INDIAN ECONOMY

India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Government controls have been reduced on foreign trade and investment, and privatization of domestic output has proceeded slowly. The economy has posted an excellent average growth rate of 6% since 1990, reducing poverty by about 10 percentage points. India is capitalizing on its large numbers of well-educated people skilled in the English language to become a major exporter of software services and software workers. Despite strong growth, the World Bank and others worry about the continuing public-sector budget deficit, running at approximately 10% of GDP.

GDP: purchasing power parity - $3.022 trillion (2003 est.)
GDP - real growth rate: 7.6% (2003 est.)
GDP - per capita: purchasing power parity - $2,900 (2003 est.)
GDP - composition by sector: agriculture: 23.6%
industry: 28.4%
services: 48% (2002 est.)
Investment (gross fixed): 23.1% of GDP (2003)
Population below poverty line: 25% (2002 est.)
Household income or consumption by percentage share: lowest 10%: 3.5%
highest 10%: 33.5% (1997)
Distribution of family income - Gini index: 37.8 (1997)
Inflation rate (consumer prices): 3.8% (2003 est.)
Labor force: 472 million (2003)
Labor force - by occupation: agriculture 60%, services 23%, industry 17% (1999)
Unemployment rate: 9.5% (2003)
Budget: revenues: $86.69 billion
expenditures: $114.6 billion, including capital expenditures of $14 (2003)
Public debt: 59.7% of GDP (2003)
Agriculture - products: rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish
Industries: textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
Industrial production growth rate: 6.5% (2003 est.)
Electricity - production: 533.3 billion kWh (2001)
Electricity - production by source: fossil fuel: 81.7%
hydro: 14.5%
other: 0.3% (2001)
nuclear: 3.4%
Electricity - consumption: 497.2 billion kWh (2001)
Electricity - exports: 321 million kWh (2001)
Electricity - imports: 1.54 billion kWh (2001)
Oil - production: 732,400 bbl/day (2001 est.)
Oil - consumption: 2.13 million bbl/day (2001 est.)
Oil - exports: NA (2001)
Oil - imports: NA (2001)
Oil - proved reserves: 4.33 billion bbl (1 January 2002)
Natural gas - production: 22.75 billion cu m (2001 est.)
Natural gas - consumption: 22.75 billion cu m (2001 est.)
Natural gas - exports: 0 cu m (2001 est.)
Natural gas - imports: 0 cu m (2001 est.)
Natural gas - proved reserves: 542.4 billion cu m (1 January 2002)
Current account balance: $3.41 billion (2003)
Exports: $57.24 billion f.o.b. (2003 est.)
Exports - commodities: textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Exports - partners: US 20.3%, China 6.3%, UK 5.2%, Hong Kong 4.7%, Germany 4.3% (2003 est.)
Imports: $74.15 billion f.o.b. (2003 est.)
Imports - commodities: crude oil, machinery, gems, fertilizer, chemicals
Imports - partners: US 6.7%, Belgium 5.9%, UK 5%, China 4.5%, Singapore 4.2% (2003 est.)
Reserves of foreign exchange & gold: $102.3 billion (2003)
Debt - external: $101.7 billion (2003 est.)
Economic aid - recipient: $2.9 billion (FY98/99)
Currency: Indian rupee (INR)
Currency code: INR
Exchange rates: Indian rupees per US dollar - 46.5806 (2003), 48.6103 (2002), 47.1864 (2001), 44.9416 (2000), 43.0554 (1999)
Fiscal year: 1 April - 31 March

Back to Indian Economy

Indiasnapshot.com will shortly be introducing the following sections :

Home | Advertise with us | Privacy Policy

Website designed and created by Bhavna Lulla