GDP
The Gross Domestic Product (GDP) in India was worth 1729.01 billion US dollars in 2010, according to a report published by the World Bank. The GDP value of India is roughly equivalent to 2.79 percent of the world economy. Historically, from 1960 until 2010, India GDP averaged 339.8400 billion USD reaching an all time high of 1729.0100 billion USD in December of 2010 and a record low of 36.6100 billion USD in December of 1960. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.
GDP growth rate
The Gross Domestic Product (GDP) in India expanded expanded 5.3 percent in the first quarter of 2012 over the same quarter of the previous year. Historically, from 2000 until 2012, India GDP Growth Rate averaged 7.3700 Percent reaching an all time high of 11.8000 Percent in December of 2003 and a record low of 1.6000 Percent in December of 2002. The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points.
Population
Historically, from 1960 until 2010, India Population averaged 780.6300 Million reaching an all time high of 1210.2000 Million in December of 2010 and a record low of 434.8500 Million in December of 1960. 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. This page includes a chart with historical data for India's Total Population.
Imports
India imports were worth 37942 Million USD in April of 2012. Historically, from 1994 until 2012, India Imports averaged 11875.4400 Million USD reaching an all time high of 42590.0000 Million USD in March of 2012 and a record low of 1924.0000 Million USD in May of 1994. 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.
Exports
India exports were worth 24455 Million USD in April of 2012. Historically, from 1994 until 2012, India Exports averaged 8266.3400 Million USD reaching an all time high of 30418.0000 Million USD in March of 2011 and a record low of 1805.0000 Million USD in May of 1994. 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.
Mixed Economy
50 Mind-blowing Facts about India
1) In the next three years, up to 25% of the world's new workers will be Indian
2) 42% of the world's poor live in India
3) India's GDP per capita will quadruple from 2007 to 2020, according to Goldman Sachs
4) Property prices in Mumbai and Delhi have more than doubled in the past 18 months
5) India's tech capital, Bangalore, has increased its office supply by six times since 2006, and now has more Grade-A offices than Singapore
6) Half the world’s outsourced IT services come from India, amounting to a $47 billion dollar industry
8) India is the world's second largest importer of arms and has spent $50 billion on defense purchases in the last decade
9) India grows 12 million tons of mangoes in a year, the weight equivalent to 80,000 blue whales
10) India's Cherrapnuji is the wettest places on earth, receiving 425 inches of rain every year
11) A bigger movie market than America and Canada combined, India sold 3.2 billion tickets last year
12) The average Indian is nearly 20 years younger than the average Japanese (26 vs 45)
13) In recent decades, 500,000 female births have gone missing each year due to (illegal) sex selection and abortion
14) India has 568 million more registered voters than the US -- and a better turnout rate too
15) India used to account for 33% of the world's GDP; then fell to 3%; now may rise to 25%
India led the world in GDP before the industrial revolution, when population meant productivity, and India had the largest population. Following the industrial revolution, India entered a long period of economic stagnation. The future outlook comes from Goldman Sachs, which sees India passing the U.S. economy in 2050, trailing only China.
16) India is likely to grow faster, on average, than China over the next two decades
17) India is likely to become the world's fastest growing economy in 2012.
19) India's GDP expanded by 7.8 per cent in the first quarter of 2011 compared to the same period in the previous year.
20) India's average quarterly GDP growth was 8.40 per cent from 2004 to 2010, hitting a high of 10.10 per cent in September 2006 and a record low of 5.50 per cent in December 2004.
21) The service sector makes up 54 per cent of the GDP, the agricultural sector 28 per cent, and the industrial sector 18 per cent.
22) The major industries include textiles, telecommunications, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software.
23) The equity market capitalisation of the companies listed on the Bombay Stock Exchange stood at $1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest in the world.
24) The BSE has 5,034 listed Indian companies.
25) India has the world's second largest labour force with 467 million workers. About 25 per cent of the world's new workers will be Indian in the next three years.
26) Over half of India's population is below 25 years. By 2020, the average age of an Indian is expected to be 29 years.
27) India's working-age population will increase by 240 million over the next two decades, according to Deutsche Bank. India has the second-largest pool of scientists and engineers in the world.
28) Mumbai has the world's 6th most expensive office location.
29) The housing and real estate sector including cineplex, multiplex, integrated townships and commercial complexes, etc, attracted a foreign direct investment of $ 9,405 million from April 2000 to January 2011.
30) India now has a record number of 55 billionaires, according to the Forbes 2011 world billionaires' list.
31) India stands third after the United States and China in the number of billionaires. The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion.
32) By 2030, India's middle class population will grow to more than 580 million.
33) India ranks 51st in global competitiveness, 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication and 39th in innovation, ahead of several advanced economies.
34) India could well become a major economic power provided it performs true to its potential.
35) Seven of the world's top 15 technology outsourcing companies are based in India.
36) According to Nasscom, India's IT and BPO exports jumped 18.7 per cent during fiscal 2011 to $59 billion. It now accounts for 26 per cent of India's overall exports and 11 per cent of services revenue.
37) India's consumer market, currently the world's thirteenth largest, is expected to become fifth largest by 2030. Currently, Indians are amongst the most confident consumers globally.
38) India's telecommunication industry, the world's fastest growing, added 227 million subscribers during 2010-11.
39) According to the Telecom Regulatory Authority of India (TRAI), the wireless user base grew 2.52 per cent to 771.18 million in January from 752.19 million in the previous month.
40) India is now the seventh largest vehicle producing nation in the world. Its automobile industry, the world's second-fastest growing, increased domestic sales by 26 per cent during 2009-10, and exports by 36 per cent during 2008-09.
41) The cheapest and the most expensive cars are now available in India.
42) India has the 9th largest aviation market in the world. India is expected to be the fastest growing civil aviation market in the world by 2020.
43) The domestic air passenger traffic grew by 19 percent in 2010, registering 51.53 million passengers as compared to 43.3 million in 2009.
44) India has the world's 7th largest foreign reserves pegged at $310 billion. India's foreign exchange reserves rose by $1.68 billion to $310.21 billion for the week ended May 27 on the back of a sharp increase in foreign currency assets.
45) India's exports jumped 34.42 per cent in April 2011 to $23.8 billion continuing the fast paced growth of the previous fiscal.
46) The trade deficit for April 2011 was estimated at $8.98 billion which was lower than the deficit of $11.02 billion during April 2010.
47) India has a road network of over 3.314 million kilometers, making it the third largest road network in the world.
48) The Indian Railways has the world's fourth largest railway network with more than 64,215 kilometers of track and 7,083 stations.
49) It is one of the world's largest commercial employers, with more than 1.6 million employees.
50) India has 27 public sector banks, 88 scheduled commercial banks (SCBs), 31 private banks and 38 foreign banks with a combined network of over 53,000 branches and 17,000 ATMs.
India proposes joint venture to make 500 drugs in Russia
India has proposed joint ventures (JV) between Indian and Russian pharmaceutical companies to manufacture 500 drugs in Russia and supply them to markets in Russia, Belarus and Kazakhstan.
Responding “positively” to this suggestion by the Indian Commerce, Industry and Textiles Minister Mr Anand Sharma during a bilateral meeting, the Russian Minister of Economic Development Ms Elvira Nabiullina said, “JVs are good idea. Pharma sector is a good example where we can cooperate.”
Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Out of these drugs, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.
Russia, Belarus and Kazakhstan had recently formed a new customs union pact. If the proposal for JVs becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all these three countries, they said.
Type of economy
The Indian economy is the world's eleventh-largest by nominal GDP and third-largest by purchasing power parity . Following market-based economic reforms in 1991, India became one of the fastest-growing major economies; it is considered a newly industrialised country. However, it continues to face the challenges of poverty, illiteracy, corruption, and inadequate public healthcare.
Laws & Legislation
These are the laws of modern India. It is largely based on English common law because of the long period of British colonial influence during the period of the British Raj. Much of contemporary Indian law shows substantial European and American influence. Various legislations first introduced by the British are still in effect in modified forms today. During the drafting of the Indian Constitution, laws from Ireland, the United States, Britain, and France were synthesized into a refined set of Indian laws. Indian laws also adhere to the United Nations guidelines on human rights law and the environmental law. Certain international trade laws, such as those on intellectual property, are also enforced in India.
Economic Factors
Interest Rates
The benchmark interest rate in India was last reported at 8.00 percent. Historically, from 2000 until 2012, India Interest Rate averaged 6.4700 Percent reaching an all time high of 14.5000 Percent in August of 2000 and a record low of 4.2500 Percent in April of 2009. In India, interest rate decisions are taken by the Reserve Bank of India's Central Board of Directors. The official interest rate is the benchmark repurchase rate. This page includes a chart with historical data for India Interest Rate.
Inflation
The inflation rate in India was recorded at 7.55 percent in May of 2012. Historically, from 1969 until 2012, India Inflation Rate averaged 8.0 Percent reaching an all time high of 34.7 Percent in September of 1974 and a record low of -11.3 Percent in May of 1976. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power. The most well known measures of Inflation are the CPI which measures consumer prices, and the GDP deflator, which measures inflation in the whole of the domestic economy. This page includes a chart with historical data for India Inflation Rate.
Population
Historically, from 1960 until 2010, India Population averaged 780.6300 Million reaching an all time high of 1210.2000 Million in December of 2010 and a record low of 434.8500 Million in December of 1960. 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. This page includes a chart with historical data for India's Total Population. This page includes a chart with historical data for India Population.
Unemployment Rates
Historically, from 1960 until 2010, India Population averaged 780.6300 Million reaching an all time high of 1210.2000 Million in December of 2010 and a record low of 434.8500 Million in December of 1960. 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. This page includes a chart with historical data for India's Total Population. This page includes a chart with historical data for India Population.
Exchange Rates
| 1.00 INR | = | 0.0146740 EUR |
| Indian Rupee | ↔ | Euro |
| 1 INR = 0.0146740 EUR | 1 EUR = 68.1477 INR |
| 1.00 INR | = | 0.0117114 GBP |
| Indian Rupee | ↔ | British PoundExtra Factors |
In this time of sluggish growth, India's economy continues to grow at a 6.8 percent clip. The size of the Indian economy is projected to outstrip Germany's by 2025, and if present trends continue, India will be the third largest economy in the world by 2035, lagging only the United States and China. Because of the combination of rapid growth and an expanding population, economists regard India as an emerging economic global superpower.
Demographics
- 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.
Savings Rate
- 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.
Poverty
- 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.
Corruption
- A 2005 survey from Transparency International found that half of Indians surveyed had a personal experience in the bribery of public officials.
Deficits
- As of 2009, India ran public deficits in excess of 6.8 percent. India's fiscal issues and inability to keep spending in line with revenues is threatening the investment-grade status of its sovereign debt.
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