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India: Economy

Economy India
Economy - overview:
India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Overpopulation severely handicaps the economy and about a quarter of the population is too poor to be able to afford an adequate diet. Government controls have been reduced on imports and foreign 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 has large numbers of well-educated people skilled in the English language; India is a major exporter of software services and software workers; the information technology sector leads the strong growth pattern. The World Bank and others worry about the continuing public-sector budget deficit, running at approximately 10% of GDP in 1997-2002. In 2003 the state-owned Indian Bank substantially reduced non-performing loans, attracted new customers, and turned a profit. Deep-rooted problems remain, notably conflicts among political and cultural groups.
GDP:
purchasing power parity - $2.664 trillion (2002 est.)
GDP - real growth rate:
4.3% (2002 est.)
GDP - per capita:
purchasing power parity - $2,600 (2002 est.)
GDP - composition by sector:
agriculture: 25%
industry: 25%
services: 50% (2002 est.)
Population below poverty line:
25% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 3.5%
highest 10%: 33.5% (1997)
Distribution of family income - Gini index:
37.8 (1997)
Inflation rate (consumer prices):
5.4% (2002 est.)
Labor force:
406 million (1999)
Labor force - by occupation:
agriculture 60%, services 23%, industry 17% (1999)
Unemployment rate:
8.8% (2002)
Budget:
revenues: $48.3 billion
expenditures: $78.2 billion, including capital expenditures of $14 (FY01/02 est.)
Industries:
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
Industrial production growth rate:
6% (2002 est.)
Electricity - production:
533.3 billion kWh (2001)
Electricity - production by source:
fossil fuel: 81.7%
hydro: 14.5%
other: 0.3% (2001)
nuclear: 3.4%
Electricity - consumption:
497.2 billion kWh (2001)
Electricity - exports:
321 million kWh (2001)
Electricity - imports:
1.54 billion kWh (2001)
Oil - production:
732,400 bbl/day (2001 est.)
Oil - consumption:
2.13 million bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
4.33 billion bbl (37257)
Natural gas - production:
22.75 billion cu m (2001 est.)
Natural gas - consumption:
22.75 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
542.4 billion cu m (37257)
Agriculture - products:
rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish
Exports:
$44.5 billion f.o.b. (2001)
Exports - commodities:
textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Exports - partners:
US 22.5%, UK 5.1%, UAE 5.1%, Hong Kong 4.5%, Germany 4.3%, China 4.1% (2002)
Imports:
$53.8 billion f.o.b. (2001)
Imports - commodities:
crude oil, machinery, gems, fertilizer, chemicals
Imports - partners:
US 7.1%, Belgium 6.7%, China 4.6%, Singapore 4.6%, UK 4.6% (2002)
Debt - external:
$100.6 billion (2001 est.)
Economic aid - recipient:
$2.9 billion (FY 98/99)
Currency:
Indian rupee (INR)
Currency code:
INR
Exchange rates:
Indian rupees per US dollar - 48.61 (2002), 47.19 (2001), 44.94 (2000), 43.06 (1999), 41.26 (1998)
Fiscal year:
1 April - 31 March

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Source: The CIA World Fact Book 2003

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