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India Economy

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 60% of GDP. 

GDP:

Purchasing power parity                     :     $3.033 trillion (2003 est.).
Real growth rate                                :     8.3% (2003 est.).
Per capita Purchasing power parity     :     $2,900 (2003 est.)

Composition by sector:

Agriculture     :     23.6%,
Industry         :     28.4%,
Services         :     48% (2002 est.).

Inflation rate-consumer price index: 3.8% (2003 est.).

Labour force:

Total: 472 million (2003 est.).
By occupation: agriculture 60%, services 23%, industry 17% (1995 est.).

Budget:  

Revenues        :     $86.69 billion.
Expenditure     :     $114.6 billion, including capital expenditures of $13.5 billion (2003 est.).

Industries:

Textiles, chemicals, food processing, steel, transportation equipment, cement, mining petroleum machinery, software.

Industrial production growth rate: 6.5% (2003 est.).

Agriculture - products:

Rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry; fish catch of about 3 million metric tons ranks India among the world’s top 10 fishing nations.

Exports:

Total value: $33.9 billion (f.o.b., 1997).

Commodities: gems and jewelry, clothing, engineering goods, chemicals, leather manufactures, cotton yarn, and fabric; Partners: US, Hong Kong, UK, Germany.

Imports:

Total value: $39.7 billion (c.i.f., 1997).

Commodities: crude oil and petroleum products, machinery, gems, fertilizer, chemicals, partners: US, Belgium, Germany, Kuwait, Saudi Arabia, UK, Japan.

Economic aid:

Recipient: ODA, $10237 billion (1993); US ODA bilateral commitments $171 million; US Ex-Im bilateral commitments $680 million; Western (non-US) countries, ODA bilateral commitments $2.48 billion; OPEC bilateral aid $200 million; World Bank (IBRD) multilateral commitments 42.8 billion; Asian Development Bank (ADB) multilateral commitments $670 million; International Finance Corporation (IFC) multilateral commitments $200 million; other multilateral commitments $554 million (1995-96).

Currency:

1 Indian rupee  = 100 paise.

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

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