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Current Economic Conditions
| India’s economic growth has been relatively robust over the past few years. Real GDP grew by 8.2% in 2003 and by an estimated 5.7% in 2004. Global Insight, an economic forecasting firm, projects India’s real GDP will rise by 6.3% in (FY)2005 and 6.0% in 2006.4 By some measurements, India is among the world’s largest economies. While on a nominal U.S. dollar exchange rate basis, India’s 2003 GDP was $577 billion. However, on a purchasing power parity (PPP) basis (which factors in differences in prices across countries), India’s GDP is estimated at close to $3 trillion. By this measurement, India is the world’s fourth-largest economy (after the United States, China, and Japan).5 However, its per capita GDP on a PPP basis (a common international measurement of a nation’s living standards) was $2,780, equal to only 7.4% of U.S. levels. Poverty is perhaps India’s greatest problem. According to the World Bank, India has 433 million people (44.2% of the population) living below the international poverty measurement of less than $1 per day.6 India’s trade is relatively small. According to the World Trade Organization (WTO), India was the world’s 31st-largest merchandise exporter, and the 25th- largest importer, in 2003.7 Merchandise exports and imports totaled $63 billion and $77 billion, respectively. India’s principal exports were pearls and precious and sem-precious stones (14.8% of total), textiles (10.8%), and clothing (10.5%). Its top three imports were petroleum (27.0% of total), pearls and precious and sem-precious stones (9.6%), and gold and silver (8.3%).8 India’s major export markets were the United States (18.1% of total), the United Arab Emirates, and Hong Kong, and its top sources for imports were the United States (6.5% of total), China, and Belgium. |
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