Indian Economic Data

Economy: Overview.

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. Merchandise exports, which account for about 15% of GDP, returned to pre-financial crisis levels. An industrial expansion and high food prices, resulting from the combined effects of the weak 2009 monsoon and inefficiencies in the government’s food distribution system, fueled inflation which peaked at about 11% in the first half of 2010, but has gradually decreased to single digits following a series of central bank interest rate hikes. In 2010 New Delhi reduced subsidies for fuel and fertilizers, sold a small percentage of its shares in some state-owned enterprises and auctioned off rights to radio bandwidth for 3G telecommunications in part to lower the government’s deficit. The Indian Government seeks to reduce its budget deficit to 5.5% of GDP in FY 2010-11, down from 6.8% in the previous fiscal year. India’s long term challenges include widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, insufficient access to quality basic and higher education, and accommodating rural-to-urban migration.
GDP (purchasing power parity):

$4.046 trillion (2010 est.)
country comparison to the world: 5
$3.736 trillion (2009 est.)
$3.478 trillion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):

$1.43 trillion (2010 est.)
GDP – real growth rate:

8.3% (2010 est.)
country comparison to the world: 12
7.4% (2009 est.)
7.4% (2008 est.)
GDP – per capita (PPP):

$3,400 (2010 est.)
country comparison to the world: 163
$3,200 (2009 est.)
$3,000 (2008 est.)
note: data are in 2010 US dollars
GDP – composition by sector:

agriculture: 16.1%
industry: 28.6%
services: 55.3% (2010 est.)
Labor force:

478.3 million (2010 est.)
country comparison to the world: 2
Labor force – by occupation:

agriculture: 52%
industry: 14%
services: 34% (2009 est.)
Unemployment rate:

10.8% (2010 est.)
country comparison to the world: 118
10.7% (2009 est.)
Population below poverty line:

25% (2007 est.)
Household income or consumption by percentage share:

lowest 10%: 3.6%
highest 10%: 31.1% (2005)
Distribution of family income – Gini index:

36.8 (2004)
country comparison to the world: 79
37.8 (1997)
Investment (gross fixed):

32% of GDP (2010 est.)
country comparison to the world: 15
Budget:

revenues: $170.7 billion
expenditures: $268 billion (2010 est.)
Public debt:

55.9% of GDP (2010 est.)
country comparison to the world: 45
57.3% of GDP (2009 est.)
Inflation rate (consumer prices):

11.7% (2010 est.)
country comparison to the world: 201
10.9% (2009 est.)
Central bank discount rate:

6% (31 December 2009)
country comparison to the world: 73
6% (31 December 2008)
Commercial bank prime lending rate:

12.19% (31 December 2009 est.)
country comparison to the world: 56
13.31% (31 December 2008 est.)
Stock of narrow money:

$328.4 billion (31 December 2010 est.)
country comparison to the world: 15
$268.4 billion (31 December 2009 est.)
Stock of broad money:

$1.29 trillion (31 December 2010 est.)
country comparison to the world: 14
$1.04 trillion (31 December 2009 est.)
Stock of domestic credit:

$1.164 trillion (31 December 2010 est.)
country comparison to the world: 14
$938.8 billion (31 December 2009 est.)
Market value of publicly traded shares:

$1.179 trillion (31 December 2009)
country comparison to the world: 15
$645.5 billion (31 December 2008)
$1.819 trillion (31 December 2007)
Agriculture – products:

rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish
Industries:

textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals
Industrial production growth rate:

9.7% (2010 est.)
country comparison to the world: 21
Electricity – production:

723.8 billion kWh (2009 est.)
country comparison to the world: 6
Electricity – consumption:

568 billion kWh (2007 est.)
country comparison to the world: 6
Electricity – exports:

810 million kWh (2009 est.)
Electricity – imports:

5.27 billion kWh (2009 est.)
Oil – production:

878,700 bbl/day (2009 est.)
country comparison to the world: 24
Oil – consumption:

2.98 million bbl/day (2009 est.)
country comparison to the world: 5
Oil – exports:

738,600 bbl/day (2007 est.)
country comparison to the world: 23
Oil – imports:

2.9 million bbl/day (2007 est.)
country comparison to the world: 6
Oil – proved reserves:

5.8 billion bbl (1 January 2010 est.)
country comparison to the world: 23
Natural gas – production:

38.65 billion cu m (2009 est.)
country comparison to the world: 22
Natural gas – consumption:

51.27 billion cu m (2009 est.)
country comparison to the world: 16
Natural gas – exports:

0 cu m (2008 est.)
country comparison to the world: 113
Natural gas – imports:

12.62 billion cu m (2009 est.)
country comparison to the world: 17
Natural gas – proved reserves:

1.075 trillion cu m (1 January 2010 est.)
country comparison to the world: 26
Current account balance:

$-26.91 billion (2010 est.)
country comparison to the world: 182
$-26.63 billion (2009 est.)
Exports:

$201 billion (2010 est.)
country comparison to the world: 23
$168.2 billion (2009 est.)
Exports – commodities:

petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel
Exports – partners:

UAE 12.87%, US 12.59%, China 5.59% (2009)
Imports:

$327 billion (2010 est.)
country comparison to the world: 13
$274.3 billion (2009 est.)
Imports – commodities:

crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals
Imports – partners:

China 10.94%, US 7.16%, Saudi Arabia 5.36%, UAE 5.18%, Australia 5.02%, Germany 4.86%, Singapore 4.02% (2009)
Reserves of foreign exchange and gold:

$284.1 billion (31 December 2010 est.)
country comparison to the world: 7
$274.7 billion (31 December 2009 est.)
Debt – external:

$237.1 billion (31 December 2010 est.)
country comparison to the world: 29
$221.3 billion (31 December 2009 est.)
Stock of direct foreign investment – at home:

$191.1 billion (31 December 2010 est.)
country comparison to the world: 23
$157.9 billion (31 December 2009 est.)
Stock of direct foreign investment – abroad:

$89.04 billion (31 December 2010 est.)
country comparison to the world: 26
$76.62 billion (31 December 2009 est.)
Exchange rates:

Indian rupees (INR) per US dollar –
46.163 (2010)
48.405 (2009)
43.319 (2008)
41.487 (2007)
45.3 (2006)

Source: CIA World Factbook

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