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Economy of India [Copy link] 中文

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Post time 2009-12-23 14:15:17 |Display all floors
For all my chinese friends I am puting this info for your reference...
Kindly note that this is not updated one...


Economy of India
==============

Currency 1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year                           April 1–March 31
Trade organisations          WTO, SAFTA


Statistics
=======

GDP                                            $1.209 trillion (2008 est.)[1]
GDP growth                               6.7% (2008/2009)[2]
GDP per capita                          $1070 [3]
GDP by sector agriculture:      17.2%, industry: 29.1%, services: 53.7% (2008 est.)
Inflation                                       (CPI) 7.8% (CPI) (2008)
Population below poverty line 22% (2008)[4]
Labour force                               523.5 million (2008 est.)
Labour force
by occupation agriculture:          60%, industry: 12%, services: 28% (2003)
Unemployment                          6.8% (2008 est.)
Main industries                       textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software

External
=====

Exports                                    $175.7 billion f.o.b (2008 est.)
Export goods                        petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main export partners           US 15%, the People's Republic of China 8.7%, UAE 8.7%, UK 4.4% (2007)
Imports                                 $287.5 billion f.o.b. (2008 est
Import goods                     crude oil, machinery, gems, fertilizer, chemicals
Main import partners        People's Republic of China 10.6%, US 7.8%, Germany 4.4%, Singapore 4.4%

============
200px-India_Money.jpg
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Post time 2009-12-23 14:29:18 |Display all floors


This is not an India Daily forum.




    

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Post time 2009-12-23 14:35:28 |Display all floors
Originally posted by communistsec at 2009-12-23 14:29


This is not an India Daily forum.




    



For all my chinese friends I am puting this info for your reference...
Kindly note that this is not updated one...
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Post time 2009-12-23 14:36:28 |Display all floors
The economy of India is the twelfth largest economy in the world by market exchange rates[5] and the fourth largest by purchasing power parity (PPP).[6] In the 1990s, following economic reform from the socialist-inspired economy of post-independence India, the country began to experience rapid economic growth, as markets opened for international competition and investment. In the 21st century, India is an emerging economic power with vast human and natural resources, and a huge knowledge base. Economists predict that by 2020,[7] India will be among the leading economies of the world.

India was under social democratic-based policies from 1947 to 1991. The economy was characterised by extensive regulation, protectionism, and public ownership, leading to pervasive corruption and slow growth.[8][9][10][11] Since 1991, continuing economic liberalisation has moved the economy towards a market-based system.[9][10] A revival of economic reforms and better economic policy in 2000s accelerated India's economic growth rate. By 2008, India had established itself as the world's second-fastest growing major economy.[12][13][14] However, the year 2009 saw a significant slowdown in India's official GDP growth rate to 6.1%[15] as well as the return of a large projected fiscal deficit of 10.3% of GDP which would be among the highest in the world.[16][17]

India's large service industry accounts for 54% of the country's GDP while the industrial and agricultural sector contribute 29% and 17% respectively. Agriculture is the predominant occupation in India, accounting for about 60% of employment. The service sector makes up a further 28%, and industrial sector around 12%.[18] The labor force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[19] Major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology enabled services and software.[19]

India's per capita income (nominal) is $1070, ranked 142th in the world,[20] while its per capita (PPP) of US$2,900 is ranked 129th.[21][22] Previously a closed economy, India's trade has grown fast.[9] India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.[9]

Despite robust economic growth, India continues to face many major problems. The recent economic development has widened the economic inequality across the country.[23] Despite sustained high economic growth rate, approximately 80% of its population lives on less than $2 a day (nominal), more than double the same poverty rate in China.[24] Even though the arrival of Green Revolution brought end to famines in India,[25] 40% of children under the age of three are underweight and a third of all men and women suffer from chronic energy deficiency.[26]
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Post time 2009-12-23 14:40:18 |Display all floors


We give a damn to India's economy.

Indians want to destroy China's Harbin city by launching Agni 5 nuclear missile. They threatened us several times this year. They use racist remarks against Chinese on youtube, their Bharat Rakshak, Times of India forum and wherever they can post.

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Post time 2009-12-23 14:41:12 |Display all floors


None of our business.

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Post time 2009-12-23 14:42:51 |Display all floors

Independence to 1991

Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labor and financial markets, a large public sector, business regulation, and central planning.[44] Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalized in the mid-1950s.[45] Elaborate licences, regulations and the accompanying red tape, commonly referred to as Licence Raj, were required to set up business in India between 1947 and 1990.[46]

Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. They expected favorable outcomes from this strategy, because it involved both public and private sectors and was based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.[47][dead link] The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage industries was criticized by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers.[48][dead link]

India's low average growth rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[41]

The Rockefeller Foundation's research in high-yielding varieties of seeds, their introduction after 1965 and the increased use of fertilizers and irrigation are known collectively as the Green Revolution in India, which provided the increase in production needed to make India self-sufficient in food grains, thus improving agriculture in India. Famine in India, once accepted as inevitable, has not returned since the end of colonialism.
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