« About India | Main Page | Major Cities In India »
Economic Overview of India:
The economy of India is the eleventh largest economy in the world by nominal GDP and the fourth largest by purchasing power parity (PPP).In the 1990s, following economic reform from the socialist-inspired economy of post-independence India, the country began to experience rapid economic growth, as markets opened for international competition and investment. In the 21st century, India is an emerging economic power with vast human and natural resources, and a huge knowledge base. Economists predict that by 2020 India will be among the leading economies of the world.
By 2008, India had established itself as the world’s second-fastest growing major economy. However, the year 2009 saw a significant slowdown in India’s official GDP growth rate to 6.1% as well as the return of a large projected fiscal deficit of 6.8% of GDP which would be among the highest in the world.
India’s large service industry accounts for 62.6% of the country’s GDP while the industrial and agricultural sector contribute 20% and 17.5% respectively. Agriculture is the main occupation in India, accounting for about 52% of employment. India’s per capita income (nominal) is $1124, ranked 139th in the world, while its per capita (PPP) of US$3176 is ranked 128th. Previously a closed economy, India’s trade has grown fast.India currently accounts for 1.5% of World trade as of 2007 according to the WTO.
India’s Economic Outlook Projection
2007 |
2008 |
2009 |
2010 |
|
GDP Growth |
9.40% |
7.30% |
5.40% |
7.20% |
CPI |
6.40% |
9.30% |
5.50% |
4.90% |
Major Facts:
strong>Exports $155 billion f.o.b (2009 est.)
Export goods software, petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main export partners US 12.3%, UAE 9.4%, China 9.3% (2008)
Imports $232.3 billion f.o.b (2009 est.)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import partners China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2% (2008)
Main industries telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology.
Economic Prospects for 2010
The global economy seems to be recovering after the recent economic shock. The Indian economy, however, was hit in the latter part of the global recession and the real economic growth witnessed a sharp fall, followed by lower exports, lower capital outflow and corporate restructuring. It is expected that the global economies will continue to sustain in the short-term, as the effect of stimulus programs is yet to bear fruit and tax cuts are working their way through the system in 2010. Due to the strong position of liquidity in the market, large corporations now have access to capital in the corporate credit markets.
| If you are looking quality used and reconditioned cars, trucks, buses, bikes & parts, please check Japanese Used Car Portal. |
