The economy of India
encompasses traditional village farming, modern agriculture,
handicrafts, modern industries, and multitude of services. Out of
these, the services are the major source of economic growth. More
than half of India's output accounts from services with less than
one quarter of its labour force. Three-fifths of the loabor force of
India is in agriculture.
Since 1996 the economy posted an average growth rate of over 7%. It
reduced the poverty by 10%. The country achieved a GDP growth of
8.5% by 2006. The following table will give a brief of the economy
of India.
| GDP (purchasing power parity - PPP) |
$4.042 trillion (2006 est.) |
| GDP (official exchange rate) |
$796.1 billion (2006 est.) |
| GDP - real growth rate |
8.5% (2006 est.) |
| GDP - per capita (PPP) |
$3,700 (2006 est.) |
| GDP - composition by sector |
agriculture: 19.9%
industry: 19.3%
services: 60.7% (2005 est.) |
| Labor force |
509.3 million (2006 est.) |
| Labor force - by occupation |
agriculture: 60%
industry: 12%
services: 28% (2003) |
| Unemployment rate |
7.8% (2006 est.) |
| Population below poverty line |
25% (2002 est.) |
| Inflation rate (consumer prices) |
5.3% (2006 est.) |
| Investment (gross fixed) |
29.2% of GDP (2006 est.) |
| Budget |
revenues: $109.4 billion
expenditures: $143.8 billion; including capital expenditures of
$15 billion (2006 est.) |
| Public debt |
52.8% of GDP (federal and state debt combined) (2006 est.) |
| Agriculture - products |
rice, wheat, oilseed, cotton, jute, tea, sugarcane,
potatoes; cattle, water buffalo, sheep, goats, poultry; fish |
| Industries |
textiles, chemicals, food processing, steel, transportation
equipment, cement, mining, petroleum, machinery, software |
| Industrial production growth rate |
7.5% (2006 est.) |
| Exports |
$112 billion f.o.b. (2006 est.) |
| Exports - commodities |
textile goods, gems and jewelry, engineering goods,
chemicals, leather manufactures |
| Exports - partners |
US 16.7%, UAE 8.5%, China 6.6%, Singapore 5.3%, UK 4.9%,
Hong Kong 4.4% (2005) |
| Imports |
$187.9 billion f.o.b. (2006 est.) |
| Imports - commodities |
crude oil, machinery, gems, fertilizer, chemicals |
| Imports - partners C |
hina 7.3%, US 5.6%, Switzerland 4.7% (2005) |
| Reserves of foreign exchange and gold |
$165 billion (2006 est.) |
| Debt - external |
$132.1 billion (30 June 2006 est.) |
| Exchange rates |
Indian rupees per US dollar - 45.5 (2006), 44.101 (2005),
45.317 (2004), 46.583 (2003), 48.61 (2002) |
