Topics: India, Economy of India, Gross domestic product Pages: 47 (12521 words) Published: December 10, 2013
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
Fiscal year
1 April – 31 March
Trade organizations
WTO, SAFTA, G-20 and others
$1.824 trillion (nominal: 10th; 2012)[1]
$4.684 trillion (PPP: 3rd; 2012)[1]
GDP growth
5.3% (2012–2013)[2]
GDP per capita
$1,591 (nominal: 134th; 2012)[1]
$3,851 (PPP: 130th; 2012)[1]
GDP by sector
agriculture: 17.2%, industry: 26.4%, services: 56.4% (2011 est.) Inflation (CPI)
CPI: 10.91%, WPI: 6.84% (Feb 2013)[3][4]
below poverty line
29.8% (2010)
Gini coefficient
36.8 (List of countries)
Labour force
498.4 million (2012 est.)
Labour force
by occupation
agriculture: 52%, industry: 14%, services: 34% (2009 est.)
9.9% (2012 est.)[5]
Average gross salary
$1,410 yearly (2011)[6]
Main industries
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals Ease of Doing Business Rank
132nd[7] (2012)
$309.1 billion (2012 est.)
Export goods
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.)
Import goods
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)[8]
Gross external debt
$299.2 billion (31 December 2012)
Public finances
Public debt
67.59% of GDP (2012 est.)[9]
Budget deficit
5.2% of GDP (2011–12)
$171.5 billion billion (2012 est.)
$281 billion billion (2012 est.)
Economic aid
$2.107 billion (2008)[10]
Credit rating
BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(Standard & Poor's)[11]
Foreign reserves
$295.29 billion (October 2012)[12]
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).[1] 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.[13] 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.[14] 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.[15] This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation.[15] 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.[16] Contents

1 Overview
2 History
2.1 Pre-colonial period (up to 1773)
2.2 Colonial period (1773–1947)
2.3 Pre-liberalisation period...

References: Drèze, John; Sen, Amartya (1996). India: Economic Development and Social Opportunity. Oxford University Press. p. 292. ISBN 978-0-19-564082-3.
Kumar, Dharma (2005). The Cambridge Economic History of India, Volume II : c. 1757–2003. New Delhi: Orient Longman. p. 1115. ISBN 978-81-250-2710-2.
Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14-303103-1.
Panagariya, Arvind (2008). India: The Emerging Giant. Oxford University Press. p. 514. ISBN 978-0-19-531503-5.
Raychaudhuri, Tapan; Habib, Irfan (2004). The Cambridge Economic History of India, Volume I : c. 1200 – c. 1750. New Delhi: Orient Longman. p. 543. ISBN 978-81-250-2709-6.
Roy, Tirthankar (2006). The Economic History of India 1857–1947. Oxford University Press. p. 385. ISBN 978-0-19-568430-8.
Alamgir, Jalal (2008). India 's Open-Economy Policy. Routledge. ISBN 978-0-415-77684-4.
Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy, T.V. Industry & agriculture in India since independence. Oxford University Press. pp. 189–199. ISBN 0-19-564394-1.
Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms In India. Working paper n. 51.
Centre for Media Studies (2005). India Corruption Study 2005: To Improve Governance Volume – I: Key Highlights (PDF). Transparency International India. Retrieved 2009-06-21.
Gordon, Jim and Gupta, Poonam (2003). Understanding India 's Services Revolution (PDF). 12 November 2003. Retrieved 2009-06-21.
Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms.
Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). Understanding Regional Economic Growth in India (PDF). Working paper 88. Archived from the original on 2007-07-01.
Srinivasan, T.N. (2002). Economic Reforms and Global Integration (PDF). 17 January 2002. Retrieved 2009-06-21.
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