ECONOMY OF
INDIA
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 10% of GDP.
| GDP |
|
| Purchasing
power parity |
$3.022
trillion (2003 est.) |
| Real
growth rate |
7.6% (2003
est.) |
| Per
capita (Purchasing power parity) |
$2,900
(2003 est.) |
|
|
| GDP
(Composition by sector) |
|
| Agriculture |
23.6% |
| Industry |
28.4% |
| Services |
48% (2002
est.) |
|
|
| Population
below poverty line |
25% (2002
est.) |
|
|
| Household
income or consumption - By Share |
| Lowest |
10% : 3.5% |
| Highest |
10%: 33.5%
(1997) |
|
|
| Distribution
of family income (Gini index) |
37.8 (1997) |
|
|
| Inflation
rate (consumer prices) |
4.6% (2003
est.) |
|
|
| Labor
force |
406 million
(1999) |
|
|
| Labor
force - By Occupation |
|
| Agriculture |
60% |
| Services |
23% |
| Industry |
17% (1999) |
|
|
| Unemployment
rate |
9.1% (2003) |
|
|
| Budget |
|
| Revenues |
$48.3
billion |
| Expenditures |
$78.2
billion, including capital expenditures |
|
|
| Industries |
Textiles,
Chemicals, Food Processing, Steel,
Transportation Equipment, Cement,
Mining, Petroleum, Machinery, Software |
|
|
| Industrial
production growth rate |
6% (2003
est.) |
|
|
| Electricity |
|
| Production |
533.3
billion kWh (2001) |
|
|
| Electricity
- Production by source |
|
| Fossil
Fuel |
81.7% |
| Hydro |
14.5% |
| Nuclear |
3.4% |
| Other
Sources |
0.3% (2001) |
|
|
| Electricity
Usage Distribution |
|
| Consumption |
497.2
billion kWh (2001) |
| Exports |
321 million
kWh (2001) |
| Imports |
1.54
billion kWh (2001) |
|
|
| Oil |
|
| Production |
732,400
bbl/day (2001 est.) |
| Consumption |
2.13
million bbl/day (2001 est.) |
| Proved
reserves |
4.33
billion bbl (1 January 2002) |
|
|
| Natural
gas |
|
| Production |
22.75
billion cu m (2001 est.) |
| Consumption |
22.75
billion cu m (2001 est.) |
| Exports |
0 cu m
(2001 est.) |
| Imports |
0 cu m
(2001 est.) |
| Proved
reserves |
542.4
billion cu m (1 January 2002) |
|
|
| Agriculture |
|
| Products |
Rice,
Wheat, Oilseed, Cotton, Jute, Tea,
Sugarcane, Potatoes, Cattle, Water
Buffalo, Sheep, Goats, Poultry, Fish |
|
|
| Exports |
|
| Total
exports |
$57.24
billion f.o.b. (2003 est.) |
| Commodities |
Textile
Goods, Gems and Jewelry, Engineering
Goods, Chemicals, Leather Manufactures |
| Partners |
US 22.4%,
UK 5.1%, Hong Kong 4.5%, Germany 4.3%,
China 4.1% (2002) |
|
|
| Imports |
|
| Total
imports |
$74.15
billion f.o.b. (2003 est.) |
| Commodities |
Crude Oil,
Machinery, Gems, Fertilizer, Chemicals |
| Partners |
US 6.9%,
Belgium 6.4%, China 4.5%, Singapore
4.4%, UK 4.4% (2002) |
|
|
| Debt
(External) |
$95.3
billion (2003 est.) |
|
|
| Economic
aid (recipient) |
$2.9
billion (FY98/99) |
|
|
| Currency |
Indian
rupee (INR) |
|
|
| Currency
code |
INR |
|
|
Exchange
rates
(Indian rupees per US dollar) |
46.58
(2003), 48.61 (2002), 47.19 (2001),
44.94 (2000), 43.06 (1999) |
|
