IAS General Studies : Fundamental & Basics of Indian Economy

The economy of India is the third largest in the world as measured by purchasing power parity (PPP). When measured in USD exchange-rate terms, it is the tenth largest in the world, with a GDP of US $1.0 trillion (2007).India is the second fastest growing major economy in the world, with a GDP growth rate of 9.2% at the end of the second quarter of 2006–2007.However, India’s huge population results in a per capita income of $3700 at PPP and $820 at nominal. The World Bank classifies India as a low-income economy. 

Economy of India
Currency 1 Indian Rupee (INR) () = 100 Paise
Fiscal year April 1March 31
Trade organisations WTO, SAFTA
GDP (PPP) $4.042 trillion (2006 est.)
(12th(nominal); 4th(PPP) [1])
GDP growth 9.0% (2005/06)  
GDP per capita $820(nominal); $3,700(PPP) [2]  
GDP by sector agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.)  
Inflation (CPI) 5.3% (2006 est.)  
below poverty line
25% (2002 est.) [3]  
Labour force 509.3 million (2006 est.)  
Labour force
by occupation
agriculture: 60%, industry: 12%, services: 28% (2003)  
Unemployment 7.8% (2006 est.)  
Main industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software  
Trading partners
Exports $112 billion (2006 est.)  
Export goods textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures  
Main export partners US 18%, China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)  
Imports $187.9 billion f.o.b. (2006 est.)  
Import goods crude oil, machinery, gems, fertilizer, chemicals  
Main import partners China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)  
Public finances
Public debt $132.1 billion (2006 est.)  
Revenues $109.4 billion (2006 est.)  
Expenses $143.8 billion; including capital expenditures of $15 billion (2006 est.)  
Economic aid recipient: $2.9 billion (FY98/99)  

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 Courtesy: Wikipedia

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