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Mumbai, Maharashtra is considered the trade and commerce capital of India[1][2]
Interaction
Help
Rank
10th (nominal) / 3rd (PPP)
About Wikipedia
Currency
Indian rupee (INR) ( ) = 100 Paise
Fiscal year
1 April – 18 march
Trade
organizations
WTO, SAFTA, BRIC, G-20 and others
Community portal
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Tools
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Statistics
GDP
Related changes
$7.277 trillion (PPP: 3rd; 2014)[3]
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GDP growth
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GDP per capita
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Languages
4.7% (2013)[4]
5.6% (2014 est.)[5]
$1,625 (nominal: 130th; 2014)[3]
$5,777(PPP: 127th; 2014)[3]
Cite this page
Print/export
$2.047 trillion (nominal: 10th; 2014)[3]
GDP by sector
agriculture: 13.7%, industry: 21.5%, services: 64.8% (2013)[6][7]
Inflation (CPI)
CPI: 5.5%, WPI: 1.7% (October 2014)[8]
Population
29.5% (2012, Rangarajan panel)[9]
belowpoverty line 22% (2012, Reserve Bank of India),[10]
179.6 million people (2014, World Bank)[11]
Gini coefficient
33.9 (2012 est.)[12]
বাংলা
Labour force
487.3 million (2013 est.)[13]
Català
Labour force by
occupation
agriculture: 49%, industry: 20%, services: 31% (2012 est.)
Unemployment
3% Urban, 2% Rural, 10.8 million Total
(2013, NSSO method)[14]
Average gross
salary
$1.46 per hour ($3,036.8 yearly in 2010);[15]
GNI per capita: $1,570 yearly per person (2013);[16]
اﻟﻌرﺑﯾﺔ
Deutsch
ްބ
ަިހ
ސ
ެވ
ިދ
Español
Euskara
ﻓﺎرﺳﯽ
Average household income: $6,671 yearly (2011)[17]
Français
Galego
Main industries
ુરાતી
જ
ह द
http://en.wikipedia.org/wiki/Economy_of_India
agriculture, petroleum products,chemicals, pharmaceuticals, software,
textiles, steel, transportation equipment, machinery, cement, mining,
construction[18][19]
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Ido
Bahasa Indonesia
Italiano
Ease-of-doingbusiness rank
134th[20] (2014)
External
ಕನ ಡ
ქართული
Exports
$313.2 billion: merchandize exports,
$150.9 billion: services exports,
$464.2 billion: total (2013)[21]
Export goods
software, petrochemicals, agricultureproducts, jewelry, engineering
goods,[22] pharmaceuticals, textiles,chemicals, transportation parts, oresand
other commodities[19]
Latviešu
മലയാളം
मराठ
Bahasa Melayu
Nederlands
日本語
Main export
partners
Occitan
ਪੰ
ਜਾਬੀ
European Union 16.8%(2012[21])
United States 12.8%
United Arab Emirates 12.4%
China 5.1%
Singapore 4.7%
Polski
Português
Română
Imports
$488.6 billion: merchandize imports,
$128.1 billion: services imports,
$616.7 billion: total (2012)[21]
Import goods
Svenska
crude oil, gold and precious stones, electronics, engineering
goods,[22]chemicals, plastics, coal and ores, iron and steel, vegetable
தமி
oil and other commodities[19]
Русский
Simple English
Suomi
లగ
ె
Main import
partners
ไทย
Українська
China 11.1% (2012[21])
European Union 11.1%
United Arab Emirates 7.7%
Saudi Arabia 6.7%
Tiếng Việt
中文
Switzerland 5.9%
Edit links
FDI stock
Inflows: $151.7 billion,
Outflows: $54.6 billion (2009-2013)[23]
Public finances
Public debt
66.7% of GDP (2013.)[24]
Budget deficit
4.8% of GDP (2012–13)[25]
Revenues
$181.3 billion billion (2013 est.)
Expenses
$281.6 billion billion (2013 est.)
Economic aid
Credit rating
$1.66 billion (2012)[26]
BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(Standard & Poor's)[27]
Foreign reserves
$313.68 billion (as of 17 October 2014)[28]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
The economy of India is thetenth-largest in the world bynominal GDP and
the third-largest by purchasing power parity (PPP).[29] The country is one of
the G-20 major economies, a member of BRICSand a developing economy that
is among the top 20 global traders according to theWTO.[30] India was the 19thhttp://en.wikipedia.org/wiki/Economy_of_India
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largest merchandise and the 6th largest services exporter in the world in 2013; it
imported a total of $616.7 billion worth of merchandise and services in 2013, as
the 12th-largest merchandise and 7th largest services importer.[31] India's
economic growth slowed to 4.7% for the 2013–14 fiscal year, in contrast to
higher economic growth rates in 2000s.[32] IMF projects India's GDP to grow at
5.6% over 2014-15.[5] Agriculture sector is the largest employer in India's
economy but contributes a declining share of its GDP (13.7% in 2012-13).[6] Its
manufacturing industry has held a constant share of its economic contribution,
while the fastest-growing part of the economy has been its services sector which includes construction, telecom, software and information technologies,
infrastructure, tourism, education, health care, travel, trade, banking and other
components of its economy.[7]
The post independence-era Indian economy (from 1947 to 1991) was a mixed
economywith an inward-looking, centrally planned, interventionist policiesand
import-substituting economic model that failed to take advantage of the post-war
expansion of trade and that nationalized many sectors of its economy.[33] India's
share of global trade fell from 1.3% in 1953 to 0.5% in 1983.[34] This model
contributed to widespread inefficiencies and corruption, and it was poorly
implemented.[35]
After a fiscal crisis in 1991, India has increasingly adopted free-market principles
and liberalised its economy to international trade. These reforms were started by
former Finance minister Manmohan Singhunder the guidance of Prime
Minister P.V.Narasimha Rao. They eliminated much ofLicence Raj, a pre- and
post-British era mechanism of strict government controls on setting up new
industry. Following these economic reforms, and a strong focus on developing
national infrastructure such as the Golden Quadrilateral project by former Prime
Minister Atal Bihari Vajpayee, the country's economic growth progressed at a
rapid pace, with relatively large increases in per-capita incomes.[36] The south
western state of Maharashtracontributes the highest towards India's GDP among
all states, while Bihar is among its poorest states in terms of GNI per
capita. Mumbai is known as the trade and financial capital of India.[1][2][37]
Contents [hide]
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 Agriculture
3.2 Industry
3.2.1 Petroleum products and chemicals
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3.2.2 Pharmaceuticals
3.2.3 Engineering
3.2.4 Gems and jewelry
3.2.5 Textile
3.2.6 Mining
3.3 Services
3.3.1 Energy and power
3.3.2 Infrastructure
3.3.3 Retail
3.3.4 Tourism
3.3.5 Banking and finance
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 Economic disparities
9 Insurance
10 Security Markets
11 See also
12 Notes
13 References
14 Further reading
15 External links
Overview
[edit]
The combination of protectionist, import-substitution, and Fabian
socialism, social democratic-inspired policies governed India for sometime after
the end of British occupation. The economy was then characterised by extensive
regulation,protectionism, public ownership of large monopolies, pervasive
corruption and slow growth.[38][39] Since 1991, continuing economic
liberalisation has moved the country towards a market-based economy.[38][39] By
2008, India had established itself as one of the world's faster-growing
economies. Growth significantly slowed to 6.8% in 2008–09, but subsequently
recovered to 7.4% in 2009–10, while the fiscal deficitrose from 5.9% to a high
6.5% during the same period.[40] India's current account deficit surged to 4.1% of
GDP during Q2 FY11 against 3.2% the previous quarter. The unemployment rate
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for 2012–13, according to Government of India's Labour Bureau, was 4.7%
nationwide, by UPS method;[13] and 3% by NSSO method.[14]India's consumer
price inflation has ranged between 8.9 to 12% over the 2009-2013 period.[41]
History
[edit]
Main articles: Economic history of India and Timeline of the economy of India
Pre-colonial period (up to 1773)
[edit]
The citizens of the Indus Valley civilisation, a permanent settlement that
flourished between 2800 BC and 1800 BC, practiced agriculture, domesticated
animals, used uniform weights and measures, made tools and weapons, and
traded with other cities. Evidence of well-planned streets, a drainage system
and water supply reveals their knowledge of urban planning, which included the
world's first urban sanitationsystems and the existence of a form of municipal
government.[42]
Maritime trade was carried out
extensively between South
India and southeast and West Asia from
early times until around the fourteenth
century AD. Both
the Malabar andCoromandel
Coasts were the sites of important
trading centres from as early as the first
century BC, used for import and export
as well as transit points between
The spice trade between India and
Europe was the main catalyst for
theAge of Discovery.[43]
theMediterranean region and southeast
Asia.[44]Over time, traders organised themselves into associations which
received state patronage. Raychaudhuri and Habib claim this state patronage for
overseas trade came to an end by the thirteenth century AD, when it was largely
taken over by the local Parsi, Jewish and Muslim communities, initially on the
Malabar and subsequently on the Coromandel coast.[45]
Other scholars suggest trading from India to
West Asia and Eastern Europe was active
between 14th and 18th century.[46][47][48] During
this period, Indian traders had settled
in Surakhani, a suburb of greaterBaku,
Azerbaijan. These traders had built a Hindu
temple, now preserved by the government of
Azerbaijan. French Jesuit Villotte, who lived in
Atashgah is a temple built
by Indian traders before 1745.
The temple is west of Caspian
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Azerbaijan in late 1600s, wrote this Indian temple
was revered by Hindus;[49] the temple has
numerous carvings in Sanskrit or Punjabi, dated
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Sea, between West Asia and
Eastern Europe. The
inscription shown is in
Sanskrit (above) and Persian.
to be between 1500 and 1745 AD. The Atashgah
temple built by the Baku-resident traders from
India suggests commerce was active and
prosperous for Indians by the 17th
century.[50][51][52][53]
Further north, the Saurashtra and Bengal coasts played an important role in
maritime trade, and the Gangetic plains and the Indus valley housed several
centres of river-borne commerce. Most overland trade was carried out via
the Khyber Pass connecting the Punjab region with Afghanistan and onward to
the Middle East and Central Asia.[54] Although many kingdoms and rulers issued
coins, barter was prevalent. Villages paid a portion of their agricultural produce
as revenue to the rulers, while their craftsmen received a part of the crops at
harvest time for their services.[55]
Sean Harkin estimates China and
India may have accounted for 60 to
70 percent of world GDP in the 17th
century.[56]
Silver coin of
theMaurya Empire,
3rd century BC.
Assessment of India's pre-colonial
Silver coin of
theGupta dynasty,
5th century AD.
economy is mostly qualitative, owing
to the lack of quantitative information.
The Mughal economy functioned on an elaborate system of coined currency,
land revenue and trade. Gold, silver and copper coins were issued by the
royal mints which functioned on the basis of free coinage.[57] The political stability
and uniform revenue policy resulting from a centralised administration under the
Mughals, coupled with a well-developed internal trade network, ensured that
India, before the arrival of the British, was to a large extent economically unified,
despite having a traditional agrarian economy characterised by a predominance
of subsistence agriculture dependent on primitive technology.[58] After the decline
of the Mughals, western, central and parts of south and north India were
integrated and administered by the Maratha Empire. After the loss at the Third
Battle of Panipat, the Maratha Empire disintegrated into several confederate
states, and the resulting political instability and armed conflict severely affected
economic life in several parts of the country, although this was compensated for
to some extent by localised prosperity in the new provincial kingdoms.[59] By the
end of the eighteenth century, the British East India Companyentered the Indian
political theatre and established its dominance over other European powers. This
marked a determinative shift in India's trade, and a less powerful impact on the
rest of the economy.[60]
Colonial period (1773–1947)
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An aerial view of Calcutta Port taken
in 1945. Calcutta, which was the
economic hub of British India, saw
increased industrial activity during
World War II.
There is no doubt that our grievances against the British Empire had
a sound basis. As the painstaking statistical work of the Cambridge
historian Angus Maddison has shown, India's share of world income
collapsed from 22.6% in 1700, almost equal to Europe's share of
23.3% at that time, to as low as 3.8% in 1952. Indeed, at the
beginning of the 20th century, "the brightest jewel in the British
Crown" was the poorest country in the world in terms of per capita
income.
— Manmohan Singh[61]
Company rule in India brought a major change in the taxation and agricultural
policies, which tended to promote commercialisation of agriculture with a focus
on trade, resulting in decreased production of food crops, mass impoverishment
and destitution of farmers, and in the short term, led to numerous
famines.[62] The economic policies of the British Raj caused a severe decline in
the handicrafts andhandloom sectors, due to reduced demand and dipping
employment.[63] After the removal of international restrictions by the Charter of
1813, Indian trade expanded substantially and over the long term showed an
upward trend.[64] The result was a significant transfer of capital from India to
England, which, due to the colonial policies of the British, led to a massive drain
of revenue rather than any systematic effort at modernisation of the domestic
economy.[65]
India's colonisation by the British created an institutional environment that, on
paper, guaranteed property rights among the colonisers, encouraged free trade,
and created a single currency with fixed exchange rates, standardised weights
and measures and capital markets. It also established a system of railways and
telegraphs, a civil service that aimed to be free from political interference, a
common-law and an adversarial legal system.[68] This coincided with major
changes in the world economy – industrialisation, and significant growth in
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production and trade. However,
at the end of colonial rule, India
inherited an economy that was
one of the poorest in the
developing world,[69] with
industrial development stalled,
agriculture unable to feed a
rapidly growing population, a
Estimated per capita GDP of India and United
Kingdom from 1700 to 1950, inflation adjusted to
1990 US$.[66] Other estimates[67] suggest a
similar stagnation in India's per capita GDP and
income during the colonial era.
largely illiterate and unskilled
labour force, and extremely
inadequate infrastructure.[70]
The 1872 census revealed that
91.3% of the population of the
region constituting present-day
India resided in
villages,[71]
and urbanisation generally remained sluggish until
the 1920s, due to the lack of industrialisation and absence of adequate
transportation. Subsequently, the policy of discriminating protection (where
certain important industries were given financial protection by the state), coupled
with the Second World War, saw the development and dispersal of industries,
encouraging rural-urban migration, and in particular the large port cities
of Bombay, Calcutta andMadras grew rapidly. Despite this, only one-sixth of
India's population lived in cities by 1951.[72]
The impact of British occupation on India's economy is a controversial topic.
Leaders of the Indian independence movement and economic historians have
blamed colonial occupation for the dismal state of India's economy in its
aftermath and argued that financial strength required for industrial development
in Europe was derived from the wealth taken from colonies in Asia and Africa. At
the same time, right-wing historians have countered that India's low economic
performance was due to various sectors being in a state of growth and decline
due to changes brought in by colonialism and a world that was moving towards
industrialisation and economic integration.[73]
Pre-liberalisation period (1947–1991)
[edit]
Indian economic policy after independence was influenced by the colonial
experience, which was seen by Indian leaders as exploitative, and by those
leaders' exposure to British social democracy as well as the planned economy of
the Soviet Union.[70] Domestic policy tended towards protectionism, with a strong
emphasis onimport substitution industrialisation, economic interventionism, a
large government run public sector, business regulation, and central
planning,[74] while trade and foreign investment policies were relatively
liberal.[75] Five-Year Plans of Indiaresembled central planning in the Soviet
Union. Steel, mining, machine tools, telecommunications, insurance, and power
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plants, among other industries, were effectively nationalised in the mid-1950s.[76]
“
Never talk to
me about profit,
Jeh, it is a dirty
word.
Jawaharlal Nehru, the first prime minister of India,
”
—Nehru, India's Fabian Socialism
inspired first prime minister to
industrialist J.R.D. Tata, when Tata
suggested state-owned companies
should be profitable, [77]
along with the statistician Prasanta Chandra
Mahalanobis, formulated and oversaw economic
policy during the initial years of the country's
independence. They expected favourable
outcomes from their strategy, involving the rapid
development of heavy industry by both public
and private sectors, and based on direct and
indirect state intervention, rather than the more extreme Soviet-style central
command system.[78][79] The policy of concentrating simultaneously on capitaland technology-intensive heavy industry and subsidising manual, lowskill cottage industries was criticised by economist Milton Friedman, who thought
it would waste capital and labour, and retard the development of small
manufacturers.[80] The rate of growth of the Indian economy in the first three
decades after independence was derisively referred to as the Hindu rate of
growth by economists, because of the unfavourable comparison with growth
rates in other Asian countries.[81][82]
Since 1965, the use of high-yielding varieties of
seeds, increased fertilisers and
improved irrigationfacilities collectively contributed
“
to the Green Revolution in India, which improved
the condition of agriculture by increasing crop
productivity, improving crop patterns and
strengthening forward and backward linkages
between agriculture and industry.[83] However, it
has also been criticised as an unsustainable
effort, resulting in the growth of capitalistic
farming, ignoring institutional reforms and
widening income disparities.[84]
Subsequently the Emergency and Garibi
Hataoconcept under which income tax levels at
one point rose to a maximum of 97.5%, a record
in the world for non-communist economies,
”
—J. R. D. Tata in 1969, [77]
started diluting the earlier efforts.
Post-liberalisation period (since 1991)
(In the current
Indian
regulatory
system, ) I
cannot decide
how much to
borrow, what
shares to issue,
at what price,
what wages
and bonus to
pay, and what
dividend to
give. I even
need the
government's
permission for
the salary I pay
to a senior
executive.
[edit]
Main articles: Economic liberalisation in India andEconomic development in
India
In the late 1970s, the government led by Morarji Desai eased restrictions on
capacity expansion forincumbent companies, removed price controls, reduced
corporate taxes and promoted the creation of small scale industries in large
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numbers. However, the
subsequent government
policy of Fabian
socialism hampered the
benefits of the economy,
leading to high fiscal deficits
and a worsening current
account. The collapse of the
Soviet Union, which was
India's major trading partner,
GDP of India has risen rapidly since 1991.
and the Gulf War, which
caused a spike in oil prices, resulted in a major balance-of-payments crisis for
India, which found itself facing the prospect of defaulting on its loans.[85] India
asked for a $1.8 billion bailout loan from the International Monetary Fund (IMF),
which in return demanded de-regulation.[86]
In response, Prime Minister Narasimha Rao, along with his finance
ministerManmohan Singh, initiated the economic liberalisation of 1991. The
reforms did away with the Licence Raj, reduced tariffs and interest rates and
ended many public monopolies, allowing automatic approval of foreign direct
investment in many sectors.[87] Since then, the overall thrust of liberalisation has
remained the same, although no government has tried to take on powerful
lobbies such as trade unions and farmers, on contentious issues such as
reforming labour laws and reducingagricultural subsidies.[88] By the turn of the
21st century, India had progressed towards a free-market economy, with a
substantial reduction in state control of the economy and increased financial
liberalisation.[89] This has been accompanied by increases in life expectancy,
literacy rates and food security, although urban residents have benefited more
than agricultural residents.[90]
While the credit rating of India was hit by its nuclear weapons tests in 1998, it has
since been raised to investment level in 2003 by S&P and Moody's.[91] India
enjoyed high growth rates for a period from 2003 to 2007 with growth averaging
9% during this period.[92] Growth then moderated due to the global financial crisis
starting in 2008. In 2003, Goldman Sachs predicted that India's GDP in current
prices would overtake France and Italy by 2020, Germany, UK and Russia by
2025 and Japan by 2035, making it the third largest economy of the world,
behind the US and China. India is often seen by most economists as a rising
economic superpower and is believed to play a major role in the global economy
in the 21st century.[93][94]
Starting in 2012, India entered a period of more anaemic growth, with growth
slowing down to 4.4%.[95] Other economic problems also became apparent: a
plungingIndian rupee, a persistent high current account deficit and slow industrial
growth. Hit by the U.S. Federal Reserve's decision to taper quantitative easing,
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foreign investors had been rapidly pulling out money from India though this has
now reversed with the Stock market at near all time high and the current account
deficit narrowing substantially.
India is ranked at 134 out of 189, overall, in World Bank's 2013 ease of doing
business index. However, this score masks the underlying data: in terms of
starting a business, dealing with bureaucratic permits and enforcing contracts, it
is ranked among the 10 worst in the world; while in terms of protecting investors,
general operations and other measures, India ranks very favorably among 189
countries.[96]
Sectors
[edit]
Historically, India has
classified and tracked its
economy and GDP as three
sectors - agriculture,
industry and services.
Agriculture includes crops,
horticulture, milk and animal
husbandry, aquaculture,
fishing, sericulture,
aviculture, forestry and
related activities. Industry
Percent labor employment in India by its economic
sectors (2010).[97]
includes various
manufacturing sub-sectors.
India's definition of services
sector includes its
construction, retail, software,
IT, communications,
hospitality, infrastructure
operations, education,
health care, banking and
insurance, and many other
economic activities.[98][99]
Agriculture
The GDP contribution of various sectors of Indian
economy have evolved between 1951 to 2013, as its
economy has diversified and developed.
[edit]
Main articles: Agriculture
in India, Forestry in India,Animal husbandry in India,Fishing in
India and Natural resources in India
India ranks second worldwide in farm output. Agriculture and allied sectors like
forestry, logging and fishing accounted for 17% of the GDP and employed 51%
of the total workforce in 2012. As Indian economy has diversified and grown,
agriculture's contribution to GDP has steadily declined from 1951 to 2011, yet it
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is still the largest employment source and a significant piece of the overall socioeconomic development of India.[100] Crop yield per unit area of all crops have
grown since 1950, due to the special emphasis placed on agriculture in the fiveyear plans and steady improvements in irrigation, technology, application of
modern agricultural practices and provision of agricultural credit and subsidies
since the Green Revolution in India. However, international comparisons reveal
the average yield in India is generally 30% to 50% of the highest average yield in
the world.[101] Indian states Uttar Pradesh, Punjab, Haryana, Madhya Pradesh,
Andhra Pradesh, Bihar, West Bengal, Gujarat and Maharashtra are key
agricultural contributing states of India.
India receives an average annual rainfall of 1,208 millimetres (47.6 in) and a total
annual precipitation of 4000 billion cubic metres, with the total utilisable water
resources, including surface and groundwater, amounting to 1123 billion cubic
metres.[102] 546,820 square kilometres (211,130 sq mi) of the land area, or
about 39% of the total cultivated area, is irrigated.[103] India's inland water
resources including rivers, canals, ponds and lakes and marine resources
comprising the east and west coasts of the Indian ocean and other gulfs and
bays provide employment to nearly six million people in the fisheries sector. In
2008, India had the world's third largest fishing industry.[104]
India is the largest producer in the world of milk, jute and pulses, and also has
the world's second largest cattle population with 175 million animals in
2008.[105] It is the second largest producer of rice, wheat, sugarcane, cotton
and groundnuts, as well as the second largest fruit and vegetable producer,
accounting for 10.9% and 8.6% of the world fruit and vegetable production
respectively.[105] India is also the second largest producer and the largest
consumer of silk in the world, producing 77,000 tons in 2005.[106]
India exports several agriculture products, such as Basmati rice, wheat, cereals,
spices, fresh fruits, dry fruits, buffalo beef meat, cotton, tea, coffee and other
cash crops particularly to the Middle East, Southeast and East Asian countries. It
earns about 10 percent of its export earnings from this trade.[19]
Industry
[edit]
Industry accounts for 26% of GDP and employs 22% of the total
workforce.[107]According to the World Bank, India's industrial manufacturing GDP
output in 2012 was 10th largest in the world on current US dollar basis ($239.5
billion),[108] and 9th largest on inflation adjusted constant 2005 US dollar basis
($197.1 billion).[109] The Indian industrial sector underwent significant changes as
a result of the economic liberalisation in India economic reforms of 1991, which
removed import restrictions, brought in foreign competition, led to the
privatisation of certain government owned public sector industries, liberalised
the FDI regime, improved infrastructure and led to an expansion in the
production of fast moving consumer goods.[110] Post-liberalisation, the Indian
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private sector was faced with increasing domestic as well as foreign competition,
including the threat of cheaper Chinese imports. It has since handled the change
by squeezing costs, revamping management, and relying on cheap labour and
new technology. However, this has also reduced employment generation even
by smaller manufacturers who earlier relied on relatively labour-intensive
processes.[111]
Petroleum products and chemicals [edit]
Petroleum products and chemicals are a major contributor to India's industrial
GDP, and together they contribute over 34% of its export earnings. India hosts
many oil refinery and petrochemical operations, including the world's largest
refinery complex in Jamnagar that processes 1.24 million barrels of crude per
day.[112] By volume, Indian chemical industry was the third largest producer in
Asia, and it alone contributed 5% of its GDP. India is one of the top 5 world
producers of agrochemicals, polymers and plastics, dyes and various organic
and inorganic chemicals.[113] Despite being a large producer and exporter of
chemicals, India is a net importer of chemicals given its domestic demand for
products.[114]
Pharmaceuticals [edit]
The Indian pharmaceutical industry has grown in recent years to become a
major manufacturer of health care products to the world. India produced about 8
per cent of global pharmaceutical supply in 2011 by value, that included over
60,000 generic brands of medicines sold around the world.[115] It is one of the
fastest-growing sub-sectors of its industry and significant contributor of India's
export earnings. The state of Gujarat has become a hub for the manufacture and
export of pharmaceuticals and APIs.[116] The industry is expected to double from
its 2012 levels to US$55 billion by 2020, according to a McKinsey report.[117]
Engineering [edit]
Engineering industry of India is the largest sub-sector of its industry GDP and is
one of three largest foreign exchange earning sectors for the country.[118] It
includes transport equipment, machine tools, capital goods, transformers,
switchgears, furnaces, cast and forged simple to precision parts for turbines,
automobiles and railways. The industry employs about four million workers. On
value added basis, India's engineering industry sector exported $67 billion worth
of engineering goods in 2013-14 fiscal year, as well served part of the domestic
demand for engineering goods.[119]
The engineering industry of India includes its growing car, motorcycle and
scooters industry, as well as productivity machinery such as tractors. India
manufactured and assembled about 18 million passenger and utility vehicles in
2011, of which 2.3 million were exported.[120] India is the world's largest producer
of and the largest market for tractors, accounting for 29% of world's tractor
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production in 2013.[120][121]India is the 12th largest producer and 7th largest
consumer of machine tools in the world.[120]
Gems and jewelry [edit]
India is one of the world's largest
diamonds and gem polishing and jewelry
manufacturing center; it is also one of the
two largest consumers of
gold.[124][125] After crude oil and
petroleum products, the export and
import of gold, precious metals, precious
stones, gems and jewelry accounts for
Gems and jewelry industry is an
ancient and continuing major subsectors of Indian economy. Many
famous stones such as the Koh-inoorand Hope Diamond (above), now
at the Smithsonian, came from
India.[122][123]
the largest portion of India's global trade.
The industry contributes about 7% of
India's GDP, employs millions, and is a
major source of its foreign exchange
earnings.[126] The gems and jewellery
industry, in 2013, created
251000 crore (US$41 billion) in
economic output on value added basis. It is growing sector of Indian economy,
and A.T. Kearneyprojects it to grow to 500000 crore (US$81 billion) by
2018.[127]
The gems and jewelry industry has been an ancient art and continuous
economic activity in India, traced over several thousand years.[128] Till 18th
century, India was the world's only known major reliable source of diamond
mining and its processing.[124] Now, South Africa and Australia are the major
sources of diamonds and precious metals, but along with Antwerp, New York,
and Ramat Gan, Indian cities such as Surat and Mumbai are the hubs of world's
jewelry polishing, cutting, precision finishing, supply and trade. Unlike other
centers, the gems and jewelry economic activity in India is primarily artisans
driven, is manual, the sector is highly fragmented, and 96% of the industry is
served by family owned operations.
Indian gem and jewelry economy's particular strength is in precision cutting,
polishing and processing small diamonds (below one carat).[124] Yet, India is also
a hub for processing of larger diamonds, pearls and other precious stones.
About 11 out of 12 diamonds set in any jewellery in the world are cut and
polished in India.[129]It is also a major hub of gold and other precious metalbased precision jewelry industry. Its domestic demand for gold and jewelry
products is another driver of India's GDP.[127]
Textile [edit]
Textile industry contributes about 4 per cent to the country’s GDP, 14 per cent of
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the industrial production, and 17 per cent to export earnings.[130] India's textile
industry has transformed from a declining sector to a rapidly developing one in
recent years. After freeing the industry in 2004–2005 from a number of
limitations, primarily financial, the government gave a green light to massive
investment inflows – both domestic and foreign. During the period from 2004 to
2008, total investment into textile sector increased by 27 billion
dollars. Ludhiana produces 90% of woollens in India and is known as the
Manchester of India. Tirupur has gained universal recognition as the leading
source of hosiery, knitted garments, casual wear and sportswear. Expanding
textile centers such as Ichalkaranji enjoy one of the highest per capita incomes in
the country.[131] India's cotton farms, fiber and textile industry provides
employment to 45 million people in India,[130] including some child labour(1%).
The sector is estimated to employ around 400,000 children under the age of
18.[132]
Mining [edit]
Main article: Mining in India
India's mining industry was the 4th largest producer of minerals in the world by
volume, and 8th largest producer by value in 2009.[133] In 2013, it mined and
processed 89 minerals, of which 4 were fuel, 3 were atomic energy minerals, and
80 non-fuel.[134] The government owned public sector accounted for 68% of
mineral produced by volume, in 2011-12.[135]
Nearly 50% of India's mining industry, by output value, is concentrated in eight
states - Odisha, Rajasthan, Chhattisgarh, Andhra
Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25%
of the output by value comes from its offshore oil and gas resources.[135] India
operated about 3,000 mines in 2010, half of which were coal, limestone and iron
ore.[136] On output value basis, India's was one of five largest producers of mica,
chromite, coal, lignite, iron ore, bauxite, barites, zinc, manganese; while being
one of the 10 largest global producers of many other minerals.[133][135] India was
fourth largest producer of steel in the world in 2013,[137]and seventh largest
producer of aluminum.[138]
India's mineral resources are vast.[139] However, its mining industry has declined
- contributing 2.3% of its GDP in 2010 compared to 3% in 2000, and employed
2.9 million people - a decreasing percentage of its total labor. India is a net
importer of many minerals including coal. India's mining sector decline is
because of complex permit, regulatory and administrative procedures that take 6
to 20 fold more time than other mining countries such as Australia and South
Africa, inadequate infrastructure, shortage of capital resources, and slow
adoption of ecologically and environmentally sustainable technologies.[135][140]
Services
[edit]
Further information: Information technology in India and Business process
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outsourcing in India
India's services sector has the largest share in the GDP, accounting for 57% in
2012, up from 15% in 1950.[107] It is the 12th largest in the world by nominal
GDP, andfourth largest when purchasing power is taken into account. The
services sector provides employment to 27% of the work force. Information
technology and business process outsourcing are among the fastest-growing
sectors, having a cumulative growth rate of revenue 33.6% between 1997 and
1998 and 2002–03 and contributing to 25% of the country's total exports in
2007–08.[141] The growth in the IT sector is attributed to increased specialisation,
and an availability of a large pool of low cost, highly skilled, educated and fluent
English-speaking workers, on the supply side, matched on the demand side by
increased demand from foreign consumers interested in India's service exports,
or those looking to outsource their operations. The share of the Indian IT
industry in the country's GDP increased from 4.8% in 2005–06 to 7% in
2008.[142] In 2009, seven Indian firms were listed among the top 15 technology
outsourcing companies in the world.[143]
Energy and power [edit]
Main article: Electricity sector in India
As of 2009, India is the fourth largest
producer of electricity and oil products
and the fourth largest importer of coal
and crude-oil in the world.[145] Coal and
oil together account for 66% of the
energy consumption of India.[146]
India's oil reserves meet 25% of the
country's domestic oil
demand.[147][148] As of 2012, India's total
proven oil reserves of 5.5 million barrels
(870 million litres), while gas reserves
stood at 43,800 million cubic feet
As of 2010, India imported about
70% of its crude oil
requirements.[144]Shown here is
an ONGC platform atMumbai High in
the Arabian Sea, one of the sites of
domestic production.
(1,240 million cubic metres).[149] Oil and
natural gas fields are located offshore at Mumbai High, Krishna Godavari
Basin and the Cauvery Delta, and onshore mainly in the states of Assam, Gujarat
andRajasthan.[150] India is the fourth largest consumer of oil in the world and
imported 726386 crore (US$120 billion) worth of oil in 2011-12,[151] which had
an adverse effect on its current account deficit. The petroleum industry in India
mostly consists of public sector companies such as Oil and Natural Gas
Corporation (ONGC),Hindustan Petroleum Corporation Limited (HPCL), Bharat
Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited
(IOCL). There are some major private Indian companies in the oil sector such
as Reliance Industries Limited (RIL) which operates the world's largest oil
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refining complex.[152]
As of December 2011, India had an installed power generation capacity of
233.929GW as of December 2013, of which thermal power contributed
68.31%,hydroelectricity 17.05%, other sources of renewable energy 12.59%,
and nuclear power 2.04%.[153][154] India meets most of its domestic energy
demand through its 106 billion tonnes of coal reserves.[155] India is also rich in
certain alternative sources of energy with significant future potential such
as solar, wind and biofuels (jatropha, sugarcane). India's dwindling uranium
reserves stagnated the growth of nuclear energy in the country for many
years.[156] Recent discoveries of natural uranium inTummalapalle belt, which
promises to be one of the top 20 of the world's reserves,[157][158][159] and an
estimated reserve of 846,477 metric tons (933,081 short tons) of thorium[160] –
about 25% of world's reserves – are expected to fuel the country's
ambitious nuclear energy program in the long-run. The Indo-US nuclear deal has
also paved the way for India to import uranium from other countries.[161]
Infrastructure [edit]
Main articles: Indian road network, Indian Railways, Ports in
India and Transport in India
India's infrastructure and transport sector contributes about 5% of its GDP. India
has the world's second largest road network in quantitative terms,[162] covering
more than 4.3 million kilometers. Qualitatively, India's roads are a mix of modern
highways and narrow, unpaved roads. India also has the lowest kilometer lane
road density per 100,000 people among G-27 countries - leading to traffic
congestion. It is upgrading its infrastructure. As of May 2014, India had
completed and placed in use over 22,600 kilometres of recently built 4 or 6-lane
highways connecting most of its major manufacturing, commercial and cultural
centers.[163] India's road infrastructure carries 60% of freight and 87% of
passenger traffic.[164]
Indian Railways is the fourth largest rail network in the world, with a track length
of 114,500 kilometers and 7,172 stations. This government owned and operated
railway network carried an average of 23 million passengers a day, and over a
billion tonnes of freight a year.[165] India has a coastline of 7,500 kilometers with
13 major ports and 60 operational non-major ports, which together handle 95%
of the country’s external trade by volume and 70% by value (rest handled by
air).[166]Nhava Sheva, Mumbai is the largest public port, while Mundra is the
largest private sea port.[167] The airport infrastructure of India includes 125
airports,[168] of which 66 airports are licensed to handle both passengers and
logistics.[169]
About 74 people out of 100 have land or wireless telephones in India, or about
927 million telephone subscribers, two-thirds of them in urban areas.[170] Internet
use has been growing rapidly in India, with an estimated 243 million users in
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June 2014.[171] This is projected to grow to 330–370 million users by 2016.[172]
Retail [edit]
Main article: Retailing in India
Retail industry contributes between 14–15%[173][174] to 20% of India's
GDP.[175] The Indian retail market is estimated to be US$450 billion and one of
the top five retail markets in the world by economic value. India is one of the
fastest-growing retail market in the world,[176][177] and is projected to reach $1.3
trillion by 2020.[175][178]
India's retailing industry mostly consists of the local mom and pop store, owner
manned shops and street vendors. Organised retail supermarkets are growing
but small, with a market share of 4% as of 2008.[179] In 2012 government
permitted 51% FDI in multi brand retail and 100% FDI in single brand retail.
However, a lack of back end warehouse retail infrastructure, as well as state
level permits and red tape continues to limit organized retail's growth in Indian
economy.[180] Over thirty regulations such as "signboard licences" and "antihoarding measures" have to be complied before a store can open doors. There
are taxes for moving goods from state to state, and even within states.[179] The
lack of infrastructure and efficient retail network, according to The Wall Street
Journal, causes a third of India's agriculture produce to be lost from spoilage.[181]
Tourism [edit]
Main articles: Tourism in India and Medical tourism in India
International and domestic tourism industry contributes more to India's GDP than
its textile sector. India attracted 6.85 million international tourist arrivals and
$18.4 billion in foreign exchange earnings from tourism receipts in
2013.[182] Tourism to India has seen a steady growth, year on year, from 4.45
million arrivals in 2006 to nearly 7 million arrivals in 2013. The United States is
the largest source of international tourists to India, while European Union nations
and Japan are other major sources of international tourists.[183][184] Less than
10% of international tourists visit the Taj Mahal, with majority visiting other
cultural, thematic and holiday circuits.[185] Over 12 million Indian citizens take
international trips each year for tourism, while domestic tourism within India adds
about 740 million Indian travelers.[183] The combined international and domestic
tourism contributed 5.92% of India's GDP, and 9.3% to its employment in
2011.[183][186] India has a fast-growingmedical tourism sector of its health care
economy offering low cost health and long term care.[187][188]
Banking and finance [edit]
Main article: Finance in India
See also: Banking in India and Insurance in India
The Indian money market is classified into the organised sector, comprising
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private, public and foreign owned commercial banks and cooperative banks,
together known as scheduled banks, and the unorganised sector, which includes
individual or family owned indigenous bankers or money lenders and nonbanking financial companies.[189] The unorganised sector and microcredit are still
preferred over traditional banks in rural and sub-urban areas, especially for nonproductive purposes, like ceremonies and short duration loans.[190]
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six
others in 1980, and made it mandatory for banks to provide 40% of their net
credit to priority sectors like agriculture, small-scale industry, retail trade, small
businesses, etc. to ensure that the banks fulfill their social and developmental
goals. Since then, the number of bank branches has increased from 8,260 in
1969 to 72,170 in 2007 and the population covered by a branch decreased from
63,800 to 15,000 during the same period. The total bank deposits increased
from 59.1 billion (US$960 million) in 1970–71 to
38309.22 billion (US$620 billion) in 2008–09. Despite an increase of rural
branches, from 1,860 or 22% of the total number of branches in 1969 to 30,590
or 42% in 2007, only 32,270 out of 500,000 villages are covered by a scheduled
bank.[191][192]
India's gross domestic saving in 2006–07 as a percentage of GDP stood at a
high 32.8%.[193] More than half of personal savings are invested in physical
assets such as land, houses, cattle, and gold.[194] The government owned public
sector banks hold over 75% of total assets of the banking industry, with the
private and foreign banks holding 18.2% and 6.5% respectively.[195] Since
liberalisation, the government has approved significant banking reforms. While
some of these relate to nationalised banks, like encouraging mergers, reducing
government interference and increasing profitability and competitiveness, other
reforms have opened up the banking and insurance sectors to private and
foreign players.[147][196]
External trade and investment
[edit]
Further information: Globalisation in India and List of the largest trading
partners of India
Global trade relations
[edit]
Until the
liberalisation of
1991, India was
largely and
intentionally isolated
from the world
markets, to protect
its economy and to
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A map showing the global distribution of Indian exports in
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achieve self-
2006 as a percentage of the top market (USA – $20.9 billion).
reliance. Foreign
trade was subject to import tariffs, export taxes and quantitative restrictions,
while foreign direct investment (FDI) was restricted by upper-limit equity
participation, restrictions on technology transfer, export obligations and
government approvals; these approvals were needed for nearly 60% of new FDI
in the industrial sector. The restrictions ensured that FDI averaged only around
$200 million annually between 1985 and 1991; a large percentage of the capital
flows consisted of foreign aid, commercial borrowing and deposits of nonresident Indians.[197] India's exports were stagnant for the first 15 years after
independence, due to general neglect of trade policy by the government of that
period. Imports in the same period, due to industrialisation being nascent,
consisted predominantly of machinery, raw materials and consumer goods.[198]
Since liberalisation, the value of
India's international trade has
increased sharply,[199] with the
contribution of total trade in
goods and services to the GDP
rising from 16% in 1990–91 to
47% in 2008–10.[200][201] India
accounts for 1.44% of exports
and 2.12% of imports for
merchandise trade and 3.34%
of exports and 3.31% of
imports for commercial services
trade worldwide.[201] India's
major trading partners are the
European Union, China, the
United States of America and
the United Arab
Emirates.[202] In 2006–07,
India's exports (top) and imports, by value, in 20132014.
major export commodities
included engineering goods,
petroleum products, chemicals
and pharmaceuticals, gems and jewellery, textiles and garments, agricultural
products, iron ore and other minerals. Major import commodities included crude
oil and related products, machinery, electronic goods, gold and silver.[203] In
November 2010, exports increased 22.3% year-on-year to
850.63 billion (US$14 billion), while imports were up 7.5% at
1251.33 billion(US$20 billion). Trade deficit for the same month dropped from
468.65 billion(US$7.6 billion) in 2009 to 400.7 billion (US$6.5 billion) in
2010.[204]
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India is a founding-member of General Agreement on Tariffs and Trade (GATT)
since 1947 and its successor, the WTO. While participating actively in its general
council meetings, India has been crucial in voicing the concerns of
the developing world. For instance, India has continued its opposition to the
inclusion of such matters as labour and environment issues and other non-tariff
barriers to trade into the WTO policies.[205]
Balance of payments
[edit]
Since independence, India's balance of
payments on its current account has
been negative. Since economic
liberalisation in the 1990s, precipitated by
a balance of payment crisis, India's
exports rose consistently, covering 80.3%
of its imports in 2002–03, up from 66.2%
Cumulative Current Account
Balance 1980–2008 based on IMF data
in 1990–91.[206] However, the global
economic slump followed by a general deceleration in world trade saw the
exports as a percentage of imports drop to 61.4% in 2008–09.[207] India's
growing oil import bill is seen as the main driver behind the large current account
deficit,[144] which rose to $118.7 billion, or 11.11% of GDP, in 2008–
09.[208] Between January and October 2010, India imported $82.1 billion worth of
crude oil.[144]
Indian economy has run a trade deficit every year over 2002-2012 period, with a
merchandise trade deficit of US$189 billion in 2011-12.[209] Its trade with China
has the largest deficit, about $31 billion in 2013.[210]
India's reliance on external assistance and concessional debt has decreased
since liberalisation of the economy, and the debt service ratio decreased from
35.3% in 1990–91 to 4.4% in 2008–09.[211] In India, External Commercial
Borrowings (ECBs), or commercial loans from non-resident lenders, are being
permitted by the Government for providing an additional source of funds to
Indian corporates. TheMinistry of Finance monitors and regulates them through
ECB policy guidelines issued by the Reserve Bank of India under the Foreign
Exchange Management Actof 1999.[212] India's foreign exchange reserves have
steadily risen from $5.8 billion in March 1991 to $318.6 billion in December
2009. [213] In 2012, the United Kingdom announced an end to all financial aid to
India, citing the growth and robustness of Indian economy.[214][215]
Foreign direct investment
[edit]
See also Foreign direct investment, India section.
Into India
As the third-largest economy in the
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Share of top five investing countries in
FDI inflows. (2000–2010)[216]
Inflows
Rank Country
Inflows (%)
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world in PPP terms, India has
attractedforeign direct
investment;[217] During the year
2011, FDI inflow into India stood at
$36.5 billion, 51.1% higher than
1
2
3
4
5
(million USD)
Mauritius 50,164
42.00
Singapore 11,275
9.00
USA
8,914
7.00
UK
6,158
5.00
Netherlands 4,968
4.00
2010 figure of $24.15 billion. India
has strengths in telecommunication, information technology and other significant
areas such as auto components, chemicals, apparels, pharmaceuticals, and
jewellery. Despite a surge in foreign investments, rigid FDI [218] policies were a
significant hindrance. Over time, India has adopted a number of FDI
reforms.[217] India has a large pool of skilled managerial and technical expertise.
The size of the middle-class population stands at 300 million and represents a
growing consumer market.[219]
India's liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in
ventures. Industrial policy reforms have substantially reduced industrial licensing
requirements, removed restrictions on expansion and facilitated easy access to
foreign technology and foreign direct investment FDI. The upward moving growth
curve of the real-estate sector owes some credit to a booming economy and
liberalised FDI regime. In March 2005, the government amended the rules to
allow 100% FDI in the construction sector, including built-up infrastructure and
construction development projects comprising housing, commercial premises,
hospitals, educational institutions, recreational facilities, and city- and regionallevel infrastructure.[220] Over 2012-14, India extended these reforms to defense,
telecom, oil, retail, aviation and a number of other sectors.[221][222]
During 2000–10, the country attracted $178 billion as FDI.[223] The inordinately
high investment from Mauritius is due to routing of international funds through
the country given significant tax advantages; double taxation is avoided due to
a tax treatybetween India and Mauritius, and Mauritius is a capital gains tax
haven, effectively creating a zero-taxation FDI channel.[224]
From India
Since 2000, Indian companies have expanded overseas, investing FDI and
creating jobs outside India. Over the 2006-2010 period, FDI by Indian companies
outside India amounted to 1.34 per cent of its GDP.[225] Indian companies have
deployed FDI and started operations in the United States,[226] while others have
expanded in Europe and Africa.[227] The Indian company Tata is United
Kingdom's largest manufacturer and private sector employer.[228][229]
Currency
[edit]
Main articles: Indian rupee and Reserve Bank of India
The Indian rupee ( ) is the only legal tender in India, and is also accepted as
legal tender in the neighbouring Nepal and Bhutan, both of which peg their
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Year Indian per US$ currency to that of the
(average annual)
Indian rupee. The rupee
1975 8.4058
is divided into 100 paise.
1980 7.8800
The highest-denomination
1985 12.3640
banknote is the 1,000
1990 17.4992
note; the lowest1995 32.4198
denomination coin in
2000 44.9401
circulation is the 50 paise
2005 44.1000
2010 45.7393
coin;[230]with effect from
2013 58.5515
30 June 2011 all
denominations below 50
The RBI's new
headquarters in Mumbai
paise have ceased to be legal
currency.[231][232] India's monetary system is
managed by the Reserve Bank of India (RBI), the country'scentral
bank.[233] Established on 1 April 1935 and nationalised in 1949, the RBI serves
as the nation's monetary authority, regulator and supervisor of the monetary
system, banker to the government, custodian of foreign exchange reserves, and
as an issuer of currency. It is governed by a central board of directors, headed
by a governor who is appointed by the Government of India.[234]
The rupee was linked to the British pound from 1927 to 1946 and then the U.S.
dollar till 1975 through a fixed exchange rate. It was devalued in September
1975 and the system of fixed par rate was replaced with a basket of four major
international currencies – the British pound, the U.S. dollar, the Japanese
yen and the Deutsche mark.[235] In 1991, after the collapse of its largest trading
partner Soviet Union, India faced the major foreign exchange crisis and the
rupee was devalued by around 19% in two stages on 1 and 2 July. In 1992 a
Liberalized Exchange Rate Mechanism – LERMS- was introduced. Under
LERMS exporters had to surrender 40 percent of their foreign exchange
earnings to the RBI at the RBI determined exchange rate. The balance 60% was
allowed to be converted at the market determined exchange rate. In 1994 the
rupee was convertible on the current account, with some capital controls.[236]
After the sharp devaluation in 1991 and transition to current account convertibility
in 1994, the value of the rupee is largely determined by the market forces. The
rupee has been fairly stable during the decade 2000 to 2010. In September
2013, the rupee touched an all time low 68.27 to the U.S. dollar.[237]
Income and consumption
[edit]
Main article: Income in India
India's gross national income per capita had experienced high growth rates since
2002. India's Per Capita Income has tripled from Rs. 19,040 in 2002–03 to Rs.
53,331 in 2010–11, averaging 13.7% growth over these eight years peaking
15.6% in 2010–11.[239] However
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growth in the inflation adjusted
Per capita income of the nation
slowed to 5.6% in 2010–11,
down from 6.4% in the previous
year. These consumption levels
are on an individual basis, not
household.[240] On a household
basis, the average income in
India was $6,671 per household
Gini Index of India compared to other countries
per World Bank data tables as of 2014.[238]
in 2011.[241]
Per 2011 census, India has about 330 million houses and 247 million
households. The household size in India has dropped in recent years, with 2011
census reporting 50% of households have 4 or less members. The average per
2011 census was 4.8 members per household, and included surviving
grandparents.[242][243] These households produced a GDP of about
$1.7 Trillion.[244] The household consumption patterns per 2011 census:
approximately 67% of households use firewood, crop residue or cow dung cakes
for cooking purposes; 53% do not have sanitation or drainage facilities on
premises; 83% have water supply within their premises or 100 metres from their
house in urban areas and 500 metres from the house in rural areas; 67% of the
households have access to electricity; 63% of households have landline or
mobile telephone connection; 43% have a television; 26% have either a two
wheel (motorcycle) or four wheel (car) vehicle. Compared to 2001, these income
and consumption trends represent moderate to significant
improvements.[242] One report in 2010 claimed that the number of high income
households has crossed lower income households.[245]
Poverty
Main article: Poverty in India
The World Bank in 2010, using
its older 2005 methodology,
estimated about 400 million
people in India, as compared to
1.29 billion people worldwide,
live on less than $1.25 (PPP)
per day. The World Bank
Per capita gross national income of India in
2013 compared to other countries, on Purchasing
Power Parity basis, per World Bank data.[246]
reviewed and proposed
revisions in May 2014, to its poverty calculation methodology and purchasing
power parity basis for measuring poverty worldwide, including India. According to
this revised methodology, the world had 872.3 million people below the new
poverty line, of which 179.6 million people lived in India. In other words, India
with 17.5% of total world's population, had 20.6% share of world's poorest in
2013.[11] According to a 2005-2006 survey,[247] India had about 61 million
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children under the age of 5 who were chronically malnourished. A 2011 UNICEF
report stated that that between 1990 to 2010, India achieved a 45 percent
reduction in under age 5 mortality rates, and now ranks 46 in 188 countries on
this metric.[248]
Since the early 1950s, successive governments have implemented various
schemes to alleviate poverty, under central planning, that have met with partial
success.[249] In 2005, Indian government enacted the Mahatma Gandhi National
Rural Employment Guarantee Act, guaranteeing 100 days of minimum wage
employment to every rural household in all the districts of India.[250] In 2011, this
Rural Employment Guarantee programme was widely criticised as no more
effective than other poverty reduction programs in India. Despite its best
intentions, MGNREGA is beset with controversy about corrupt officials, deficit
financing as the source of funds, poor quality of infrastructure built under this
program, and unintended destructive effect on poverty.[251][252][253] Other studies
suggest that the Rural Employment Guarantee welfare program has helped in
reducing rural poverty in some cases.[254][255] Yet other studies report that India's
economic growth has been the driver of sustainable employment and poverty
reduction, but a sizable population remains in poverty.[256][257]
Employment
[edit]
See also: Labour in India, Indian labour law and Child labour in India
Agricultural and allied sectors accounted for about 52.1% of the total workforce in
2009–10. While agriculture employment has fallen over time in percentage of
labor employed, services which includes construction and infrastructure have
seen a steady growth accounting for 20.3% of employment in 2012-13.[13] Of the
total workforce, 7% is in the organised sector, two-thirds of which are in the
government controlled public sector.[258] About 51.2% of the labor in India is selfemployed.[13]According to 2005-06 survey, there is a gender gap in employment
and salaries. In rural areas, both men and women are primarily self-employed,
mostly in agriculture. In urban areas, salaried work was the largest source of
employment for both men and women in 2006.[259]
Unemployment in India is characterised by chronic (disguised) unemployment.
Government schemes that target eradication of both poverty and unemployment
(which in recent decades has sent millions of poor and unskilled people into
urban areas in search of livelihoods) attempt to solve the problem, by providing
financial assistance for setting up businesses, skill honing, setting up public
sector enterprises, reservations in governments, etc. The decline in organised
employment due to the decreased role of the public sector after liberalisation has
further underlined the need for focusing on better education and has also put
political pressure on further reforms.[260][261] India's labour regulations are heavy
even by developing country standards and analysts have urged the government
to abolish or modify them in order to make the environment more conducive for
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employment generation.[262][263] The 11th five-year plan has also identified the
need for a congenial environment to be created for employment generation, by
reducing the number of permissions and other bureaucratic clearances
required.[264] Further, inequalities and inadequacies in the education system
have been identified as an obstacle preventing the benefits of increased
employment opportunities from reaching all sectors of society.[265]
Child labour in India is a complex problem that is basically rooted in poverty. The
Indian government has implemented, since the 1990s, a variety of programs to
eliminate child labor. These have included setting up schools, launching free
school lunch program, setting up special investigation cells and
others.[266][267] Desai et al. state that recent studies on child labour in India have
found some pockets of industries in which children are employed, but overall,
relatively few Indian children are employed. Child labor below the age of 10 is
now rare. In the 10-14 group, the latest surveys find only 2% of children working
for wage, while another 9% work within their home or rural farms assisting their
parents in times of high work demand such as sowing and harvesting of
crops.[268]
India has the second largest diaspora around the world, an estimated 25 million
people,[269] many of whom work overseas and remit funds back to their families.
The Middle East region is the largest source of employment of expat Indians.
The crude oil production and infrastructure industry of Saudi Arabia employs
over 2 million expat Indians. Cities such as Dubai and Abu Dhabi in United Arab
Emirates alone have employed another 2 million Indian construction workers
during its construction boom in recent decades.[270] In 2009–
10, remittances from Indian migrants overseas stood at
2500 billion (US$41 billion), the highest in the world, but their share in FDI
remained low at around 1%.[271]
Economic trends and issues
[edit]
With 1.2 billion people and the
world’s fourth-largest economy,
India’s recent growth and
development has been one of
the most significant
achievements of our times. Over
the six and half decades since
independence, the country has
brought about a landmark
Commercial office buildings
inGurgaon.
agricultural revolution that has
transformed the nation from
chronic dependence on grain
imports into a global agricultural
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powerhouse that is now a net
exporter of food. Life expectancy
has more than doubled, literacy
rates have quadrupled, health
conditions have improved. India
will soon have the largest and
youngest workforce the world
has ever seen. At the same
time, the country is in the midst
of a massive wave of
urbanization as some 10 million
people move to towns and cities
each year in search of jobs and
opportunity. It is the largest
rural-urban migration of this
century. Massive investments
will be needed to create the jobs,
housing, and infrastructure to
meet soaring aspirations and
make towns and cities more
livable and green.
— World Bank: "India Country
Overview 2013"[272]
Agriculture
[edit]
Main article: Agriculture in India
Agriculture is an important part of Indian economy. In 2008, a New York Times
article claimed, with the right technology and policies, India could contribute to
feeding not just itself but the world. However, agricultural output of India lags far
behind its potential.[273] The low productivity in India is a result of several factors.
According to the World Bank, India's large agricultural subsidies are distorting
what farmers grow and they are hampering productivity-enhancing investment.
While overregulation of agriculture has increased costs, price risks and
uncertainty, governmental intervention in labour, land, and credit markets are
hurting the market. Infrastructure such as rural roads, electricity, ports, food
storage, retail markets and services are inadequate.[274] Further, the average
size of land holdings is very small, with 70% of holdings being less than one
hectare in size.[275] Irrigation facilities are inadequate, as revealed by the fact
that only 39% of the total cultivable land was irrigated as of 2010,[103] resulting in
farmers still being dependent on rainfall, specifically the monsoon season, which
is often inconsistent and unevenly distributed across the country.[276] Farmer
incomes are low also in part because of lack of food storage and distribution
infrastructure. A third of India's agriculture produce is lost from spoilage.[181]
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Corruption
[edit]
Main article: Corruption in India
Corruption has been one of the
pervasive problems affecting India.
A 2005 study by Transparency
International (TI) found that more
than half of those surveyed had
firsthand experience of paying bribe
or peddling influence to get a job
Perception of corruption index for India
compared to other countries, 2010.
done in a public office in the
previous year.[277] A follow-on 2008 TI study found this rate to be 40
percent.[278] In 2011, Transparency International ranked India at 95th place
amongst 183 countries in perceived levels of public sector corruption.[279]
In 1996, red tape, bureaucracy and the Licence Raj were suggested as a cause
for the institutionalised corruption and inefficiency.[280] More recent
reports[281][282][283]suggest the causes of corruption in India include excessive
regulations and approval requirements, mandated spending programs,
monopoly of certain goods and service providers by government controlled
institutions, bureaucracy with discretionary powers, and lack of transparent laws
and processes.
The Right to Information Act (2005) which requires government officials to
furnish information requested by citizens or face punitive action, computerisation
of services, and various central and state government acts that established
vigilance commissions, have considerably reduced corruption and opened up
avenues to redress grievances.[277]
In 2011, the Indian government concluded that most spending fails to reach its
intended recipients. A large, cumbersome and tumor-like bureaucracy sponges
up or siphons off spending budgets.[284] India's absence rates are one of the
worst in the world; one study found that 25% of public sector teachers and 40%
of government owned public sector medical workers could not be found at the
workplace.[285][286]Similarly, there are many issues facing Indian scientists, with
demands for transparency, a meritocratic system, and an overhaul of the
bureaucratic agencies that oversee science and technology.[287]
The Indian economy has an underground economy, with a 2006 report alleging
that the Swiss Bankers Association suggested India topped the worldwide list for
black money with almost $1,456 billion stashed in Swiss banks. This amounts to
13 times the country's total external debt.[288][289] These allegations have been
denied by Swiss Banking Association. James Nason, the Head of International
Communications for Swiss Banking Association, suggests "The (black money)
figures were rapidly picked up in the Indian media and in Indian opposition
circles, and circulated as gospel truth. However, this story was a complete
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fabrication. The Swiss Bankers Association never published such a report.
Anyone claiming to have such figures (for India) should be forced to identify their
source and explain the methodology used to produce them."[290][291]
Education
[edit]
Main article: Education in India
India has made huge progress in terms of increasing primary education
attendance rate and expanding literacy to approximately three-fourths of the
population.[292]India's literacy rate had grown from 52.2% in 1991 to 74.04% in
2011. The right to education at elementary level has been made one of the
fundamental rights under the eighty-sixth Amendment of 2002, and legislation
has been enacted to further the objective of providing free education to all
children.[293] However, the literacy rate of 74% is still lower than the worldwide
average and the country suffers from a high dropout rate.[294] Further, the
literacy rates and educational opportunities vary by region, gender, urban and
rural areas, and among different social groups.[295][296]
Economic disparities
[edit]
Main articles: Economic disparities in India and Poverty in India
Poverty rates in India’s
poorest states are three
to four times higher than
those in the more
advanced states. While
India’s average annual
per capita income was
$1,410 in 2011 – placing
it among the poorest of
the world’s middle-income
countries – it was just
$436 in Uttar Pradesh
(which has more people
than Brazil) and only $294
in Bihar, one of India’s
poorest states.
Economic disparities among the States and
Union Territories of India, on GDP per
capita,PPP basis in 2011.
— World Bank: India
Country Overview
2013[272]
A critical problem facing India's economy is the sharp and growing regional
variations among India's different states and territories in terms of poverty,
availability of infrastructure and socio-economic development.[297] Six low-income
states – Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha and Uttar
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Pradesh – are home to more than one-third of India's population.[298] Severe
disparities exist among states in terms of income, literacy rates, life expectancy
and living conditions.[299]
The five-year plans, especially in the pre-liberalisation era, attempted to reduce
regional disparities by encouraging industrial development in the interior regions
and distributing industries across states, but the results have not been very
encouraging since these measures in fact increased inefficiency and hampered
effective industrial growth.[300] After liberalisation, the more advanced states
have been better placed to benefit from them, with well-developed infrastructure
and an educated and skilled workforce, which attract the manufacturing and
service sectors. The governments of backward regions are trying to reduce
disparities by offering tax holidays and cheap land, and focusing more on sectors
like tourism which, although being geographically and historically determined,
can become a source of growth and develops faster than other
sectors.[301][302] India's income Gini coefficient is 33.9, according to The World
Bank, indicating overall income distribution to be more uniform than East Asia,
Latin America and Africa that have higher Gini coefficients.[12]
There is a continuing debate on whether India's economic expansion has been
pro-poor or anti-poor.[303] Studies suggest that the economic growth has been
pro-poor and has reduced poverty in India.[303][304]
Insurance
[edit]
India became the 10th largest insurance market in the world in 2013, rising from
15th rank in 2011.[305][306] At a total market size of US$ 66.4 billion in 2013, it
remains small compared to world's major economies, and Indian insurance
market accounts for 2% of world's annual insurance business. India's life and
non-life insurance industry has been growing at double digit growth rates and
this growth is expected to continue through 2021.[307]
Life Insurance
Indian economy retains about 360 million active life insurance policies, the
largest in the world.[307] Of the 52 insurance companies in India, 24 are active in
life insurance business. The life insurance industry in the country is projected to
increase at double digit compounded annual growth rates through 2019, with
targets to reach US$ 1 trillion annual notional values by 2021.[307]
Other Insurance
The industry which reported a growth rate of around 10 percent during the
period 1996–97 to 2000–10 has, post opening up the sector, reported average
annual growth of 15.85% over the period 2001–02 to 2010–11.[citation needed] In
addition, the specialized insurers Export Credit Guarantee Corporation and
Agriculture Insurance Company (AIC) are offering credit guarantee and corp
insurance respectively. AIC, which has initially offering coverage under the
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National Agriculture Insurance Company (NAIS), has now started providing crop
insurance cover on commercial line as well.[citation needed] It has introduced
several innovative products such as weather insurance and specific crop related
products. The premium underwritten by the non life insurers during 2010–11 was
Rs 42,576 crore as against Rs 34,620 crore in 2009–10. The growth was
satisfactory, particularly in the view of the across the broad cuts in the tariff rates.
The private insurers underwrote premium of Rs 17,424 crore as against rs Rs
13,977 crore in 2009–10. The public sector insurers on the other hand,
underwrote a premium of Rs 25,151.8 in 2010–11 as against Rs 20,643.5 crore
in 2009–10, i.e. a growth of 21.8% as against 14.5% in 2009–10.[citation needed]
Market Penetration
The Indian insurance business has in the past remained under developed with
low levels of insurance penetration. Post liberalization sector has succeeded in
raising the levels of insurance penetration from 2.3 (life 1.8 and non life 0.7) in
2000 to 5.1 (life 4.4 and non life 0.7) in 2010.[citation needed]
Security Markets
[edit]
The development of Indian security markets began with launch of Bombay Stock
Exchange (BSE), Mumbai in July 1875 and Ahmedabad Stock exchange in 1894
and 22 other exchange in various cities over the years. In 2014, India's stock
exchange market became the 10th largest in the world by market capitalization,
just above those of South Korea and Australia.[308] India's two major stock
exchanges, BSE andNational Stock Exchange of India, had a market
capitalization of US$1.4997 trillion and US$1.4722 trillion respectively as of June
2014, according to World Federation of Exchanges.[309]
The Initial Public Offering (IPO) market in India has been small compared to
NYSE and NASDAQ, raising US$300 million in 2013 and US$1.4 billion in 2012.
Ernst and Young states[310] that the low IPO activity reflects market conditions as
well as slow government approval process and complex regulations. Before
2013, Indian companies were not allowed to list their securities internationally
without first completing an IPO in India. In 2013, these security laws were
reformed and Indian companies can now choose where they want to list first overseas, domestically, or concurrently.[311] Further, security laws have been
revised to ease overseas listings of already listed companies, to increase liquidity
for private equity and international investors in Indian companies.[310]
See also
[edit]
Economic Advisory Council
Economic development in India
Events:
http://en.wikipedia.org/wiki/Economy_of_India
India portal
Business and
economics portal
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Late-2000s recession
Oil price increases since 2003
Lists:
List of companies of India
List of the largest trading partners of India
Income in India
Trade unions in India
Economic history of India
Minerals in India
Notes
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"Economic Survey 2009–10"
Further reading
. Ministry of Finance, Government of India. p. 294.
[edit]
Books
Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN 978-0-41577684-4.
Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy,
T.V.Industry & agriculture in India since independence. Oxford University Press.
pp. 189–199.ISBN 0-19-564394-1.
Articles
http://en.wikipedia.org/wiki/Economy_of_India
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"Growth of India"
. Retrieved 2005-08-10.
"Milton Friedman on the Nehru/Mahalanobis Plan"
. Retrieved 2005-07-16.
"Infrastructure in India: Requirements and favourable climate for foreign
investment"
. Retrieved 2005-08-14.
Bernardi, Luigi and Fraschini, Angela (2005). "Tax System And Tax Reforms in
India"
. Working paper n. 51.
Centre for Media Studies (2005). "India Corruption Study 2005: To Improve
Governance Volume – I: Key Highlights"
(PDF). Transparency International India.
Retrieved 2009-06-21.
Ghosh, Jayati. "Bank Nationalisation: The Record"
. Macroscan. Retrieved 2005-
08-05.
Gordon, Jim and Gupta, Poonam (2003). "Understanding India's Services
Revolution"
(PDF). 12 November 2003. Retrieved 2009-06-21.
Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms"
.
Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding
Regional Economic Growth in India"
original
(PDF). Working paper 88. Archived from the
on 1 July 2007.
Srinivasan, T.N. (2002). "Economic Reforms and Global Integration"
(PDF). 17
January 2002. Retrieved 2009-06-21.
Kurian, N.J. "Regional disparities in india"
. Retrieved 2005-08-06.
News
Ravi S Jha. "India, the Goliath, Falls with a Thud"
"India says 21 of 29 states to launch new tax"
"Economic structure"
.
. Daily Times. 25 March 2005.
. The Economist. 6 October 2003.a
"Regional stock exchanges – Bulldozed by the Big Two"
"FinMin considers three single-brand retail FDI proposals"
External links
. Retrieved 2005-08-10.
.
[edit]
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Ministry of Finance, Government of
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Reserve Bank of India's database on the Indian economy
Publications and statistics
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Key indicators of household consumer expenditure in India 2011–2012
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Mumbai, Maharashtra is considered the trade and commerce capital of India[1][2]
Interaction
Help
Rank
10th (nominal) / 3rd (PPP)
About Wikipedia
Currency
Indian rupee (INR) ( ) = 100 Paise
Fiscal year
1 April – 18 march
Trade
organizations
WTO, SAFTA, BRIC, G-20 and others
Community portal
Recent changes
Contact page
Tools
What links here
Statistics
GDP
Related changes
$7.277 trillion (PPP: 3rd; 2014)[3]
Upload file
Special pages
GDP growth
Permanent link
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GDP per capita
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Create a book
Download as PDF
Printable version
Languages
4.7% (2013)[4]
5.6% (2014 est.)[5]
$1,625 (nominal: 130th; 2014)[3]
$5,777(PPP: 127th; 2014)[3]
Cite this page
Print/export
$2.047 trillion (nominal: 10th; 2014)[3]
GDP by sector
agriculture: 13.7%, industry: 21.5%, services: 64.8% (2013)[6][7]
Inflation (CPI)
CPI: 5.5%, WPI: 1.7% (October 2014)[8]
Population
29.5% (2012, Rangarajan panel)[9]
belowpoverty line 22% (2012, Reserve Bank of India),[10]
179.6 million people (2014, World Bank)[11]
Gini coefficient
33.9 (2012 est.)[12]
বাংলা
Labour force
487.3 million (2013 est.)[13]
Català
Labour force by
occupation
agriculture: 49%, industry: 20%, services: 31% (2012 est.)
Unemployment
3% Urban, 2% Rural, 10.8 million Total
(2013, NSSO method)[14]
Average gross
salary
$1.46 per hour ($3,036.8 yearly in 2010);[15]
GNI per capita: $1,570 yearly per person (2013);[16]
اﻟﻌرﺑﯾﺔ
Deutsch
ްބ
ަިހ
ސ
ެވ
ިދ
Español
Euskara
ﻓﺎرﺳﯽ
Average household income: $6,671 yearly (2011)[17]
Français
Galego
Main industries
ુરાતી
જ
ह द
http://en.wikipedia.org/wiki/Economy_of_India
agriculture, petroleum products,chemicals, pharmaceuticals, software,
textiles, steel, transportation equipment, machinery, cement, mining,
construction[18][19]
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Ido
Bahasa Indonesia
Italiano
Ease-of-doingbusiness rank
134th[20] (2014)
External
ಕನ ಡ
ქართული
Exports
$313.2 billion: merchandize exports,
$150.9 billion: services exports,
$464.2 billion: total (2013)[21]
Export goods
software, petrochemicals, agricultureproducts, jewelry, engineering
goods,[22] pharmaceuticals, textiles,chemicals, transportation parts, oresand
other commodities[19]
Latviešu
മലയാളം
मराठ
Bahasa Melayu
Nederlands
日本語
Main export
partners
Occitan
ਪੰ
ਜਾਬੀ
European Union 16.8%(2012[21])
United States 12.8%
United Arab Emirates 12.4%
China 5.1%
Singapore 4.7%
Polski
Português
Română
Imports
$488.6 billion: merchandize imports,
$128.1 billion: services imports,
$616.7 billion: total (2012)[21]
Import goods
Svenska
crude oil, gold and precious stones, electronics, engineering
goods,[22]chemicals, plastics, coal and ores, iron and steel, vegetable
தமி
oil and other commodities[19]
Русский
Simple English
Suomi
లగ
ె
Main import
partners
ไทย
Українська
China 11.1% (2012[21])
European Union 11.1%
United Arab Emirates 7.7%
Saudi Arabia 6.7%
Tiếng Việt
中文
Switzerland 5.9%
Edit links
FDI stock
Inflows: $151.7 billion,
Outflows: $54.6 billion (2009-2013)[23]
Public finances
Public debt
66.7% of GDP (2013.)[24]
Budget deficit
4.8% of GDP (2012–13)[25]
Revenues
$181.3 billion billion (2013 est.)
Expenses
$281.6 billion billion (2013 est.)
Economic aid
Credit rating
$1.66 billion (2012)[26]
BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(Standard & Poor's)[27]
Foreign reserves
$313.68 billion (as of 17 October 2014)[28]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
The economy of India is thetenth-largest in the world bynominal GDP and
the third-largest by purchasing power parity (PPP).[29] The country is one of
the G-20 major economies, a member of BRICSand a developing economy that
is among the top 20 global traders according to theWTO.[30] India was the 19thhttp://en.wikipedia.org/wiki/Economy_of_India
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largest merchandise and the 6th largest services exporter in the world in 2013; it
imported a total of $616.7 billion worth of merchandise and services in 2013, as
the 12th-largest merchandise and 7th largest services importer.[31] India's
economic growth slowed to 4.7% for the 2013–14 fiscal year, in contrast to
higher economic growth rates in 2000s.[32] IMF projects India's GDP to grow at
5.6% over 2014-15.[5] Agriculture sector is the largest employer in India's
economy but contributes a declining share of its GDP (13.7% in 2012-13).[6] Its
manufacturing industry has held a constant share of its economic contribution,
while the fastest-growing part of the economy has been its services sector which includes construction, telecom, software and information technologies,
infrastructure, tourism, education, health care, travel, trade, banking and other
components of its economy.[7]
The post independence-era Indian economy (from 1947 to 1991) was a mixed
economywith an inward-looking, centrally planned, interventionist policiesand
import-substituting economic model that failed to take advantage of the post-war
expansion of trade and that nationalized many sectors of its economy.[33] India's
share of global trade fell from 1.3% in 1953 to 0.5% in 1983.[34] This model
contributed to widespread inefficiencies and corruption, and it was poorly
implemented.[35]
After a fiscal crisis in 1991, India has increasingly adopted free-market principles
and liberalised its economy to international trade. These reforms were started by
former Finance minister Manmohan Singhunder the guidance of Prime
Minister P.V.Narasimha Rao. They eliminated much ofLicence Raj, a pre- and
post-British era mechanism of strict government controls on setting up new
industry. Following these economic reforms, and a strong focus on developing
national infrastructure such as the Golden Quadrilateral project by former Prime
Minister Atal Bihari Vajpayee, the country's economic growth progressed at a
rapid pace, with relatively large increases in per-capita incomes.[36] The south
western state of Maharashtracontributes the highest towards India's GDP among
all states, while Bihar is among its poorest states in terms of GNI per
capita. Mumbai is known as the trade and financial capital of India.[1][2][37]
Contents [hide]
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 Agriculture
3.2 Industry
3.2.1 Petroleum products and chemicals
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3.2.2 Pharmaceuticals
3.2.3 Engineering
3.2.4 Gems and jewelry
3.2.5 Textile
3.2.6 Mining
3.3 Services
3.3.1 Energy and power
3.3.2 Infrastructure
3.3.3 Retail
3.3.4 Tourism
3.3.5 Banking and finance
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 Economic disparities
9 Insurance
10 Security Markets
11 See also
12 Notes
13 References
14 Further reading
15 External links
Overview
[edit]
The combination of protectionist, import-substitution, and Fabian
socialism, social democratic-inspired policies governed India for sometime after
the end of British occupation. The economy was then characterised by extensive
regulation,protectionism, public ownership of large monopolies, pervasive
corruption and slow growth.[38][39] Since 1991, continuing economic
liberalisation has moved the country towards a market-based economy.[38][39] By
2008, India had established itself as one of the world's faster-growing
economies. Growth significantly slowed to 6.8% in 2008–09, but subsequently
recovered to 7.4% in 2009–10, while the fiscal deficitrose from 5.9% to a high
6.5% during the same period.[40] India's current account deficit surged to 4.1% of
GDP during Q2 FY11 against 3.2% the previous quarter. The unemployment rate
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for 2012–13, according to Government of India's Labour Bureau, was 4.7%
nationwide, by UPS method;[13] and 3% by NSSO method.[14]India's consumer
price inflation has ranged between 8.9 to 12% over the 2009-2013 period.[41]
History
[edit]
Main articles: Economic history of India and Timeline of the economy of India
Pre-colonial period (up to 1773)
[edit]
The citizens of the Indus Valley civilisation, a permanent settlement that
flourished between 2800 BC and 1800 BC, practiced agriculture, domesticated
animals, used uniform weights and measures, made tools and weapons, and
traded with other cities. Evidence of well-planned streets, a drainage system
and water supply reveals their knowledge of urban planning, which included the
world's first urban sanitationsystems and the existence of a form of municipal
government.[42]
Maritime trade was carried out
extensively between South
India and southeast and West Asia from
early times until around the fourteenth
century AD. Both
the Malabar andCoromandel
Coasts were the sites of important
trading centres from as early as the first
century BC, used for import and export
as well as transit points between
The spice trade between India and
Europe was the main catalyst for
theAge of Discovery.[43]
theMediterranean region and southeast
Asia.[44]Over time, traders organised themselves into associations which
received state patronage. Raychaudhuri and Habib claim this state patronage for
overseas trade came to an end by the thirteenth century AD, when it was largely
taken over by the local Parsi, Jewish and Muslim communities, initially on the
Malabar and subsequently on the Coromandel coast.[45]
Other scholars suggest trading from India to
West Asia and Eastern Europe was active
between 14th and 18th century.[46][47][48] During
this period, Indian traders had settled
in Surakhani, a suburb of greaterBaku,
Azerbaijan. These traders had built a Hindu
temple, now preserved by the government of
Azerbaijan. French Jesuit Villotte, who lived in
Atashgah is a temple built
by Indian traders before 1745.
The temple is west of Caspian
http://en.wikipedia.org/wiki/Economy_of_India
Azerbaijan in late 1600s, wrote this Indian temple
was revered by Hindus;[49] the temple has
numerous carvings in Sanskrit or Punjabi, dated
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Sea, between West Asia and
Eastern Europe. The
inscription shown is in
Sanskrit (above) and Persian.
to be between 1500 and 1745 AD. The Atashgah
temple built by the Baku-resident traders from
India suggests commerce was active and
prosperous for Indians by the 17th
century.[50][51][52][53]
Further north, the Saurashtra and Bengal coasts played an important role in
maritime trade, and the Gangetic plains and the Indus valley housed several
centres of river-borne commerce. Most overland trade was carried out via
the Khyber Pass connecting the Punjab region with Afghanistan and onward to
the Middle East and Central Asia.[54] Although many kingdoms and rulers issued
coins, barter was prevalent. Villages paid a portion of their agricultural produce
as revenue to the rulers, while their craftsmen received a part of the crops at
harvest time for their services.[55]
Sean Harkin estimates China and
India may have accounted for 60 to
70 percent of world GDP in the 17th
century.[56]
Silver coin of
theMaurya Empire,
3rd century BC.
Assessment of India's pre-colonial
Silver coin of
theGupta dynasty,
5th century AD.
economy is mostly qualitative, owing
to the lack of quantitative information.
The Mughal economy functioned on an elaborate system of coined currency,
land revenue and trade. Gold, silver and copper coins were issued by the
royal mints which functioned on the basis of free coinage.[57] The political stability
and uniform revenue policy resulting from a centralised administration under the
Mughals, coupled with a well-developed internal trade network, ensured that
India, before the arrival of the British, was to a large extent economically unified,
despite having a traditional agrarian economy characterised by a predominance
of subsistence agriculture dependent on primitive technology.[58] After the decline
of the Mughals, western, central and parts of south and north India were
integrated and administered by the Maratha Empire. After the loss at the Third
Battle of Panipat, the Maratha Empire disintegrated into several confederate
states, and the resulting political instability and armed conflict severely affected
economic life in several parts of the country, although this was compensated for
to some extent by localised prosperity in the new provincial kingdoms.[59] By the
end of the eighteenth century, the British East India Companyentered the Indian
political theatre and established its dominance over other European powers. This
marked a determinative shift in India's trade, and a less powerful impact on the
rest of the economy.[60]
Colonial period (1773–1947)
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An aerial view of Calcutta Port taken
in 1945. Calcutta, which was the
economic hub of British India, saw
increased industrial activity during
World War II.
There is no doubt that our grievances against the British Empire had
a sound basis. As the painstaking statistical work of the Cambridge
historian Angus Maddison has shown, India's share of world income
collapsed from 22.6% in 1700, almost equal to Europe's share of
23.3% at that time, to as low as 3.8% in 1952. Indeed, at the
beginning of the 20th century, "the brightest jewel in the British
Crown" was the poorest country in the world in terms of per capita
income.
— Manmohan Singh[61]
Company rule in India brought a major change in the taxation and agricultural
policies, which tended to promote commercialisation of agriculture with a focus
on trade, resulting in decreased production of food crops, mass impoverishment
and destitution of farmers, and in the short term, led to numerous
famines.[62] The economic policies of the British Raj caused a severe decline in
the handicrafts andhandloom sectors, due to reduced demand and dipping
employment.[63] After the removal of international restrictions by the Charter of
1813, Indian trade expanded substantially and over the long term showed an
upward trend.[64] The result was a significant transfer of capital from India to
England, which, due to the colonial policies of the British, led to a massive drain
of revenue rather than any systematic effort at modernisation of the domestic
economy.[65]
India's colonisation by the British created an institutional environment that, on
paper, guaranteed property rights among the colonisers, encouraged free trade,
and created a single currency with fixed exchange rates, standardised weights
and measures and capital markets. It also established a system of railways and
telegraphs, a civil service that aimed to be free from political interference, a
common-law and an adversarial legal system.[68] This coincided with major
changes in the world economy – industrialisation, and significant growth in
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production and trade. However,
at the end of colonial rule, India
inherited an economy that was
one of the poorest in the
developing world,[69] with
industrial development stalled,
agriculture unable to feed a
rapidly growing population, a
Estimated per capita GDP of India and United
Kingdom from 1700 to 1950, inflation adjusted to
1990 US$.[66] Other estimates[67] suggest a
similar stagnation in India's per capita GDP and
income during the colonial era.
largely illiterate and unskilled
labour force, and extremely
inadequate infrastructure.[70]
The 1872 census revealed that
91.3% of the population of the
region constituting present-day
India resided in
villages,[71]
and urbanisation generally remained sluggish until
the 1920s, due to the lack of industrialisation and absence of adequate
transportation. Subsequently, the policy of discriminating protection (where
certain important industries were given financial protection by the state), coupled
with the Second World War, saw the development and dispersal of industries,
encouraging rural-urban migration, and in particular the large port cities
of Bombay, Calcutta andMadras grew rapidly. Despite this, only one-sixth of
India's population lived in cities by 1951.[72]
The impact of British occupation on India's economy is a controversial topic.
Leaders of the Indian independence movement and economic historians have
blamed colonial occupation for the dismal state of India's economy in its
aftermath and argued that financial strength required for industrial development
in Europe was derived from the wealth taken from colonies in Asia and Africa. At
the same time, right-wing historians have countered that India's low economic
performance was due to various sectors being in a state of growth and decline
due to changes brought in by colonialism and a world that was moving towards
industrialisation and economic integration.[73]
Pre-liberalisation period (1947–1991)
[edit]
Indian economic policy after independence was influenced by the colonial
experience, which was seen by Indian leaders as exploitative, and by those
leaders' exposure to British social democracy as well as the planned economy of
the Soviet Union.[70] Domestic policy tended towards protectionism, with a strong
emphasis onimport substitution industrialisation, economic interventionism, a
large government run public sector, business regulation, and central
planning,[74] while trade and foreign investment policies were relatively
liberal.[75] Five-Year Plans of Indiaresembled central planning in the Soviet
Union. Steel, mining, machine tools, telecommunications, insurance, and power
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plants, among other industries, were effectively nationalised in the mid-1950s.[76]
“
Never talk to
me about profit,
Jeh, it is a dirty
word.
Jawaharlal Nehru, the first prime minister of India,
”
—Nehru, India's Fabian Socialism
inspired first prime minister to
industrialist J.R.D. Tata, when Tata
suggested state-owned companies
should be profitable, [77]
along with the statistician Prasanta Chandra
Mahalanobis, formulated and oversaw economic
policy during the initial years of the country's
independence. They expected favourable
outcomes from their strategy, involving the rapid
development of heavy industry by both public
and private sectors, and based on direct and
indirect state intervention, rather than the more extreme Soviet-style central
command system.[78][79] The policy of concentrating simultaneously on capitaland technology-intensive heavy industry and subsidising manual, lowskill cottage industries was criticised by economist Milton Friedman, who thought
it would waste capital and labour, and retard the development of small
manufacturers.[80] The rate of growth of the Indian economy in the first three
decades after independence was derisively referred to as the Hindu rate of
growth by economists, because of the unfavourable comparison with growth
rates in other Asian countries.[81][82]
Since 1965, the use of high-yielding varieties of
seeds, increased fertilisers and
improved irrigationfacilities collectively contributed
“
to the Green Revolution in India, which improved
the condition of agriculture by increasing crop
productivity, improving crop patterns and
strengthening forward and backward linkages
between agriculture and industry.[83] However, it
has also been criticised as an unsustainable
effort, resulting in the growth of capitalistic
farming, ignoring institutional reforms and
widening income disparities.[84]
Subsequently the Emergency and Garibi
Hataoconcept under which income tax levels at
one point rose to a maximum of 97.5%, a record
in the world for non-communist economies,
”
—J. R. D. Tata in 1969, [77]
started diluting the earlier efforts.
Post-liberalisation period (since 1991)
(In the current
Indian
regulatory
system, ) I
cannot decide
how much to
borrow, what
shares to issue,
at what price,
what wages
and bonus to
pay, and what
dividend to
give. I even
need the
government's
permission for
the salary I pay
to a senior
executive.
[edit]
Main articles: Economic liberalisation in India andEconomic development in
India
In the late 1970s, the government led by Morarji Desai eased restrictions on
capacity expansion forincumbent companies, removed price controls, reduced
corporate taxes and promoted the creation of small scale industries in large
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numbers. However, the
subsequent government
policy of Fabian
socialism hampered the
benefits of the economy,
leading to high fiscal deficits
and a worsening current
account. The collapse of the
Soviet Union, which was
India's major trading partner,
GDP of India has risen rapidly since 1991.
and the Gulf War, which
caused a spike in oil prices, resulted in a major balance-of-payments crisis for
India, which found itself facing the prospect of defaulting on its loans.[85] India
asked for a $1.8 billion bailout loan from the International Monetary Fund (IMF),
which in return demanded de-regulation.[86]
In response, Prime Minister Narasimha Rao, along with his finance
ministerManmohan Singh, initiated the economic liberalisation of 1991. The
reforms did away with the Licence Raj, reduced tariffs and interest rates and
ended many public monopolies, allowing automatic approval of foreign direct
investment in many sectors.[87] Since then, the overall thrust of liberalisation has
remained the same, although no government has tried to take on powerful
lobbies such as trade unions and farmers, on contentious issues such as
reforming labour laws and reducingagricultural subsidies.[88] By the turn of the
21st century, India had progressed towards a free-market economy, with a
substantial reduction in state control of the economy and increased financial
liberalisation.[89] This has been accompanied by increases in life expectancy,
literacy rates and food security, although urban residents have benefited more
than agricultural residents.[90]
While the credit rating of India was hit by its nuclear weapons tests in 1998, it has
since been raised to investment level in 2003 by S&P and Moody's.[91] India
enjoyed high growth rates for a period from 2003 to 2007 with growth averaging
9% during this period.[92] Growth then moderated due to the global financial crisis
starting in 2008. In 2003, Goldman Sachs predicted that India's GDP in current
prices would overtake France and Italy by 2020, Germany, UK and Russia by
2025 and Japan by 2035, making it the third largest economy of the world,
behind the US and China. India is often seen by most economists as a rising
economic superpower and is believed to play a major role in the global economy
in the 21st century.[93][94]
Starting in 2012, India entered a period of more anaemic growth, with growth
slowing down to 4.4%.[95] Other economic problems also became apparent: a
plungingIndian rupee, a persistent high current account deficit and slow industrial
growth. Hit by the U.S. Federal Reserve's decision to taper quantitative easing,
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foreign investors had been rapidly pulling out money from India though this has
now reversed with the Stock market at near all time high and the current account
deficit narrowing substantially.
India is ranked at 134 out of 189, overall, in World Bank's 2013 ease of doing
business index. However, this score masks the underlying data: in terms of
starting a business, dealing with bureaucratic permits and enforcing contracts, it
is ranked among the 10 worst in the world; while in terms of protecting investors,
general operations and other measures, India ranks very favorably among 189
countries.[96]
Sectors
[edit]
Historically, India has
classified and tracked its
economy and GDP as three
sectors - agriculture,
industry and services.
Agriculture includes crops,
horticulture, milk and animal
husbandry, aquaculture,
fishing, sericulture,
aviculture, forestry and
related activities. Industry
Percent labor employment in India by its economic
sectors (2010).[97]
includes various
manufacturing sub-sectors.
India's definition of services
sector includes its
construction, retail, software,
IT, communications,
hospitality, infrastructure
operations, education,
health care, banking and
insurance, and many other
economic activities.[98][99]
Agriculture
The GDP contribution of various sectors of Indian
economy have evolved between 1951 to 2013, as its
economy has diversified and developed.
[edit]
Main articles: Agriculture
in India, Forestry in India,Animal husbandry in India,Fishing in
India and Natural resources in India
India ranks second worldwide in farm output. Agriculture and allied sectors like
forestry, logging and fishing accounted for 17% of the GDP and employed 51%
of the total workforce in 2012. As Indian economy has diversified and grown,
agriculture's contribution to GDP has steadily declined from 1951 to 2011, yet it
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is still the largest employment source and a significant piece of the overall socioeconomic development of India.[100] Crop yield per unit area of all crops have
grown since 1950, due to the special emphasis placed on agriculture in the fiveyear plans and steady improvements in irrigation, technology, application of
modern agricultural practices and provision of agricultural credit and subsidies
since the Green Revolution in India. However, international comparisons reveal
the average yield in India is generally 30% to 50% of the highest average yield in
the world.[101] Indian states Uttar Pradesh, Punjab, Haryana, Madhya Pradesh,
Andhra Pradesh, Bihar, West Bengal, Gujarat and Maharashtra are key
agricultural contributing states of India.
India receives an average annual rainfall of 1,208 millimetres (47.6 in) and a total
annual precipitation of 4000 billion cubic metres, with the total utilisable water
resources, including surface and groundwater, amounting to 1123 billion cubic
metres.[102] 546,820 square kilometres (211,130 sq mi) of the land area, or
about 39% of the total cultivated area, is irrigated.[103] India's inland water
resources including rivers, canals, ponds and lakes and marine resources
comprising the east and west coasts of the Indian ocean and other gulfs and
bays provide employment to nearly six million people in the fisheries sector. In
2008, India had the world's third largest fishing industry.[104]
India is the largest producer in the world of milk, jute and pulses, and also has
the world's second largest cattle population with 175 million animals in
2008.[105] It is the second largest producer of rice, wheat, sugarcane, cotton
and groundnuts, as well as the second largest fruit and vegetable producer,
accounting for 10.9% and 8.6% of the world fruit and vegetable production
respectively.[105] India is also the second largest producer and the largest
consumer of silk in the world, producing 77,000 tons in 2005.[106]
India exports several agriculture products, such as Basmati rice, wheat, cereals,
spices, fresh fruits, dry fruits, buffalo beef meat, cotton, tea, coffee and other
cash crops particularly to the Middle East, Southeast and East Asian countries. It
earns about 10 percent of its export earnings from this trade.[19]
Industry
[edit]
Industry accounts for 26% of GDP and employs 22% of the total
workforce.[107]According to the World Bank, India's industrial manufacturing GDP
output in 2012 was 10th largest in the world on current US dollar basis ($239.5
billion),[108] and 9th largest on inflation adjusted constant 2005 US dollar basis
($197.1 billion).[109] The Indian industrial sector underwent significant changes as
a result of the economic liberalisation in India economic reforms of 1991, which
removed import restrictions, brought in foreign competition, led to the
privatisation of certain government owned public sector industries, liberalised
the FDI regime, improved infrastructure and led to an expansion in the
production of fast moving consumer goods.[110] Post-liberalisation, the Indian
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private sector was faced with increasing domestic as well as foreign competition,
including the threat of cheaper Chinese imports. It has since handled the change
by squeezing costs, revamping management, and relying on cheap labour and
new technology. However, this has also reduced employment generation even
by smaller manufacturers who earlier relied on relatively labour-intensive
processes.[111]
Petroleum products and chemicals [edit]
Petroleum products and chemicals are a major contributor to India's industrial
GDP, and together they contribute over 34% of its export earnings. India hosts
many oil refinery and petrochemical operations, including the world's largest
refinery complex in Jamnagar that processes 1.24 million barrels of crude per
day.[112] By volume, Indian chemical industry was the third largest producer in
Asia, and it alone contributed 5% of its GDP. India is one of the top 5 world
producers of agrochemicals, polymers and plastics, dyes and various organic
and inorganic chemicals.[113] Despite being a large producer and exporter of
chemicals, India is a net importer of chemicals given its domestic demand for
products.[114]
Pharmaceuticals [edit]
The Indian pharmaceutical industry has grown in recent years to become a
major manufacturer of health care products to the world. India produced about 8
per cent of global pharmaceutical supply in 2011 by value, that included over
60,000 generic brands of medicines sold around the world.[115] It is one of the
fastest-growing sub-sectors of its industry and significant contributor of India's
export earnings. The state of Gujarat has become a hub for the manufacture and
export of pharmaceuticals and APIs.[116] The industry is expected to double from
its 2012 levels to US$55 billion by 2020, according to a McKinsey report.[117]
Engineering [edit]
Engineering industry of India is the largest sub-sector of its industry GDP and is
one of three largest foreign exchange earning sectors for the country.[118] It
includes transport equipment, machine tools, capital goods, transformers,
switchgears, furnaces, cast and forged simple to precision parts for turbines,
automobiles and railways. The industry employs about four million workers. On
value added basis, India's engineering industry sector exported $67 billion worth
of engineering goods in 2013-14 fiscal year, as well served part of the domestic
demand for engineering goods.[119]
The engineering industry of India includes its growing car, motorcycle and
scooters industry, as well as productivity machinery such as tractors. India
manufactured and assembled about 18 million passenger and utility vehicles in
2011, of which 2.3 million were exported.[120] India is the world's largest producer
of and the largest market for tractors, accounting for 29% of world's tractor
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production in 2013.[120][121]India is the 12th largest producer and 7th largest
consumer of machine tools in the world.[120]
Gems and jewelry [edit]
India is one of the world's largest
diamonds and gem polishing and jewelry
manufacturing center; it is also one of the
two largest consumers of
gold.[124][125] After crude oil and
petroleum products, the export and
import of gold, precious metals, precious
stones, gems and jewelry accounts for
Gems and jewelry industry is an
ancient and continuing major subsectors of Indian economy. Many
famous stones such as the Koh-inoorand Hope Diamond (above), now
at the Smithsonian, came from
India.[122][123]
the largest portion of India's global trade.
The industry contributes about 7% of
India's GDP, employs millions, and is a
major source of its foreign exchange
earnings.[126] The gems and jewellery
industry, in 2013, created
251000 crore (US$41 billion) in
economic output on value added basis. It is growing sector of Indian economy,
and A.T. Kearneyprojects it to grow to 500000 crore (US$81 billion) by
2018.[127]
The gems and jewelry industry has been an ancient art and continuous
economic activity in India, traced over several thousand years.[128] Till 18th
century, India was the world's only known major reliable source of diamond
mining and its processing.[124] Now, South Africa and Australia are the major
sources of diamonds and precious metals, but along with Antwerp, New York,
and Ramat Gan, Indian cities such as Surat and Mumbai are the hubs of world's
jewelry polishing, cutting, precision finishing, supply and trade. Unlike other
centers, the gems and jewelry economic activity in India is primarily artisans
driven, is manual, the sector is highly fragmented, and 96% of the industry is
served by family owned operations.
Indian gem and jewelry economy's particular strength is in precision cutting,
polishing and processing small diamonds (below one carat).[124] Yet, India is also
a hub for processing of larger diamonds, pearls and other precious stones.
About 11 out of 12 diamonds set in any jewellery in the world are cut and
polished in India.[129]It is also a major hub of gold and other precious metalbased precision jewelry industry. Its domestic demand for gold and jewelry
products is another driver of India's GDP.[127]
Textile [edit]
Textile industry contributes about 4 per cent to the country’s GDP, 14 per cent of
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the industrial production, and 17 per cent to export earnings.[130] India's textile
industry has transformed from a declining sector to a rapidly developing one in
recent years. After freeing the industry in 2004–2005 from a number of
limitations, primarily financial, the government gave a green light to massive
investment inflows – both domestic and foreign. During the period from 2004 to
2008, total investment into textile sector increased by 27 billion
dollars. Ludhiana produces 90% of woollens in India and is known as the
Manchester of India. Tirupur has gained universal recognition as the leading
source of hosiery, knitted garments, casual wear and sportswear. Expanding
textile centers such as Ichalkaranji enjoy one of the highest per capita incomes in
the country.[131] India's cotton farms, fiber and textile industry provides
employment to 45 million people in India,[130] including some child labour(1%).
The sector is estimated to employ around 400,000 children under the age of
18.[132]
Mining [edit]
Main article: Mining in India
India's mining industry was the 4th largest producer of minerals in the world by
volume, and 8th largest producer by value in 2009.[133] In 2013, it mined and
processed 89 minerals, of which 4 were fuel, 3 were atomic energy minerals, and
80 non-fuel.[134] The government owned public sector accounted for 68% of
mineral produced by volume, in 2011-12.[135]
Nearly 50% of India's mining industry, by output value, is concentrated in eight
states - Odisha, Rajasthan, Chhattisgarh, Andhra
Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25%
of the output by value comes from its offshore oil and gas resources.[135] India
operated about 3,000 mines in 2010, half of which were coal, limestone and iron
ore.[136] On output value basis, India's was one of five largest producers of mica,
chromite, coal, lignite, iron ore, bauxite, barites, zinc, manganese; while being
one of the 10 largest global producers of many other minerals.[133][135] India was
fourth largest producer of steel in the world in 2013,[137]and seventh largest
producer of aluminum.[138]
India's mineral resources are vast.[139] However, its mining industry has declined
- contributing 2.3% of its GDP in 2010 compared to 3% in 2000, and employed
2.9 million people - a decreasing percentage of its total labor. India is a net
importer of many minerals including coal. India's mining sector decline is
because of complex permit, regulatory and administrative procedures that take 6
to 20 fold more time than other mining countries such as Australia and South
Africa, inadequate infrastructure, shortage of capital resources, and slow
adoption of ecologically and environmentally sustainable technologies.[135][140]
Services
[edit]
Further information: Information technology in India and Business process
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outsourcing in India
India's services sector has the largest share in the GDP, accounting for 57% in
2012, up from 15% in 1950.[107] It is the 12th largest in the world by nominal
GDP, andfourth largest when purchasing power is taken into account. The
services sector provides employment to 27% of the work force. Information
technology and business process outsourcing are among the fastest-growing
sectors, having a cumulative growth rate of revenue 33.6% between 1997 and
1998 and 2002–03 and contributing to 25% of the country's total exports in
2007–08.[141] The growth in the IT sector is attributed to increased specialisation,
and an availability of a large pool of low cost, highly skilled, educated and fluent
English-speaking workers, on the supply side, matched on the demand side by
increased demand from foreign consumers interested in India's service exports,
or those looking to outsource their operations. The share of the Indian IT
industry in the country's GDP increased from 4.8% in 2005–06 to 7% in
2008.[142] In 2009, seven Indian firms were listed among the top 15 technology
outsourcing companies in the world.[143]
Energy and power [edit]
Main article: Electricity sector in India
As of 2009, India is the fourth largest
producer of electricity and oil products
and the fourth largest importer of coal
and crude-oil in the world.[145] Coal and
oil together account for 66% of the
energy consumption of India.[146]
India's oil reserves meet 25% of the
country's domestic oil
demand.[147][148] As of 2012, India's total
proven oil reserves of 5.5 million barrels
(870 million litres), while gas reserves
stood at 43,800 million cubic feet
As of 2010, India imported about
70% of its crude oil
requirements.[144]Shown here is
an ONGC platform atMumbai High in
the Arabian Sea, one of the sites of
domestic production.
(1,240 million cubic metres).[149] Oil and
natural gas fields are located offshore at Mumbai High, Krishna Godavari
Basin and the Cauvery Delta, and onshore mainly in the states of Assam, Gujarat
andRajasthan.[150] India is the fourth largest consumer of oil in the world and
imported 726386 crore (US$120 billion) worth of oil in 2011-12,[151] which had
an adverse effect on its current account deficit. The petroleum industry in India
mostly consists of public sector companies such as Oil and Natural Gas
Corporation (ONGC),Hindustan Petroleum Corporation Limited (HPCL), Bharat
Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited
(IOCL). There are some major private Indian companies in the oil sector such
as Reliance Industries Limited (RIL) which operates the world's largest oil
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refining complex.[152]
As of December 2011, India had an installed power generation capacity of
233.929GW as of December 2013, of which thermal power contributed
68.31%,hydroelectricity 17.05%, other sources of renewable energy 12.59%,
and nuclear power 2.04%.[153][154] India meets most of its domestic energy
demand through its 106 billion tonnes of coal reserves.[155] India is also rich in
certain alternative sources of energy with significant future potential such
as solar, wind and biofuels (jatropha, sugarcane). India's dwindling uranium
reserves stagnated the growth of nuclear energy in the country for many
years.[156] Recent discoveries of natural uranium inTummalapalle belt, which
promises to be one of the top 20 of the world's reserves,[157][158][159] and an
estimated reserve of 846,477 metric tons (933,081 short tons) of thorium[160] –
about 25% of world's reserves – are expected to fuel the country's
ambitious nuclear energy program in the long-run. The Indo-US nuclear deal has
also paved the way for India to import uranium from other countries.[161]
Infrastructure [edit]
Main articles: Indian road network, Indian Railways, Ports in
India and Transport in India
India's infrastructure and transport sector contributes about 5% of its GDP. India
has the world's second largest road network in quantitative terms,[162] covering
more than 4.3 million kilometers. Qualitatively, India's roads are a mix of modern
highways and narrow, unpaved roads. India also has the lowest kilometer lane
road density per 100,000 people among G-27 countries - leading to traffic
congestion. It is upgrading its infrastructure. As of May 2014, India had
completed and placed in use over 22,600 kilometres of recently built 4 or 6-lane
highways connecting most of its major manufacturing, commercial and cultural
centers.[163] India's road infrastructure carries 60% of freight and 87% of
passenger traffic.[164]
Indian Railways is the fourth largest rail network in the world, with a track length
of 114,500 kilometers and 7,172 stations. This government owned and operated
railway network carried an average of 23 million passengers a day, and over a
billion tonnes of freight a year.[165] India has a coastline of 7,500 kilometers with
13 major ports and 60 operational non-major ports, which together handle 95%
of the country’s external trade by volume and 70% by value (rest handled by
air).[166]Nhava Sheva, Mumbai is the largest public port, while Mundra is the
largest private sea port.[167] The airport infrastructure of India includes 125
airports,[168] of which 66 airports are licensed to handle both passengers and
logistics.[169]
About 74 people out of 100 have land or wireless telephones in India, or about
927 million telephone subscribers, two-thirds of them in urban areas.[170] Internet
use has been growing rapidly in India, with an estimated 243 million users in
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June 2014.[171] This is projected to grow to 330–370 million users by 2016.[172]
Retail [edit]
Main article: Retailing in India
Retail industry contributes between 14–15%[173][174] to 20% of India's
GDP.[175] The Indian retail market is estimated to be US$450 billion and one of
the top five retail markets in the world by economic value. India is one of the
fastest-growing retail market in the world,[176][177] and is projected to reach $1.3
trillion by 2020.[175][178]
India's retailing industry mostly consists of the local mom and pop store, owner
manned shops and street vendors. Organised retail supermarkets are growing
but small, with a market share of 4% as of 2008.[179] In 2012 government
permitted 51% FDI in multi brand retail and 100% FDI in single brand retail.
However, a lack of back end warehouse retail infrastructure, as well as state
level permits and red tape continues to limit organized retail's growth in Indian
economy.[180] Over thirty regulations such as "signboard licences" and "antihoarding measures" have to be complied before a store can open doors. There
are taxes for moving goods from state to state, and even within states.[179] The
lack of infrastructure and efficient retail network, according to The Wall Street
Journal, causes a third of India's agriculture produce to be lost from spoilage.[181]
Tourism [edit]
Main articles: Tourism in India and Medical tourism in India
International and domestic tourism industry contributes more to India's GDP than
its textile sector. India attracted 6.85 million international tourist arrivals and
$18.4 billion in foreign exchange earnings from tourism receipts in
2013.[182] Tourism to India has seen a steady growth, year on year, from 4.45
million arrivals in 2006 to nearly 7 million arrivals in 2013. The United States is
the largest source of international tourists to India, while European Union nations
and Japan are other major sources of international tourists.[183][184] Less than
10% of international tourists visit the Taj Mahal, with majority visiting other
cultural, thematic and holiday circuits.[185] Over 12 million Indian citizens take
international trips each year for tourism, while domestic tourism within India adds
about 740 million Indian travelers.[183] The combined international and domestic
tourism contributed 5.92% of India's GDP, and 9.3% to its employment in
2011.[183][186] India has a fast-growingmedical tourism sector of its health care
economy offering low cost health and long term care.[187][188]
Banking and finance [edit]
Main article: Finance in India
See also: Banking in India and Insurance in India
The Indian money market is classified into the organised sector, comprising
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private, public and foreign owned commercial banks and cooperative banks,
together known as scheduled banks, and the unorganised sector, which includes
individual or family owned indigenous bankers or money lenders and nonbanking financial companies.[189] The unorganised sector and microcredit are still
preferred over traditional banks in rural and sub-urban areas, especially for nonproductive purposes, like ceremonies and short duration loans.[190]
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six
others in 1980, and made it mandatory for banks to provide 40% of their net
credit to priority sectors like agriculture, small-scale industry, retail trade, small
businesses, etc. to ensure that the banks fulfill their social and developmental
goals. Since then, the number of bank branches has increased from 8,260 in
1969 to 72,170 in 2007 and the population covered by a branch decreased from
63,800 to 15,000 during the same period. The total bank deposits increased
from 59.1 billion (US$960 million) in 1970–71 to
38309.22 billion (US$620 billion) in 2008–09. Despite an increase of rural
branches, from 1,860 or 22% of the total number of branches in 1969 to 30,590
or 42% in 2007, only 32,270 out of 500,000 villages are covered by a scheduled
bank.[191][192]
India's gross domestic saving in 2006–07 as a percentage of GDP stood at a
high 32.8%.[193] More than half of personal savings are invested in physical
assets such as land, houses, cattle, and gold.[194] The government owned public
sector banks hold over 75% of total assets of the banking industry, with the
private and foreign banks holding 18.2% and 6.5% respectively.[195] Since
liberalisation, the government has approved significant banking reforms. While
some of these relate to nationalised banks, like encouraging mergers, reducing
government interference and increasing profitability and competitiveness, other
reforms have opened up the banking and insurance sectors to private and
foreign players.[147][196]
External trade and investment
[edit]
Further information: Globalisation in India and List of the largest trading
partners of India
Global trade relations
[edit]
Until the
liberalisation of
1991, India was
largely and
intentionally isolated
from the world
markets, to protect
its economy and to
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A map showing the global distribution of Indian exports in
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achieve self-
2006 as a percentage of the top market (USA – $20.9 billion).
reliance. Foreign
trade was subject to import tariffs, export taxes and quantitative restrictions,
while foreign direct investment (FDI) was restricted by upper-limit equity
participation, restrictions on technology transfer, export obligations and
government approvals; these approvals were needed for nearly 60% of new FDI
in the industrial sector. The restrictions ensured that FDI averaged only around
$200 million annually between 1985 and 1991; a large percentage of the capital
flows consisted of foreign aid, commercial borrowing and deposits of nonresident Indians.[197] India's exports were stagnant for the first 15 years after
independence, due to general neglect of trade policy by the government of that
period. Imports in the same period, due to industrialisation being nascent,
consisted predominantly of machinery, raw materials and consumer goods.[198]
Since liberalisation, the value of
India's international trade has
increased sharply,[199] with the
contribution of total trade in
goods and services to the GDP
rising from 16% in 1990–91 to
47% in 2008–10.[200][201] India
accounts for 1.44% of exports
and 2.12% of imports for
merchandise trade and 3.34%
of exports and 3.31% of
imports for commercial services
trade worldwide.[201] India's
major trading partners are the
European Union, China, the
United States of America and
the United Arab
Emirates.[202] In 2006–07,
India's exports (top) and imports, by value, in 20132014.
major export commodities
included engineering goods,
petroleum products, chemicals
and pharmaceuticals, gems and jewellery, textiles and garments, agricultural
products, iron ore and other minerals. Major import commodities included crude
oil and related products, machinery, electronic goods, gold and silver.[203] In
November 2010, exports increased 22.3% year-on-year to
850.63 billion (US$14 billion), while imports were up 7.5% at
1251.33 billion(US$20 billion). Trade deficit for the same month dropped from
468.65 billion(US$7.6 billion) in 2009 to 400.7 billion (US$6.5 billion) in
2010.[204]
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India is a founding-member of General Agreement on Tariffs and Trade (GATT)
since 1947 and its successor, the WTO. While participating actively in its general
council meetings, India has been crucial in voicing the concerns of
the developing world. For instance, India has continued its opposition to the
inclusion of such matters as labour and environment issues and other non-tariff
barriers to trade into the WTO policies.[205]
Balance of payments
[edit]
Since independence, India's balance of
payments on its current account has
been negative. Since economic
liberalisation in the 1990s, precipitated by
a balance of payment crisis, India's
exports rose consistently, covering 80.3%
of its imports in 2002–03, up from 66.2%
Cumulative Current Account
Balance 1980–2008 based on IMF data
in 1990–91.[206] However, the global
economic slump followed by a general deceleration in world trade saw the
exports as a percentage of imports drop to 61.4% in 2008–09.[207] India's
growing oil import bill is seen as the main driver behind the large current account
deficit,[144] which rose to $118.7 billion, or 11.11% of GDP, in 2008–
09.[208] Between January and October 2010, India imported $82.1 billion worth of
crude oil.[144]
Indian economy has run a trade deficit every year over 2002-2012 period, with a
merchandise trade deficit of US$189 billion in 2011-12.[209] Its trade with China
has the largest deficit, about $31 billion in 2013.[210]
India's reliance on external assistance and concessional debt has decreased
since liberalisation of the economy, and the debt service ratio decreased from
35.3% in 1990–91 to 4.4% in 2008–09.[211] In India, External Commercial
Borrowings (ECBs), or commercial loans from non-resident lenders, are being
permitted by the Government for providing an additional source of funds to
Indian corporates. TheMinistry of Finance monitors and regulates them through
ECB policy guidelines issued by the Reserve Bank of India under the Foreign
Exchange Management Actof 1999.[212] India's foreign exchange reserves have
steadily risen from $5.8 billion in March 1991 to $318.6 billion in December
2009. [213] In 2012, the United Kingdom announced an end to all financial aid to
India, citing the growth and robustness of Indian economy.[214][215]
Foreign direct investment
[edit]
See also Foreign direct investment, India section.
Into India
As the third-largest economy in the
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Share of top five investing countries in
FDI inflows. (2000–2010)[216]
Inflows
Rank Country
Inflows (%)
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world in PPP terms, India has
attractedforeign direct
investment;[217] During the year
2011, FDI inflow into India stood at
$36.5 billion, 51.1% higher than
1
2
3
4
5
(million USD)
Mauritius 50,164
42.00
Singapore 11,275
9.00
USA
8,914
7.00
UK
6,158
5.00
Netherlands 4,968
4.00
2010 figure of $24.15 billion. India
has strengths in telecommunication, information technology and other significant
areas such as auto components, chemicals, apparels, pharmaceuticals, and
jewellery. Despite a surge in foreign investments, rigid FDI [218] policies were a
significant hindrance. Over time, India has adopted a number of FDI
reforms.[217] India has a large pool of skilled managerial and technical expertise.
The size of the middle-class population stands at 300 million and represents a
growing consumer market.[219]
India's liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in
ventures. Industrial policy reforms have substantially reduced industrial licensing
requirements, removed restrictions on expansion and facilitated easy access to
foreign technology and foreign direct investment FDI. The upward moving growth
curve of the real-estate sector owes some credit to a booming economy and
liberalised FDI regime. In March 2005, the government amended the rules to
allow 100% FDI in the construction sector, including built-up infrastructure and
construction development projects comprising housing, commercial premises,
hospitals, educational institutions, recreational facilities, and city- and regionallevel infrastructure.[220] Over 2012-14, India extended these reforms to defense,
telecom, oil, retail, aviation and a number of other sectors.[221][222]
During 2000–10, the country attracted $178 billion as FDI.[223] The inordinately
high investment from Mauritius is due to routing of international funds through
the country given significant tax advantages; double taxation is avoided due to
a tax treatybetween India and Mauritius, and Mauritius is a capital gains tax
haven, effectively creating a zero-taxation FDI channel.[224]
From India
Since 2000, Indian companies have expanded overseas, investing FDI and
creating jobs outside India. Over the 2006-2010 period, FDI by Indian companies
outside India amounted to 1.34 per cent of its GDP.[225] Indian companies have
deployed FDI and started operations in the United States,[226] while others have
expanded in Europe and Africa.[227] The Indian company Tata is United
Kingdom's largest manufacturer and private sector employer.[228][229]
Currency
[edit]
Main articles: Indian rupee and Reserve Bank of India
The Indian rupee ( ) is the only legal tender in India, and is also accepted as
legal tender in the neighbouring Nepal and Bhutan, both of which peg their
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Year Indian per US$ currency to that of the
(average annual)
Indian rupee. The rupee
1975 8.4058
is divided into 100 paise.
1980 7.8800
The highest-denomination
1985 12.3640
banknote is the 1,000
1990 17.4992
note; the lowest1995 32.4198
denomination coin in
2000 44.9401
circulation is the 50 paise
2005 44.1000
2010 45.7393
coin;[230]with effect from
2013 58.5515
30 June 2011 all
denominations below 50
The RBI's new
headquarters in Mumbai
paise have ceased to be legal
currency.[231][232] India's monetary system is
managed by the Reserve Bank of India (RBI), the country'scentral
bank.[233] Established on 1 April 1935 and nationalised in 1949, the RBI serves
as the nation's monetary authority, regulator and supervisor of the monetary
system, banker to the government, custodian of foreign exchange reserves, and
as an issuer of currency. It is governed by a central board of directors, headed
by a governor who is appointed by the Government of India.[234]
The rupee was linked to the British pound from 1927 to 1946 and then the U.S.
dollar till 1975 through a fixed exchange rate. It was devalued in September
1975 and the system of fixed par rate was replaced with a basket of four major
international currencies – the British pound, the U.S. dollar, the Japanese
yen and the Deutsche mark.[235] In 1991, after the collapse of its largest trading
partner Soviet Union, India faced the major foreign exchange crisis and the
rupee was devalued by around 19% in two stages on 1 and 2 July. In 1992 a
Liberalized Exchange Rate Mechanism – LERMS- was introduced. Under
LERMS exporters had to surrender 40 percent of their foreign exchange
earnings to the RBI at the RBI determined exchange rate. The balance 60% was
allowed to be converted at the market determined exchange rate. In 1994 the
rupee was convertible on the current account, with some capital controls.[236]
After the sharp devaluation in 1991 and transition to current account convertibility
in 1994, the value of the rupee is largely determined by the market forces. The
rupee has been fairly stable during the decade 2000 to 2010. In September
2013, the rupee touched an all time low 68.27 to the U.S. dollar.[237]
Income and consumption
[edit]
Main article: Income in India
India's gross national income per capita had experienced high growth rates since
2002. India's Per Capita Income has tripled from Rs. 19,040 in 2002–03 to Rs.
53,331 in 2010–11, averaging 13.7% growth over these eight years peaking
15.6% in 2010–11.[239] However
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growth in the inflation adjusted
Per capita income of the nation
slowed to 5.6% in 2010–11,
down from 6.4% in the previous
year. These consumption levels
are on an individual basis, not
household.[240] On a household
basis, the average income in
India was $6,671 per household
Gini Index of India compared to other countries
per World Bank data tables as of 2014.[238]
in 2011.[241]
Per 2011 census, India has about 330 million houses and 247 million
households. The household size in India has dropped in recent years, with 2011
census reporting 50% of households have 4 or less members. The average per
2011 census was 4.8 members per household, and included surviving
grandparents.[242][243] These households produced a GDP of about
$1.7 Trillion.[244] The household consumption patterns per 2011 census:
approximately 67% of households use firewood, crop residue or cow dung cakes
for cooking purposes; 53% do not have sanitation or drainage facilities on
premises; 83% have water supply within their premises or 100 metres from their
house in urban areas and 500 metres from the house in rural areas; 67% of the
households have access to electricity; 63% of households have landline or
mobile telephone connection; 43% have a television; 26% have either a two
wheel (motorcycle) or four wheel (car) vehicle. Compared to 2001, these income
and consumption trends represent moderate to significant
improvements.[242] One report in 2010 claimed that the number of high income
households has crossed lower income households.[245]
Poverty
Main article: Poverty in India
The World Bank in 2010, using
its older 2005 methodology,
estimated about 400 million
people in India, as compared to
1.29 billion people worldwide,
live on less than $1.25 (PPP)
per day. The World Bank
Per capita gross national income of India in
2013 compared to other countries, on Purchasing
Power Parity basis, per World Bank data.[246]
reviewed and proposed
revisions in May 2014, to its poverty calculation methodology and purchasing
power parity basis for measuring poverty worldwide, including India. According to
this revised methodology, the world had 872.3 million people below the new
poverty line, of which 179.6 million people lived in India. In other words, India
with 17.5% of total world's population, had 20.6% share of world's poorest in
2013.[11] According to a 2005-2006 survey,[247] India had about 61 million
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children under the age of 5 who were chronically malnourished. A 2011 UNICEF
report stated that that between 1990 to 2010, India achieved a 45 percent
reduction in under age 5 mortality rates, and now ranks 46 in 188 countries on
this metric.[248]
Since the early 1950s, successive governments have implemented various
schemes to alleviate poverty, under central planning, that have met with partial
success.[249] In 2005, Indian government enacted the Mahatma Gandhi National
Rural Employment Guarantee Act, guaranteeing 100 days of minimum wage
employment to every rural household in all the districts of India.[250] In 2011, this
Rural Employment Guarantee programme was widely criticised as no more
effective than other poverty reduction programs in India. Despite its best
intentions, MGNREGA is beset with controversy about corrupt officials, deficit
financing as the source of funds, poor quality of infrastructure built under this
program, and unintended destructive effect on poverty.[251][252][253] Other studies
suggest that the Rural Employment Guarantee welfare program has helped in
reducing rural poverty in some cases.[254][255] Yet other studies report that India's
economic growth has been the driver of sustainable employment and poverty
reduction, but a sizable population remains in poverty.[256][257]
Employment
[edit]
See also: Labour in India, Indian labour law and Child labour in India
Agricultural and allied sectors accounted for about 52.1% of the total workforce in
2009–10. While agriculture employment has fallen over time in percentage of
labor employed, services which includes construction and infrastructure have
seen a steady growth accounting for 20.3% of employment in 2012-13.[13] Of the
total workforce, 7% is in the organised sector, two-thirds of which are in the
government controlled public sector.[258] About 51.2% of the labor in India is selfemployed.[13]According to 2005-06 survey, there is a gender gap in employment
and salaries. In rural areas, both men and women are primarily self-employed,
mostly in agriculture. In urban areas, salaried work was the largest source of
employment for both men and women in 2006.[259]
Unemployment in India is characterised by chronic (disguised) unemployment.
Government schemes that target eradication of both poverty and unemployment
(which in recent decades has sent millions of poor and unskilled people into
urban areas in search of livelihoods) attempt to solve the problem, by providing
financial assistance for setting up businesses, skill honing, setting up public
sector enterprises, reservations in governments, etc. The decline in organised
employment due to the decreased role of the public sector after liberalisation has
further underlined the need for focusing on better education and has also put
political pressure on further reforms.[260][261] India's labour regulations are heavy
even by developing country standards and analysts have urged the government
to abolish or modify them in order to make the environment more conducive for
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employment generation.[262][263] The 11th five-year plan has also identified the
need for a congenial environment to be created for employment generation, by
reducing the number of permissions and other bureaucratic clearances
required.[264] Further, inequalities and inadequacies in the education system
have been identified as an obstacle preventing the benefits of increased
employment opportunities from reaching all sectors of society.[265]
Child labour in India is a complex problem that is basically rooted in poverty. The
Indian government has implemented, since the 1990s, a variety of programs to
eliminate child labor. These have included setting up schools, launching free
school lunch program, setting up special investigation cells and
others.[266][267] Desai et al. state that recent studies on child labour in India have
found some pockets of industries in which children are employed, but overall,
relatively few Indian children are employed. Child labor below the age of 10 is
now rare. In the 10-14 group, the latest surveys find only 2% of children working
for wage, while another 9% work within their home or rural farms assisting their
parents in times of high work demand such as sowing and harvesting of
crops.[268]
India has the second largest diaspora around the world, an estimated 25 million
people,[269] many of whom work overseas and remit funds back to their families.
The Middle East region is the largest source of employment of expat Indians.
The crude oil production and infrastructure industry of Saudi Arabia employs
over 2 million expat Indians. Cities such as Dubai and Abu Dhabi in United Arab
Emirates alone have employed another 2 million Indian construction workers
during its construction boom in recent decades.[270] In 2009–
10, remittances from Indian migrants overseas stood at
2500 billion (US$41 billion), the highest in the world, but their share in FDI
remained low at around 1%.[271]
Economic trends and issues
[edit]
With 1.2 billion people and the
world’s fourth-largest economy,
India’s recent growth and
development has been one of
the most significant
achievements of our times. Over
the six and half decades since
independence, the country has
brought about a landmark
Commercial office buildings
inGurgaon.
agricultural revolution that has
transformed the nation from
chronic dependence on grain
imports into a global agricultural
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powerhouse that is now a net
exporter of food. Life expectancy
has more than doubled, literacy
rates have quadrupled, health
conditions have improved. India
will soon have the largest and
youngest workforce the world
has ever seen. At the same
time, the country is in the midst
of a massive wave of
urbanization as some 10 million
people move to towns and cities
each year in search of jobs and
opportunity. It is the largest
rural-urban migration of this
century. Massive investments
will be needed to create the jobs,
housing, and infrastructure to
meet soaring aspirations and
make towns and cities more
livable and green.
— World Bank: "India Country
Overview 2013"[272]
Agriculture
[edit]
Main article: Agriculture in India
Agriculture is an important part of Indian economy. In 2008, a New York Times
article claimed, with the right technology and policies, India could contribute to
feeding not just itself but the world. However, agricultural output of India lags far
behind its potential.[273] The low productivity in India is a result of several factors.
According to the World Bank, India's large agricultural subsidies are distorting
what farmers grow and they are hampering productivity-enhancing investment.
While overregulation of agriculture has increased costs, price risks and
uncertainty, governmental intervention in labour, land, and credit markets are
hurting the market. Infrastructure such as rural roads, electricity, ports, food
storage, retail markets and services are inadequate.[274] Further, the average
size of land holdings is very small, with 70% of holdings being less than one
hectare in size.[275] Irrigation facilities are inadequate, as revealed by the fact
that only 39% of the total cultivable land was irrigated as of 2010,[103] resulting in
farmers still being dependent on rainfall, specifically the monsoon season, which
is often inconsistent and unevenly distributed across the country.[276] Farmer
incomes are low also in part because of lack of food storage and distribution
infrastructure. A third of India's agriculture produce is lost from spoilage.[181]
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Corruption
[edit]
Main article: Corruption in India
Corruption has been one of the
pervasive problems affecting India.
A 2005 study by Transparency
International (TI) found that more
than half of those surveyed had
firsthand experience of paying bribe
or peddling influence to get a job
Perception of corruption index for India
compared to other countries, 2010.
done in a public office in the
previous year.[277] A follow-on 2008 TI study found this rate to be 40
percent.[278] In 2011, Transparency International ranked India at 95th place
amongst 183 countries in perceived levels of public sector corruption.[279]
In 1996, red tape, bureaucracy and the Licence Raj were suggested as a cause
for the institutionalised corruption and inefficiency.[280] More recent
reports[281][282][283]suggest the causes of corruption in India include excessive
regulations and approval requirements, mandated spending programs,
monopoly of certain goods and service providers by government controlled
institutions, bureaucracy with discretionary powers, and lack of transparent laws
and processes.
The Right to Information Act (2005) which requires government officials to
furnish information requested by citizens or face punitive action, computerisation
of services, and various central and state government acts that established
vigilance commissions, have considerably reduced corruption and opened up
avenues to redress grievances.[277]
In 2011, the Indian government concluded that most spending fails to reach its
intended recipients. A large, cumbersome and tumor-like bureaucracy sponges
up or siphons off spending budgets.[284] India's absence rates are one of the
worst in the world; one study found that 25% of public sector teachers and 40%
of government owned public sector medical workers could not be found at the
workplace.[285][286]Similarly, there are many issues facing Indian scientists, with
demands for transparency, a meritocratic system, and an overhaul of the
bureaucratic agencies that oversee science and technology.[287]
The Indian economy has an underground economy, with a 2006 report alleging
that the Swiss Bankers Association suggested India topped the worldwide list for
black money with almost $1,456 billion stashed in Swiss banks. This amounts to
13 times the country's total external debt.[288][289] These allegations have been
denied by Swiss Banking Association. James Nason, the Head of International
Communications for Swiss Banking Association, suggests "The (black money)
figures were rapidly picked up in the Indian media and in Indian opposition
circles, and circulated as gospel truth. However, this story was a complete
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fabrication. The Swiss Bankers Association never published such a report.
Anyone claiming to have such figures (for India) should be forced to identify their
source and explain the methodology used to produce them."[290][291]
Education
[edit]
Main article: Education in India
India has made huge progress in terms of increasing primary education
attendance rate and expanding literacy to approximately three-fourths of the
population.[292]India's literacy rate had grown from 52.2% in 1991 to 74.04% in
2011. The right to education at elementary level has been made one of the
fundamental rights under the eighty-sixth Amendment of 2002, and legislation
has been enacted to further the objective of providing free education to all
children.[293] However, the literacy rate of 74% is still lower than the worldwide
average and the country suffers from a high dropout rate.[294] Further, the
literacy rates and educational opportunities vary by region, gender, urban and
rural areas, and among different social groups.[295][296]
Economic disparities
[edit]
Main articles: Economic disparities in India and Poverty in India
Poverty rates in India’s
poorest states are three
to four times higher than
those in the more
advanced states. While
India’s average annual
per capita income was
$1,410 in 2011 – placing
it among the poorest of
the world’s middle-income
countries – it was just
$436 in Uttar Pradesh
(which has more people
than Brazil) and only $294
in Bihar, one of India’s
poorest states.
Economic disparities among the States and
Union Territories of India, on GDP per
capita,PPP basis in 2011.
— World Bank: India
Country Overview
2013[272]
A critical problem facing India's economy is the sharp and growing regional
variations among India's different states and territories in terms of poverty,
availability of infrastructure and socio-economic development.[297] Six low-income
states – Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha and Uttar
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Pradesh – are home to more than one-third of India's population.[298] Severe
disparities exist among states in terms of income, literacy rates, life expectancy
and living conditions.[299]
The five-year plans, especially in the pre-liberalisation era, attempted to reduce
regional disparities by encouraging industrial development in the interior regions
and distributing industries across states, but the results have not been very
encouraging since these measures in fact increased inefficiency and hampered
effective industrial growth.[300] After liberalisation, the more advanced states
have been better placed to benefit from them, with well-developed infrastructure
and an educated and skilled workforce, which attract the manufacturing and
service sectors. The governments of backward regions are trying to reduce
disparities by offering tax holidays and cheap land, and focusing more on sectors
like tourism which, although being geographically and historically determined,
can become a source of growth and develops faster than other
sectors.[301][302] India's income Gini coefficient is 33.9, according to The World
Bank, indicating overall income distribution to be more uniform than East Asia,
Latin America and Africa that have higher Gini coefficients.[12]
There is a continuing debate on whether India's economic expansion has been
pro-poor or anti-poor.[303] Studies suggest that the economic growth has been
pro-poor and has reduced poverty in India.[303][304]
Insurance
[edit]
India became the 10th largest insurance market in the world in 2013, rising from
15th rank in 2011.[305][306] At a total market size of US$ 66.4 billion in 2013, it
remains small compared to world's major economies, and Indian insurance
market accounts for 2% of world's annual insurance business. India's life and
non-life insurance industry has been growing at double digit growth rates and
this growth is expected to continue through 2021.[307]
Life Insurance
Indian economy retains about 360 million active life insurance policies, the
largest in the world.[307] Of the 52 insurance companies in India, 24 are active in
life insurance business. The life insurance industry in the country is projected to
increase at double digit compounded annual growth rates through 2019, with
targets to reach US$ 1 trillion annual notional values by 2021.[307]
Other Insurance
The industry which reported a growth rate of around 10 percent during the
period 1996–97 to 2000–10 has, post opening up the sector, reported average
annual growth of 15.85% over the period 2001–02 to 2010–11.[citation needed] In
addition, the specialized insurers Export Credit Guarantee Corporation and
Agriculture Insurance Company (AIC) are offering credit guarantee and corp
insurance respectively. AIC, which has initially offering coverage under the
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National Agriculture Insurance Company (NAIS), has now started providing crop
insurance cover on commercial line as well.[citation needed] It has introduced
several innovative products such as weather insurance and specific crop related
products. The premium underwritten by the non life insurers during 2010–11 was
Rs 42,576 crore as against Rs 34,620 crore in 2009–10. The growth was
satisfactory, particularly in the view of the across the broad cuts in the tariff rates.
The private insurers underwrote premium of Rs 17,424 crore as against rs Rs
13,977 crore in 2009–10. The public sector insurers on the other hand,
underwrote a premium of Rs 25,151.8 in 2010–11 as against Rs 20,643.5 crore
in 2009–10, i.e. a growth of 21.8% as against 14.5% in 2009–10.[citation needed]
Market Penetration
The Indian insurance business has in the past remained under developed with
low levels of insurance penetration. Post liberalization sector has succeeded in
raising the levels of insurance penetration from 2.3 (life 1.8 and non life 0.7) in
2000 to 5.1 (life 4.4 and non life 0.7) in 2010.[citation needed]
Security Markets
[edit]
The development of Indian security markets began with launch of Bombay Stock
Exchange (BSE), Mumbai in July 1875 and Ahmedabad Stock exchange in 1894
and 22 other exchange in various cities over the years. In 2014, India's stock
exchange market became the 10th largest in the world by market capitalization,
just above those of South Korea and Australia.[308] India's two major stock
exchanges, BSE andNational Stock Exchange of India, had a market
capitalization of US$1.4997 trillion and US$1.4722 trillion respectively as of June
2014, according to World Federation of Exchanges.[309]
The Initial Public Offering (IPO) market in India has been small compared to
NYSE and NASDAQ, raising US$300 million in 2013 and US$1.4 billion in 2012.
Ernst and Young states[310] that the low IPO activity reflects market conditions as
well as slow government approval process and complex regulations. Before
2013, Indian companies were not allowed to list their securities internationally
without first completing an IPO in India. In 2013, these security laws were
reformed and Indian companies can now choose where they want to list first overseas, domestically, or concurrently.[311] Further, security laws have been
revised to ease overseas listings of already listed companies, to increase liquidity
for private equity and international investors in Indian companies.[310]
See also
[edit]
Economic Advisory Council
Economic development in India
Events:
http://en.wikipedia.org/wiki/Economy_of_India
India portal
Business and
economics portal
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Late-2000s recession
Oil price increases since 2003
Lists:
List of companies of India
List of the largest trading partners of India
Income in India
Trade unions in India
Economic history of India
Minerals in India
Notes
1. ^ a
[edit]
b
"Information About Maharashtra, Industries, Economy, Exports of
Maharashtra"
2. ^
a b
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SUDALAIMUTHU, S.; RAJ, S.A. (2009). Logistics Management for
International Business: Text and Cases
3. ^
a bc d
. PHI Learning. ISBN 9788120337923.
"Report for Selected Countries and Subjects"
. World Economic
Outlook Database, International Monetary Fund. October 2014. Retrieved 8
October 2014.
4. ^ "Indian economy growth at 4.7%=TOI"
5. ^
a b
. 2014-05-31. Retrieved 31 May 2014.
"IMF projects India's GDP to pick up in 2015 to 6.4 per cent"
. The
Economic Times. 8 October 2014. Retrieved 23 October 2014.
6. ^ a
b
Agriculture's share in GDP declines to 13.7% in 2012-13
The Economic
Times ppppppp
7. ^ a
b
India's Fiscal Budget 2012-13
Chapter 10, Government of India (February
2014)
8. ^ "August WPI inflation shrinks to 5-year low of 3.74%"
. The Economics
Times. 15 Sep 2014. Retrieved 2014-09-15.
9. ^ "30% of India is poor, says Rangarajan panel's new poverty line formula"
.
The First Post. 7 July 2014. Retrieved 2014-07-07.
"India has 100 million more poor: C Rangarajan Committee"
. The Economic
Times. 7 July 2014. Retrieved 2014-07-07.
10. ^ "Number and Percentage of Population Below Poverty Line (see 3rd of 3
tables)"
11. ^
a b
. Reserve Bank of India. 2012. Retrieved 17 July 2014.
Shawn Donnan, World Bank eyes biggest global poverty line increase in
decades
The Financial Times (9 May 2014)
Chandy and Kharas, What Do New Price Data Mean for the Goal of Ending
Extreme Poverty?
12. ^
a b
13. ^
a bc d
GINI index
Brookings Institute, Washington D.C. (May 2014)
World Bank (2009-2012)
"Report on Employment & Unemployment Survey (2012–13)"
. Bureau
of Labour Statistics, Indian Government. January 2014. Retrieved 2014-07-25.
14. ^ a
b
ND Shiva Kumar (23 June 2013). "Unemployment rate increases in
India"
. The Times of India. Retrieved 23 May 2014.
15. ^ International Labor Comparisons - India
Average Salary Tables, Bureau of
Labor Statistics, US Government (2012)
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16. ^ GNI per capita, Atlas method (current US$)
World Bank (2014)
17. ^ Table 3.4, World Consumer Income and Expenditure Patterns - Annual
Household Income
Euro Monitor International (2013), pp 45
18. ^ GDP of India and major Sectors of Economy
19. ^
a bc d
Government of India (2013)
Foreign Trade Performance of India Annual Report
Directorate General
of Commercial Intelligence and Statistics, Ministry of Commerce and Industry,
Government of India (2012)
20. ^ "Doing Business in India 2014"
21. ^
a bc d
22. ^
a b
Trade Profile - India
. World Bank. Retrieved 2011-11-21.
World Trade Organization (2013)
India's definition of engineering goods includes metal products, industrial
machinery and equipment, auto and its components, and transport equipment
23. ^ World Investment Report 2014
UNCTAD - United Nations Conference on
Trade and Development (February 2014), page 206
24. ^ World Economic Outlook Database, October 2012
25. ^ India 2014 Article IV Consultation - Country Report 14/57
International
Monetary Fund, page 6 (February 2014)
26. ^ "Net official development assistance received (current US$)"
. World Bank.
Retrieved 20 October 2014.
27. ^ "Sovereigns rating list"
. Standard & Poor's. Retrieved 26 May 2011.
28. ^ "FX reserves up $945.6 mn"
. Business Standard. 24 October 2014.
Retrieved 27 October 2014.
29. ^ "India"
. International Monetary Fund. Retrieved 2014-04-08.
30. ^ World Trade Organization, World Trade Report 2013
, Geneva, ISBN 978-92-
870-3859-3
31. ^ Modest trade growth anticipated for 2014 and 2015 following two year
slump
World Trade Organization (14 April 2014)
32. ^ RBI governor Raghuram Rajan meets Narendra Modi
LiveMint (1 June 2014)
33. ^ The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4
(Jul.–Aug. 2006), p. 4: "Father and daughter shackled the energies of the Indian
people under a mixed economy that combined the worst features of capitalism
and socialism. Their model was inward-looking and import—substituting rather
than an outward-looking and export-promoting, and it denied India a share in the
prosperity that a massive expansion in global trade brought in the post-World War
II era."
34. ^ List of Tables
, World Trade, WTO Geneva, pp 22-23
35. ^ The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4
(Jul.–Aug. 2006), p. 4: "But even this system could have delivered more had it
been better implemented. It did not have to degenerate into a 'license-permitquota raj'... "
36. ^ "India's surprising economic miracle"
. The Economist. 30 September 2010.
Retrieved 2010-09-30.
37. ^ "Maharashtra » Maharashtra Economic Development Council"
.
medcindia.com. Retrieved 2014-04-12.
38. ^ a
b
"Economic survey of India 2007: Policy Brief"
(PDF). OECD. Retrieved
2009-06-21.
39. ^ a
http://en.wikipedia.org/wiki/Economy_of_India
b
ref name="potential">"India's Rising Growth Potential"
Sachs. 2007. Retrieved 2009-06-21.
(PDF). Goldman
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Sachs. 2007. Retrieved 2009-06-21.
40. ^ Economic Survey 2010, pp. 1–2.
41. ^ Inflation, consumer prices (annual %)
The World Bank (2014)
42. ^ Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14303103-1.
43. ^ Donkin, Robin A. (August 2003). Between East and West: The Moluccas and
the Traffic in Spices Up to the Arrival of Europeans. Diane Publishing
Company. ISBN 0-87169-248-1.
44. ^ Raychaudhuri & Habib 2004, pp. 17–18
45. ^ Raychaudhuri & Habib 2004, pp. 40–41
46. ^ Jonas Hanway (1753), An Historical Account of the British Trade Over the
Caspian Sea , Sold by Mr. Dodsley, "... The Persians have very little maritime
strength ... their ship carpenters on the Caspian were mostly Indians ... there is a
little temple, in which the Indians now worship"
47. ^ Stephen Frederic Dale (2002), Indian Merchants and Eurasian Trade, 1600–
1750 , Cambridge University Press, ISBN 0-521-52597-7, "... The Russian
merchant, F.A. Kotov ... saw in Isfahan in 1623, both Hindus and Muslims, as
Multanis."
48. ^ Scott Cameron Levi (2002), The Indian diaspora in Central Asia and its trade,
1550–1900 , BRILL, ISBN 90-04-12320-2, "... George Forster ... On the 31st of
March, I visited the Atashghah, or place of fire; and on making myself known to
the Hindoo mendicants, who resided there, I was received among these sons of
Brihma as a brother"
49. ^ J. Villotte (1730). Voyage d'un missionnaire de la Compagnie de Jésus en
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References
[edit]
Books
Datt, Ruddar; Sundharam, K.P.M. (2009). Indian Economy. New Delhi: S. Chand
Group. p. 976. ISBN 978-81-219-0298-4.
Drèze, John; Sen, Amartya (1996). India: Economic Development and Social
Opportunity. Oxford University Press. p. 292. ISBN 978-0-19-564082-3.
Iftikhar-ul-Awwal, A. Z. M. (1982) The Industrial Development of Bengal, 19001939 Vikas Publishing House: New Delhi, 1982, Pages: 256, ISBN 0706915798
Kumar, Dharma (2005). The Cambridge Economic History of India, Volume II : c.
1757–2003. New Delhi: Orient Longman. p. 1115. ISBN 978-81-250-2710-2.
Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14303103-1.
Panagariya, Arvind (2008). India: The Emerging Giant. Oxford University Press.
p. 514.ISBN 978-0-19-531503-5.
Raychaudhuri, Tapan; Habib, Irfan (2004). The Cambridge Economic History of India,
Volume I : c. 1200 – c. 1750. New Delhi: Orient Longman. p. 543. ISBN 978-81-2502709-6.
Roy, Tirthankar (2006). The Economic History of India 1857–1947. Oxford University
Press. p. 385. ISBN 978-0-19-568430-8.
Papers and reports
"Economic reforms in India: Task force report"
(PDF). University of Chicago.
p. 32.
"Economic Survey 2009–10"
Further reading
. Ministry of Finance, Government of India. p. 294.
[edit]
Books
Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN 978-0-41577684-4.
Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy,
T.V.Industry & agriculture in India since independence. Oxford University Press.
pp. 189–199.ISBN 0-19-564394-1.
Articles
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Economy of India - Wikipedia, the free encyclopedia
"Growth of India"
. Retrieved 2005-08-10.
"Milton Friedman on the Nehru/Mahalanobis Plan"
. Retrieved 2005-07-16.
"Infrastructure in India: Requirements and favourable climate for foreign
investment"
. Retrieved 2005-08-14.
Bernardi, Luigi and Fraschini, Angela (2005). "Tax System And Tax Reforms in
India"
. Working paper n. 51.
Centre for Media Studies (2005). "India Corruption Study 2005: To Improve
Governance Volume – I: Key Highlights"
(PDF). Transparency International India.
Retrieved 2009-06-21.
Ghosh, Jayati. "Bank Nationalisation: The Record"
. Macroscan. Retrieved 2005-
08-05.
Gordon, Jim and Gupta, Poonam (2003). "Understanding India's Services
Revolution"
(PDF). 12 November 2003. Retrieved 2009-06-21.
Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms"
.
Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding
Regional Economic Growth in India"
original
(PDF). Working paper 88. Archived from the
on 1 July 2007.
Srinivasan, T.N. (2002). "Economic Reforms and Global Integration"
(PDF). 17
January 2002. Retrieved 2009-06-21.
Kurian, N.J. "Regional disparities in india"
. Retrieved 2005-08-06.
News
Ravi S Jha. "India, the Goliath, Falls with a Thud"
"India says 21 of 29 states to launch new tax"
"Economic structure"
.
. Daily Times. 25 March 2005.
. The Economist. 6 October 2003.a
"Regional stock exchanges – Bulldozed by the Big Two"
"FinMin considers three single-brand retail FDI proposals"
External links
. Retrieved 2005-08-10.
.
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