Economy Of India Essay

9405 words - 38 pages

Economy of India
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Economy of The Republic of India |

Mumbai, financial center of India |
Rank | 10th (nominal) / 3rd (PPP) |
Currency | 1 Indian Rupee (INR) () = 100 Paise |
Fiscal year | 1 April – 31 March |
Trade organizations | WTO, SAFTA, G-20 and others |
Statistics |
GDP | $1.843 trillion (nominal: 10th; 2011)[1]$4.469 trillion (PPP: 3rd; 2011)[1] |
GDP growth | 6.9% (2011-12)[2] |
GDP per capita | $1,527 (nominal: 135th; 2011)[1]$3,703 (PPP: 127th; 2011)[1] |
GDP by sector | agriculture: 18.1%, industry: 26.3%, services: 55.6% (2011 est.) |
Inflation (CPI) | 6.89% (March 2012)[3] |
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43% of GDP (2011 est.)[8] |
Budget deficit | 5.9% of GDP (2011-12) |
Revenues | $218.7 billion (2011 est.) |
Expenses | $311.2 billion (2011 est.) |
Economic aid | $2.107 billion (2008)[9] |
Credit rating | BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(Standard & Poor's)[10] |
Foreign reserves | $292.7 billion (Jan 2012) |
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars |
"Dollar" and "$" refer throughout to the US dollar.
The Economy of India is the tenth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP).[1] The country is one of the G-20 major economies and a member of BRICS. In 2011, the country's GDP PPP per capita was $3,703 IMF, 127th in the world, thus making a lower-middle income economy.[11]
After the independence-era Indian economy (before and a little after 1947) was inspired by the Soviet model of economic development, with a large public sector, high import duties combined with interventionist policies, leading to massive inefficiencies and widespread corruption. However, later on India adopted free market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V.Narasimha Rao the then Prime Minister. Following these strong economic reforms, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people. [12]
India recorded the highest growth rates in the mid-2000s, and is one of the fastest-growing economies in the world. The growth was led primarily due to a huge increase in the size of the middle class consumer, a large labor force and considerable foreign investments. India is the nineteenth largest exporter and tenth largest importer in the world. Economic growth rates are projected at around 7% for the 2011-12 fiscal year.[13]
Contents * 1 Overview * 2 History * 2.1 Pre-colonial period (up to 1773) * 2.2 Colonial period (1773–1947) * 2.3 Pre-liberalisation period (1947–1991) * 2.4 Post-liberalisation period (since 1991) * 3 Sectors * 3.1 Industry and services * 3.2 Agriculture * 3.3 Banking and finance * 3.4 Energy and power * 3.5 Infrastructure * 4 External trade and investment * 4.1 Global trade relations * 4.2 Balance of payments * 4.3 Foreign direct investment * 5 Currency * 6 Income and consumption * 7 Employment * 8 Economic trends and issues * 8.1 Agriculture * 8.2 Corruption * 8.3 Education * 8.4 Infrastructure * 8.5 Economic disparities * 9 See also * 10 Notes * 11 References * 12 Further reading * 13 External links |
Overview
A combination of protectionist, import-substitution, and Fabian socialist-inspired policies governed India for sometime after India's Independence from the...

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