Economy Of India
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Economy overview
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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.
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GDP
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purchasing power parity - $3.033 trillion (2004 est.)
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GDP - real growth rate
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8.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,900 (2004 est.)
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GDP - composition by sector
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agriculture: 23.6%
industry: 28.4%
services: 48% (2002 est.)
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Investment gross fixed
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23.1% of GDP (2004 est.)
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Population below poverty line
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25% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: 3.5%
highest 10%: 33.5% (1997)
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Distribution of family income - Gini index
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37.8 (1997)
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Inflation rate consumer prices
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3.8% (2004 est.)
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Labor force
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472 million (2004 est.)
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Labor force by occupation
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agriculture 60%, industry 17%, services 23% (1999)
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Unemployment rate
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9.5% (2004 est.)
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Budget
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revenues: $86.69 billion
expenditures: $114.6 billion, including capital expenditures of $13.5 billion (2004 est.)
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Public debt
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59.7% of GDP (2004 est.)
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Agriculture products
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rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish
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Industries
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textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
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Industrial production growth rate
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6.5% (2004 est.)
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Electricity production
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533.3 billion kWh (2001)
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Electricity production by source
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fossil fuel: 81.7%
hydro: 14.5%
other: 0.3% (2001)
nuclear: 3.4%
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Electricity consumption
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497.2 billion kWh (2001)
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Electricity exports
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321 million kWh (2001)
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Electricity imports
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1.54 billion kWh (2001)
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Oil production
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732,400 bbl/day (2004 est.)
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Oil consumption
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2.13 million bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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4.33 billion bbl (2004)
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Natural gas production
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22.75 billion cu m (2001 est.)
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Natural gas consumption
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22.75 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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542.4 billion cu m (2004)
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Current account balance
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$3.41 billion (2004 est.)
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Exports
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$57.24 billion f.o.b. (2004 est.)
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Exports commodities
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textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
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Exports partners
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US 20.6%, China 6.4%, UK 5.3%, Hong Kong 4.8%, Germany 4.4% (2003)
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Imports
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$74.15 billion f.o.b. (2003 est.)
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Imports commodities
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crude oil, machinery, gems, fertilizer, chemicals
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Imports partners
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US 6.4%, Belgium 5.6%, UK 4.8%, China 4.3%, Singapore 4% (2003)
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Reserves of foreign exchange gold
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$102.3 billion (2004 est.)
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Debt external
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$101.7 billion (2004 est.)
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Economic aid recipient
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$2.9 billion (FY98/99)
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Currency
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Indian rupee (INR)
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Currency code
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INR
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Exchange rates
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Indian rupees per US dollar - 46.5806 (2003), 48.6103 (2002), 47.1864 (2001), 44.9416 (2000), 43.0554 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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