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Economy of India

India has an economy ranked as the tenth largest in the world in terms of currency conversion and fourth largest in terms of purchasing power parity. It recorded one of the fastest annual growth rates of 6.9% for the year ending March 2005. India's per-capita income by purchasing power parity is US$ 3,262, ranked 125th by the World Bank. India's foreign exchange reserves amount to over US$ 143 billion. Mumbai serves as the nation's financial capital and is also home to both the headquarters of the Reserve Bank of India and the pre-eminent Bombay Stock Exchange. While a quarter of Indians still live below the poverty line, a large middle class has now emerged along with the rapid growth of the IT industry.

The Indian economy has shed much of its historical dependence on agriculture, which now contributes to less than 25 % of GDP. Other important industries are mining, petroleum, diamond polishing, films, textiles, information technology services, and handicrafts. Most of India's industrial regions are centred around major cities. In recent years, India has emerged as one of the largest players in software and business process outsourcing services, with revenues of US$ 17.2 billion in 2004 to 2005. Many small-scale industries provide steady employment to workers in small towns and villages.

While India receives only around three million foreign visitors a year, tourism is still an important but under-developed source of national income. Tourism contributes 5.3 % of India's GDP. The actual employment generation, both direct and indirect, is estimated to be 42 million, or about 10 % of India's work force. In monetary terms, it contributes about US$4 billion in foreign exchange. India's major trading partners are the United States, Japan, China and the United Arab Emirates.

India's main exports items include agricultural products, textile goods, gems and jewellry, software services and technology, engineering goods, chemicals and leather products while its main import commodities are crude oil, machinery, gems, fertiliser, chemicals. For the year 2004, India's total exports stood at US$ 69.18 billion while the imports were worth at US $89.33 billion.

The Bombay Stock Exchange sensitive index is used as a determinant of the strength of the Indian economy.

The Bombay Stock Exchange sensitive index is used as a determinant of the strength of the Indian economy.

A hundred-rupee note

A hundred-rupee note

All text of this article available under the terms of the GNU Free Documentation License (see Copyrights for details).



 
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