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 10% of GDP.
GDP |
|
Purchasing power parity |
$3.022 trillion (2003 est.) |
Real growth rate |
7.6% (2003 est.) |
Per capita (Purchasing power parity) |
$2,900 (2003 est.) |
|
|
GDP (Composition by sector) |
|
Agriculture |
23.6% |
Industry |
28.4% |
Services |
48% (2002 est.) |
|
|
Population below poverty line |
25% (2002 est.) |
|
|
Household income or consumption - By Share |
Lowest |
10% : 3.5% |
Highest |
10%: 33.5% (1997) |
|
|
Distribution of family income (Gini index) |
37.8 (1997) |
|
|
Inflation rate (consumer prices) |
4.6% (2003 est.) |
|
|
Labor force |
406 million (1999) |
|
|
Labor force - By Occupation |
|
Agriculture |
60% |
Services |
23% |
Industry |
17% (1999) |
|
|
Unemployment rate |
9.1% (2003) |
|
|
Budget |
|
Revenues |
$48.3 billion |
Expenditures |
$78.2 billion, including capital expenditures |
|
|
Industries |
Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, Machinery, Software |
|
|
Industrial production growth rate |
6% (2003 est.) |
|
|
Electricity |
|
Production |
533.3 billion kWh (2001) |
|
|
Electricity - Production by source |
|
Fossil Fuel |
81.7% |
Hydro |
14.5% |
Nuclear |
3.4% |
Other Sources |
0.3% (2001) |
|
|
Electricity Usage Distribution |
|
Consumption |
497.2 billion kWh (2001) |
Exports |
321 million kWh (2001) |
Imports |
1.54 billion kWh (2001) |
|
|
Oil |
|
Production |
732,400 bbl/day (2001 est.) |
Consumption |
2.13 million bbl/day (2001 est.) |
Proved reserves |
4.33 billion bbl ( 1 January 2002 ) |
|
|
Natural gas |
|
Production |
22.75 billion cu m (2001 est.) |
Consumption |
22.75 billion cu m (2001 est.) |
Exports |
0 cu m (2001 est.) |
Imports |
0 cu m (2001 est.) |
Proved reserves |
542.4 billion cu m ( 1 January 2002 ) |
|
|
Agriculture |
|
Products |
Rice, Wheat, Oilseed, Cotton, Jute, Tea, Sugarcane, Potatoes, Cattle, Water Buffalo, Sheep, Goats, Poultry, Fish |
|
|
Exports |
|
Total exports |
$57.24 billion f.o.b. (2003 est.) |
Commodities |
Textile Goods, Gems and Jewelry, Engineering Goods, Chemicals, Leather Manufactures |
Partners |
US 22.4%, UK 5.1%, Hong Kong 4.5%, Germany 4.3%, China 4.1% (2002) |
|
|
Imports |
|
Total imports |
$74.15 billion f.o.b. (2003 est.) |
Commodities |
Crude Oil, Machinery, Gems, Fertilizer, Chemicals |
Partners |
US 6.9%, Belgium 6.4%, China 4.5%, Singapore 4.4%, UK 4.4% (2002) |
|
|
Debt (External) |
$95.3 billion (2003 est.) |
|
|
Economic aid (recipient) |
$2.9 billion (FY98/99) |
|
|
Currency |
Indian rupee (INR) |
|
|
Currency code |
INR |
|
|
Exchange rates
(Indian rupees per US dollar) |
46.58 (2003), 48.61 (2002), 47.19 (2001), 44.94 (2000), 43.06 (1999) |
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