India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including 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% 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 less than one-third of its labor force. India has capitalized on its large numbers of well-educated people, skilled in the English language, to become a major exporter of software services and software workers. An industrial slowdown early in 2008, followed by the global financial crisis, contributed to the deceleration in annual GDP growth to 6.1% in 2009. However, India escaped the brunt of the global financial crisis because of cautious banking policies and a relatively low dependence on exports for growth. Domestic demand, driven by purchases of consumer durables and automobiles, has re-emerged as a key driver of the economy, as exports have fallen since the global crisis started. India's fiscal deficit increased substantially in 2008 due to fuel and fertilizer subsidies, a debt waiver program for farmers, a job guarantee program for rural workers, and stimulus expenditures. The government abandoned its deficit target and allowed the deficit to reach 6.8% of GDP in FY09. The government has expressed a commitment to fiscal stimulus in 2010, and to deficit reduction the following two years. It has proposed limited privatization of government-owned industries, in part to offset the deficit. India's long term challenges include inadequate physical and social infrastructure, limited employment opportunities, and insufficient basic and higher education opportunities. In the long run, however, the huge and growing population is the fundamental social, economic, and environmental problem.
GDP (purchasing power parity):
Field info displayed for all countries in alpha order.
$3.548 trillion (2009 est.)
country comparison to the world: 5
$3.344 trillion (2008 est.)
$3.113 trillion (2007 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
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$1.243 trillion (2009 est.)
GDP - real growth rate:
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6.1% (2009 est.)
country comparison to the world: 13
7.4% (2008 est.)
9% (2007 est.)
GDP - per capita (PPP):
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$3,100 (2009 est.)
country comparison to the world: 165
$2,900 (2008 est.)
$2,800 (2007 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
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agriculture: 17.5%
industry: 20%
services: 62.6% (2009 est.)
Labor force:
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467 million (2009 est.)
country comparison to the world: 2
Labor force - by occupation:
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agriculture: 52%
industry: 14%
services: 34% (2003)
Unemployment rate:
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9.5% (2009 est.)
country comparison to the world: 110
9.1% (2008 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)
country comparison to the world: 79
37.8 (1997)
Investment (gross fixed):
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33.7% of GDP (2009 est.)
country comparison to the world: 14
Budget:
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revenues: $122.7 billion
expenditures: $223 billion (2009 est.)
Public debt:
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60.1% of GDP (2009 est.)
country comparison to the world: 31
56.4% of GDP (2008 est.)
Inflation rate (consumer prices):
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9.8% (2009 est.)
country comparison to the world: 192
8.3% (2008 est.)
Central bank discount rate:
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6% (31 December 2008)
country comparison to the world: 76
6% (31 December 2007)
Commercial bank prime lending rate:
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13.31% (31 December 2008)
Stock of money:
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$NA (31 December 2008)
$250.9 billion (31 December 2007)
Stock of quasi money:
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$NA (31 December 2008)
$647.3 billion (31 December 2007)
Stock of domestic credit:
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$NA (31 December 2008)
$769.3 billion (31 December 2007)
Market value of publicly traded shares:
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$645.5 billion (31 December 2008)
country comparison to the world: 9
$1.819 trillion (31 December 2007)
$818.9 billion (31 December 2006)
Agriculture - products:
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rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, potatoes; onions, dairy products, sheep, goats, poultry; fish
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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5.2% (2009 est.)
country comparison to the world: 20
Electricity - production:
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761.7 billion kWh (2007 est.)
country comparison to the world: 6
Electricity - consumption:
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568 billion kWh (2007 est.)
country comparison to the world: 6
Electricity - exports:
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216 million kWh (2007 est.)
Electricity - imports:
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4.96 billion kWh (2007 est.)
Oil - production:
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883,500 bbl/day (2008 est.)
country comparison to the world: 23
Oil - consumption:
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2.94 million bbl/day (2008 est.)
country comparison to the world: 5
Oil - exports:
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671,200 bbl/day (2007 est.)
country comparison to the world: 23
Oil - imports:
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2.518 million bbl/day (2007 est.)
country comparison to the world: 8
Oil - proved reserves:
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5.625 billion bbl (1 January 2009 est.)
country comparison to the world: 22
Natural gas - production:
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32.2 billion cu m (2008 est.)
country comparison to the world: 26
Natural gas - consumption:
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42.99 billion cu m (2008 est.)
country comparison to the world: 19
Natural gas - exports:
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0 cu m (2008 est.)
country comparison to the world: 171
Natural gas - imports:
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10.79 billion cu m (2008 est.)
country comparison to the world: 22
Natural gas - proved reserves:
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1.075 trillion cu m (1 January 2009 est.)
country comparison to the world: 25
Current account balance:
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$-4.294 billion (2009 est.)
country comparison to the world: 169
$-36.09 billion (2008 est.)
Exports:
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$155 billion (2009 est.)
country comparison to the world: 25
$187.9 billion (2008 est.)
Exports - commodities:
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petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Exports - partners:
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US 12.3%, UAE 9.4%, China 9.3% (2008)
Imports:
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$232.3 billion (2009 est.)
country comparison to the world: 16
$315.1 billion (2008 est.)
Imports - commodities:
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crude oil, machinery, gems, fertilizer, chemicals
Imports - partners:
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China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2% (2008)
Reserves of foreign exchange and gold:
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$282 billion (31 October 2009 est.)
country comparison to the world: 4
$254 billion (31 December 2008 est.)
Debt - external:
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$232.5 billion (31 December 2009 est.)
country comparison to the world: 25
$229.3 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
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$156.3 billion (31 December 2009 est.)
country comparison to the world: 25
$144.2 billion (31 December 2008 est.)
Stock of direct foreign investment - abroad:
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$76.59 billion (31 December 2009 est.)
country comparison to the world: 26
$61.77 billion (31 December 2008 est.)
Exchange rates:
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Indian rupees (INR) per US dollar - 48.766 (2009), 43.319 (2008), 41.487 (2007), 45.3 (2006), 44.101 (2005)
COURTESY:https://www.cia.gov
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