds=.&br=1&c=534&s=NGDPD
%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CLP&grp=0&a=&pr1.x=40&pr1.y=15.
Retrieved 2009-10-01.
2. ^ India manages to clock 6.7 % growth in 2008-09
3. ^ Poverty estimates for 2004-05, Planning commission, Government of India, March 2007.
Accessed: 25 August 2007
4. ^ Unemployment rate according to world CIA factbooks,CIA 1149,D. A.S Jadeja, December
2009
5. ^ "External debt goes up marginally to $228 bn". Economic Times.
http://economictimes.indiatimes.com/news/economy/indicators/External-debt-goes-up-
marginally-to-228-bn/articleshow/5074272.cms.
6. ^ Ralph Droms, Public dept of India as of 2009, December 2009.
7. ^ "Field Listing :: Economic Aid - Recipient by country". CIA.
https://www.cia.gov/library/publications/the-world-factbook/fields/2064.html. Retrieved
2008-11-17.
8. ^ ""India twelfth wealthiest boss in 2005: World Bank"". The Economic Times.
http://economictimes.indiatimes.com/Mr_Rupee_pulls_India_into_1_trillion_GDP_gang/artic
leshow/1957520.cms. Retrieved 2006-07-08.
9. ^ "CIA — The World Factbook — Rank Order — GDP (purchasing power parity)". Cia.gov.
2009-03-05. https://www.cia.gov/library/publications/the-world-
factbook/rankorder/2001rank.html. Retrieved 2009-03-13.
10.^ "India Vision 2020" (PDF).
http://planningcommission.gov.in/reports/genrep/pl_vsn2020.pdf. Retrieved 2009-12-12.
11.^ Eugene M. Makar (2007). An American's Guide to Doing Business in India.
12.^ a b c d e f "Economic survey of India 2007: Policy Brief" (PDF). OECD.
http://www.oecd.org/dataoecd/17/52/39452196.pdf. Retrieved 2009-06-21.
13.^ a b "The India Report" (PDF). Astaire Research.
http://www.ukibc.com/ukindia2/files/India60.pdf. Retrieved 2009-06-21.
14.^ a b c "India’s Rising Growth Potential" (PDF). Goldman Sachs. 2007.
http://www.usindiafriendship.net/viewpoints1/Indias_Rising_Growth_Potential.pdf.
15.^ India now second fastest growing economy
16.^ USDA - India
17.^ Marketing in the 21st Century: New world marketing - By Bruce David Keillor
18.^ 2009 MOSPI Official Press Release
19.^ India's fiscal deficit to be highest in the world: Goldman
20.^ http://www.business-standard.com/india/news/pmeac-for-including-expense-targets-in-
fiscal-discipline/374074/ PMEAC for including expense targets in fiscal discipline
21.^ a b c d e f "CIA - The World Factbook - India". CIA. 2007-09-20.
https://www.cia.gov/library/publications/the-world-factbook/geos/in.html#Econ. Retrieved
2007-10-02.
22.^ a b "Country Profile: India" (PDF). Library of Congress - Federal Research Division.
December 2004. http://lcweb2.loc.gov/frd/cs/profiles/India.pdf. Retrieved 2007-06-24.
23.^ "Report for Selected Countries and Subjects". Imf.org. 2006-09-14.
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%2C941%2C914%2C446%2C612%2C666%2C614%2C668%2C311%2C672%2C213%2C9
46%2C911%2C137%2C193%2C962%2C122%2C674%2C912%2C676%2C313%2C548%2
C419%2C556%2C513%2C678%2C316%2C181%2C913%2C682%2C124%2C684%2C339
%2C273%2C638%2C921%2C514%2C948%2C218%2C943%2C963%2C686%2C616%2C6
88%2C223%2C518%2C516%2C728%2C918%2C558%2C748%2C138%2C618%2C196%2
C522%2C278%2C622%2C692%2C156%2C694%2C624%2C142%2C626%2C449%2C628
%2C564%2C228%2C283%2C924%2C853%2C233%2C288%2C632%2C293%2C636%2C5
66%2C634%2C964%2C238%2C182%2C662%2C453%2C960%2C968%2C423%2C922%2
C935%2C714%2C128%2C862%2C611%2C716%2C321%2C456%2C243%2C722%2C248
%2C942%2C469%2C718%2C253%2C724%2C642%2C576%2C643%2C936%2C939%2C9
61%2C644%2C813%2C819%2C199%2C172%2C184%2C132%2C524%2C646%2C361%2
C648%2C362%2C915%2C364%2C134%2C732%2C652%2C366%2C174%2C734%2C328
%2C144%2C258%2C146%2C656%2C463%2C654%2C528%2C336%2C923%2C263%2C7
38%2C268%2C578%2C532%2C537%2C944%2C742%2C176%2C866%2C534%2C369%2
C536%2C744%2C429%2C186%2C433%2C925%2C178%2C746%2C436%2C926%2C136
%2C466%2C343%2C112%2C158%2C111%2C439%2C298%2C916%2C927%2C664%2C8
46%2C826%2C299%2C542%2C582%2C443%2C474%2C917%2C754%2C544%2C698&s=
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183.^ "Infrastructure Rankings". https://www.cia.gov/library/publications/the-world-
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184.^ "Ageing Indian infrastructure causes congestion". The Age. 2005.
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congestion/2005/09/21/1126982123165.html.
185.^ "Tele-base soars to 543m as mobile cos add record 17.65m in Nov" (doc). Economic
Times. http://economictimes.indiatimes.com/News/News-By-Industry/Telecom/Tele-base-
soars-to-543m-as-mobile-cos-add-record-1765m-in-Nov/articleshow/5370510.cms. Retrieved
23 December 2009.
186.^ a b c "Development Policy Review". World Bank.
http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/0,,content
MDK:20980493~pagePK:146736~piPK:146830~theSitePK:223547,00.html.
187.^ "Why India needs labour law reform". BBC. 2005-06-27.
http://news.bbc.co.uk/2/hi/south_asia/4103554.stm. Retrieved 2010-01-03.
188.^ Deadly labor wars hinder India's rise
189.^ "BBC News Online | Business | Winners and losers as India booms". News.bbc.co.uk.
2007-05-21. http://news.bbc.co.uk/nolpda/ukfs_news/hi/newsid_6677000/6677645.stm.
191.^ "Country Strategy for India (CAS) 2009-2012" (PDF). World Bank.
http://www.ukibc.com/ukindia2/files/India60.pdf. Retrieved 2009-06-21.
192.^ http://www.thaindian.com/newsportal/business/maharashtra-poised-for-9-percent-growth-
in-2007-08_10028858.html
193.^ "A special report on India: Ruled by Lakshmi". The Economist. 11 December 2008.
http://www.economist.com/surveys/displaystory.cfm?story_id=12749719&fsrc=rss.
194.^ Bharadwaj, Krishna (1991). "Regional differentiation in India". in Sathyamurthy, T.V.
(ed.). Industry & agriculture in India since independence. Oxford University Press. pp. 189–
199. ISBN 0-19-564394-1.
195.^ Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002) (PDF). Understanding
Regional Economic Growth in India. Working paper 88. Archived from the original on 2007-
07-01.
http://web.archive.org/web/20070701042205/http://www2.cid.harvard.edu/cidwp/088.pdf.
196.^ Kurian, N.J.. "Regional disparities in india".
http://planningcommission.nic.in/reports/sereport/ser/vision2025/regdsprty.doc. Retrieved
2005-08-06.
197.^ SPECIAL REPORT: Putrid Rivers Of Sludge: Delhi's bureaucrats bicker over cholera and
the role of city drains and state sewers. NewsWeek on July 7–14, 2008 issue
[edit] References
Books
• Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN
9780415776844.
• Bharadwaj, Krishna (1991). "Regional differentiation in India". in Sathyamurthy,
T.V. (ed.). Industry & agriculture in India since independence. Oxford University
Press. pp. 189–199. ISBN 0195643941.
• Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2)
c. 1757 - c. 1970. Penguin Books.
• Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1.
• Roy, Tirthankar (2000). The Economic History of India. Oxford University Press.
ISBN 0-19-565154-5.
• Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham
Publications.
Papers
• Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms In India.
Working paper n. 51. http://ideas.repec.org/p/uca/ucapdv/45.html.
• Centre for Media Studies (2005) (PDF). India Corruption Study 2005: To Improve
Governance Volume – I: Key Highlights. Transparency International India.
http://www.prajanet.org/newsroom/internal/tii/ICS2k5_Vol1.pdf. Retrieved 2009-06-
21.
• Ghosh, Jayati. "Bank Nationalisation: The Record". Macroscan.
http://www.macroscan.com/cur/jul05/cur210705Bank_Nationalisation.htm. Retrieved
2005-08-05.
• Gordon, Jim and Gupta, Poonam (2003) (PDF). Understanding India's Services
Revolution. 12 November 2003.
http://www.imf.org/external/np/apd/seminars/2003/newdelhi/gordon.pdf. Retrieved
2009-06-21.
• Kelegama, Saman and Parikh, Kirit (2000). Political Economy of Growth and
Reforms in South Asia. Second Draft. http://www.eldis.org/static/DOC12473.htm.
• Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms.
http://ideas.repec.org/p/wpa/wuwpit/0403005.html.
• Rodrik, Dani and Subramanian, Arvind (2004) (PDF). From “Hindu Growth” To
Productivity Surge: The Mystery Of The Indian Growth Transition.
http://ksghome.harvard.edu/~drodrik/IndiapaperdraftMarch2.pdf. Retrieved 2009-06-
21.
• Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002) (PDF).
Understanding Regional Economic Growth in India. Working paper 88. Archived
from the original on 2007-07-01.
http://web.archive.org/web/20070701042205/http://www2.cid.harvard.edu/cidwp/088.
pdf.
• Srinivasan, T.N. (2002) (PDF). Economic Reforms and Global Integration. 17
January 2002. http://www.econ.yale.edu/%7Esrinivas/ec_reforms.pdf. Retrieved
2009-06-21.
• Williamson, John and Zagha, Roberto (2002) (PDF). From the Hindu Rate of Growth
to the Hindu Rate of Reform. Working Paper No. 144. Center for research on
economic development and policy reform. http://scid.stanford.edu/pdf/credpr144.pdf.
Government publications
• "Economic Survey 2004–2005". http://indiabudget.nic.in/es2004-05/esmain.htm.
• "History of the Planning Commission".
http://planningcommission.nic.in/aboutus/history/about.htm. Retrieved 2005-07-22.
• "India & the World Trade Organization".
http://www.indianembassy.org/policy/WTO/overview.html. Retrieved 2005-07-09.
• "Jawahar gram samriddhi yojana". http://rural.nic.in/jgsyg.htm. Retrieved 2005-07-
09.
• Kurian, N.J.. "Regional disparities in india".
http://planningcommission.nic.in/reports/sereport/ser/vision2025/regdsprty.doc.
• Multiple authors (2004) (PDF). Agricultural Statistics at a Glance 2004.
http://agricoop.nic.in/statatglance2004/AtGlance.pdf. Retrieved 2009-06-21.
News
• "That old Gandhi magic". The Economist. 27 November 1997.
http://economist.com/displaystory.cfm?story_id=S%26%29H%2C%2BPQ
%27%25%0A.
• "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax". Daily Times.
25 March 2005. http://www.dailytimes.com.pk/default.asp?page=story_25-3-
2005_pg5_13.
• "Economic structure". The Economist. 6 October 2003.
http://www.economist.com/countries/India/profile.cfm?folder=Profile%2DEconomic
%20Structure.
• "Indian manufacturers learn to compete". The Economist. 12 February 2004.
http://www.economist.com/displaystory.cfm?story_id=S%27%298%3C%2FPQ%3B
%21%21P%214%0A.
• "India’s next 50 years". The Economist. 14 August 1997.
http://economist.com/displaystory.cfm?story_id=S%26%29H8%2FRQ%3B%22%0A.
• "The plot thickens". The Economist. 31 May 2001.

http://economist.com/displaystory.cfm?story_id=S%26%288%20%2BRQ%3F
%24%0A.
• "The voters' big surprise". The Economist. 13 May 2004.
http://economist.com/displaystory.cfm?story_id=S%27%2984%2BRQ3%2B
%21%40%20%2C%0A.
• "Regional stock exchanges – Bulldozed by the Big Two".
http://www.thehindubusinessline.com/businessline/2001/07/20/stories/042062cr.htm.
• "Infrastructure the missing link".
http://edition.cnn.com/2004/WORLD/asiapcf/09/03/india.eye.infra/. Retrieved 2005-
08-14.
• "Of Oxford, economics, empire, and freedom". The Hindu. 2 October 2005.
http://www.hindu.com/2005/07/10/stories/2005071002301000.htm.
Articles
• [Media:Economic Development of India.pdf "Economic Development of India"]
(PDF). Media:Economic Development of India.pdf. Retrieved 17 May 2007.
• "Milton Friedman on the Nehru/Mahalanobis Plan".
http://www.indiapolicy.org/debate/Notes/fried_opinion.html. Retrieved 2005-07-16.
• "Forex reserves up by $88 mn". http://www.business-
standard.com/bsonline/storypage.php?bKeyFlag=BO&autono=9047. Retrieved 2005-
08-10.
• "CIA — The World Factbook". https://www.cia.gov/library/publications/the-world-
factbook/geos/in.html. Retrieved 2005-08-02.
• "Infrastructure in India: Requirements and favorable climate for foreign investment".
http://www.asiatradehub.com/india/intro.asp. Retrieved 2005-08-14.
[edit] External links
Wikimedia Commons has media related to: Economy of India
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• CIA - The World Factbook – India
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Economy of India

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Economy of India

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Economy of India

From Wikipedia, the free encyclopedia

Economy of The Republic of India

Currency 1 Indian Rupee (INR) (₨) = 100 Paise

Fiscal year 1 April — 31 March

Trade WTO, SAFTA, G-20 and others

GDP $1.242 trillion (2009)[1] (nominal; 12th)

GDP growth 6.7% (2008/2009)[2]

GDP per capita $1,032 (2009)[1] (nominal; 139th)

GDP by sector agriculture (17.5%), industry (20%), services

Inflation (CPI) 7.8% (CPI) (2008)

Population 22% (2008)[3]

Gini index 36.8 (List of countries)

Labour force agriculture (52%), industry (14%), services (34%)

Unemployment 9.5% (2009 est.)[4]

Main industries telecommunications, textiles, chemicals, food

Exports $155 billion f.o.b (2009 est.)

Export goods software, petroleum products, textile goods, gems

Main export US 12.3%, UAE 9.4%, China 9.3% (2008)

Imports $232.3 billion f.o.b (2009 est.)

Import goods crude oil, machinery, gems, fertilizer, chemicals

Main import China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE

Gross external debt $232.5 billion (31 December 2009 est.)[5]

Public debt $163.8 billion (2009)[6] 60.1% of GDP

Revenues $153.5 billion (2008 est.)

Expenses $223 billion (2009 est.)

Economic aid $1.724 billion (2005)[7]

Foreign reserves $287.37 billion (end-Dec 2009) (5th)

Share of top five investing countries in FDI inflows. (2000–2007)[118]

2 United States 18,040 9.37%

3 United Kingdom 15,363 7.98%

Unemployment in India is characterized by chronic underemployment or disguised

Overview of the index of perception of corruption, 2007

Calicut Medical College, Kerala

• Below Poverty Line (India)

• "The plot thickens". The Economist. 31 May 2001.

Wikiquote has a collection of quotations related to: Economy of India

Government of India websites

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Arts and Entertainment · Caste · Cinema · Citizenship · Climate · Cuisine ·

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