Economy of India
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Economy of 'The Republic of India'
Mumbai, Financial Capital of India
10th (nominal) / 3rd (PPP)
1 (INR) () = 100 Paise
1 April – 31 March
WTO, SAFTA, G-20 and others
$1.824 trillion (nominal: 10th; 2012)
$4.684 trillion (PPP: 3rd; 2012)
GDP per capita
$1,591 (nominal: 134th; 2012)
$3,851 (PPP: 130th; 2012)
GDP by sector
agriculture: 17.2%, industry: 26.4%, services: 56.4% (2011 est.) Inflation (CPI)
CPI: 10.91%, WPI: 6.84% (Feb 2013)
below poverty line
36.8 (List of countries)
498.4 million (2012 est.)
agriculture: 52%, industry: 14%, services: 34% (2009 est.)
9.9% (2012 est.)
Average gross salary
$1,410 yearly (2011)
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals Ease of Doing Business Rank
$309.1 billion (2012 est.)
petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel Main export partners
UAE 13%, US 11.4%, China 6.3%, Singapore 5.3% (2011)
$500.3 billion (2012 est.)
crude oil, raw precious stones, machinery, fertilizer, iron and steel, chemicals Main import partners
China 12.1%, UAE 8.3%, Saudi Arabia 5.8%, US 5.1%, Switzerland 4.7% (2011) FDI stock
$47 billion (2011–12)
Gross external debt
$299.2 billion (31 December 2012)
67.59% of GDP (2012 est.)
5.2% of GDP (2011–12)
$171.5 billion billion (2012 est.)
$281 billion billion (2012 est.)
$2.107 billion (2008)
BBB+ (T&C Assessment)
(Standard & Poor's)
$295.29 billion (October 2012)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars
The economy of The Republic of India is the tenth-largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. On a per capita income basis, India ranked 134th by nominal GDP and 130th by GDP (PPP) in 2012, according to the IMF. India is the nineteenth largest exporter and tenth largest importer in the world. Economic growth rate slowed to around 5.3% for the 2012–13 fiscal year. The independence-era Indian economy (from 1947 to 1991) was based on a mixed economy combining features of capitalism and socialism, resulting in an inward-looking, interventionist policies and import-substituting economy that failed to take advantage of the post-war expansion of trade. This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation. In 1991, India adopted liberal and free-market oriented principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V. Narasimha Rao the then Prime Minister who eliminated License Raj a pre- and post-British Era mechanism of strict government control on setting up new industry. Following these strong economic reforms, and a strong focus on developing national infrastructure such as the Golden Quadrilateral project by Atal Bihari Vajpayee, the then Prime Minister, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people. Contents
2.1 Pre-colonial period (up to 1773)
2.2 Colonial period (1773–1947)
2.3 Pre-liberalisation period...
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