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Economy of India

The economy of India encompasses traditional village farming, modern agriculture, handicrafts, modern industries, and multitude of services. Out of these, the services are the major source of economic growth. More than half of India's output accounts from services with less than one quarter of its labour force. Three-fifths of the loabor force of India is in agriculture.

Since 1996 the economy posted an average growth rate of over 7%. It reduced the poverty by 10%. The country achieved a GDP growth of 8.5% by 2006. The following table will give a brief of the economy of India.

GDP (purchasing power parity - PPP) $4.042 trillion (2006 est.)
GDP (official exchange rate) $796.1 billion (2006 est.)
GDP - real growth rate 8.5% (2006 est.)
GDP - per capita (PPP) $3,700 (2006 est.)
GDP - composition by sector agriculture: 19.9%
industry: 19.3%
services: 60.7% (2005 est.)
Labor force 509.3 million (2006 est.)
Labor force - by occupation agriculture: 60%
industry: 12%
services: 28% (2003)
Unemployment rate 7.8% (2006 est.)
Population below poverty line 25% (2002 est.)
Inflation rate (consumer prices) 5.3% (2006 est.)
Investment (gross fixed) 29.2% of GDP (2006 est.)
Budget revenues: $109.4 billion
expenditures: $143.8 billion; including capital expenditures of $15 billion (2006 est.)
Public debt 52.8% of GDP (federal and state debt combined) (2006 est.)
Agriculture - products rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish
Industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
Industrial production growth rate 7.5% (2006 est.)
Exports $112 billion f.o.b. (2006 est.)
Exports - commodities textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Exports - partners US 16.7%, UAE 8.5%, China 6.6%, Singapore 5.3%, UK 4.9%, Hong Kong 4.4% (2005)
Imports $187.9 billion f.o.b. (2006 est.)
Imports - commodities crude oil, machinery, gems, fertilizer, chemicals
Imports - partners C hina 7.3%, US 5.6%, Switzerland 4.7% (2005)
Reserves of foreign exchange and gold $165 billion (2006 est.)
Debt - external $132.1 billion (30 June 2006 est.)
Exchange rates Indian rupees per US dollar - 45.5 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003), 48.61 (2002)
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