India's Gross Domestic Product GDP

The economy of India is the fourth largest in the world as measured by purchasing power parity (PPP), with a gross domestic product (GDP) of US $3.63 trillion. When measured in USD exchange-rate terms, it is the twelfth largest in the world, with a GDP of US $775 billion (2005). India was the second fastest growing major economy in the world, with a GDP growth rate of 8.1% at the end of the first quarter of 2005–2006. This recent economic growth has been a catalyst for India's growth as a Great power and emerging superpower. However, India's huge population results in a relatively low per capita income of $3,100 at PPP.

India is a mixed economy combining features of both capitalist market economies and socialist command economies. Thus, there is a regulated private sector (the regulations have decreased since liberalisation) and a public sector controlled almost entirely by the government. The public sector generally covers areas which are deemed too important or not profitable enough to leave to the instability of capitalistic markets. Thus such services as railways and postal system are carried out by the government. Since independence, various phases have seen nationalisation of such areas as banking, thus bringing them into the public sector, on one hand, and privatisation of some of the Public Sector Undertakings during the liberalisation period on the other.

The Finance minister of India presents the annual union budget in the Parliament on the last working day of February. The budget has to be passed by the Lok Sabha before it can come into effect on April 1, the start of India's fiscal year. The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year.

The Rupee is the only legal tender accepted in India. It is also accepted as legal tender in the neighbouring Nepal and Bhutan, the latter's currency value being pegged to the rupee. The rupee is divided into 100 paise. The highest currency note printed is the 1000 rupee note, and the lowest denomination in circulation is the 10 p coin.
For higher numeric figures, India uses its own numbering system of counting in lakhs and crores. A lakh is equal to a hundred thousand, and a crore equal to ten million. The exchange rate as of April 21, 2006 is about 45.05 to a US dollar, 55.59 to a Euro, and 80.30 to a UK pound, making a crore (rupees crore) approximately equal to
$222,000, €179,800, or £124,500

Please find the relevant links as per your informational requirements below :

Economy - overview
India's economic History
1991 Economic Crisis and Reforms
Current Economic Conditions
India’s IT Sector
Special Economic Zones (SEZs)

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