The Economy of India

GDP

The Gross Domestic Product (GDP) in India was worth 1848 billion US dollars in 2011 (roughly equivalent to 2.79% of the worlds economy).  GDP measures the national income and output for a given country's economy. The gross domestic product is equal to the total expenditures for all goods and services produced within the country.

POPULATION

The total population in India was last reported at 1210.2 million people in 2010 from 434.9 million in 1960, changing 178 percent during the last 50 years.  India has 17.54 percent of the world´s total population which means that one person in every 6 people on the planet is a resident of India. 

IMPORTS AND EXPORTS

India imports were worth 35371 Million USD in June of 2012.  India is poor in oil resources and is currently heavily dependent on coal and foreign oil imports for its energy needs. Other imported products are: machinery, gems, fertilizers and chemicals. Main import partners are European Union, Saudi Arabia and United States.

India exports were worth 25067 Million USD in June of 2012,  from 1994 until 2012, India Exports averaged 8350.1 Million USD.  Exports amount to 22% of India’s GDP. Gems and jewelry constitute the single largest export item, accounting for 16 percent of exports. India is also leading exporter of textile goods, engineering goods, chemicals, leather manufactures and services. India’s main export partners are European Union, United States, United Arab Emirates and China.

50 FACTS ABOUT THE INDIAN ECONOMY

1. India is today one of world's fastest growing economies. The Indian economy is the world's tenth largest in terms of nominal GDP and the fourth largest in terms of purchasing power parity.
2.  India's average annual gross domestic product (GDP) has grown at 5.8 per cent for the past two decades.
3.  The service sector makes up 54 per cent of the GDP, the agricultural sector 28 per cent, and the industrial sector 18 per cent.

More facts about the Indian economy can be found here...

http://www.rediff.com/business/slide-show/slide-show-1-heres-why-you-can-cheer-indias-success/20110613.htm


TYPE OF ECONOMY

India can be defined as a mixed economy that is neither fully capitalist or fully socialist, a mixed economy encourages entrepreneurial ambition and encourages healthy growth in the economy that has allowed the economy of India to become the eleventh largest in the world by normal GDP and the third largest by purchasing power parity.

GOVERNMENT RULES AND LEGISLATION

http://www.doingbusiness.org/data/exploreeconomies/india/ 

ECONOMIC FACTORS

1.  If India's GDP continues to grow at its current rate it will be the world's third largest economy by 2035.

2.  India's combination of rapid growth with an expanding population, has resulted in economists regarding India as an emerging economic global superpower.

3.   According to research from Goldman Sachs, India will add more than 310 million people to its population between 2000 and 2030--effectively creating another United States.

4.   India has one of the highest personal savings rates in the world at 36 percent. While this bodes well for Indian economic security in the long run, it causes short-term problems because of the lack of domestic spending.
5.   More than 40 percent of the population lives below the poverty line. The World Bank estimates that a third of the world's poor now live in India.
6.   A 2005 survey from Transparency International found that half of Indians surveyed had a personal experience in the bribery of public officials.