india-bg

Economy

The Indian economy, is the world's seventh largest by nominal GDP and third largest by purchasing power parity. However, the country ranks 140th in the world in nominal GDP per capita and 122th in GDP per capita at PPP. The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%.

The country is classified as a newly industrialised country with classification of one of the fastest-growing major economies i.e. one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7 per cent over the last two decades.

The economy of India, has a long-term growth prospective because of its young population, increasing middle class population, healthy savings, investment rates, and increasing integration into the global economy. There is a huge potential in the Indian economy to become the world's 3rd-largest economy by the next decade, and one of the two largest economies by mid-century.

According to the International Monetary Fund (IMF), the Indian economy is the "bright spot" in the global landscape. According to The World Bank, the Indian economy will likely grow at 7.6 per cent in 2016-17, followed by further acceleration to 7.7 per cent in 2017-18 and 7.8 per cent in 2018-19.

India is also home to world's third largest billionaires’ pool with 111 billionaires in 2016 and the fourth largest number of ultra-high-net-worth households that have more than US$100 million. India's middle classes are projected to be more than 550 million by 2030.

India is a member of the Commonwealth of Nations, BRICS, the G20, the G8+5, the South Asian Association for Regional Cooperation (SAARC), Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), South Asian Free Trade Area (SAFTA), South Asian Association for Regional Cooperation (SAARC), the United Nations (UN), the International Monetary Fund (IMF), the World Bank, the World Trade Organisation (WTO), the Shanghai Cooperation Organisation (SCO), the New Development (NBD), the Asian Infrastructure Investment Bank (AIIB), etc.

Fiscal Year

1st April – 31st March

Currency

Indian Rupee (INR) (₹)

GDP(PPP)

$9.59 Trillion

GDP(nominal)

$2.46 Trillion

GDP growth rate in FY 2016-17

7%

Break-up of the Indian GDP

Services: 55.6%
Industrial: 26.3%
Agricultural: 18.1%

Major Industries in India

Software, Petroleum products, Chemicals, Pharmaceuticals, Agriculture, Textiles, Steel, Machinery, Leather, Construction, etc.

Ease of doing business rank (2017)

130

Total bilateral Trade $ billion - FY 2015-16

643

Imports $ billion

381

Major Import commodities

Crude oil, precious stones, machinery, chemicals, fertilizer, plastics, iron and steel, etc.

Import partners

China, USA, Saudi Arabia, UAE, Switzerland, Indonesia, Korea, Germany, Iraq, etc.

Exports in $ billion

262

Major export commodities

Petroleum products, precious stones, vehicles, machinery, iron and steel, chemicals, pharmaceutical products, cereals, apparel, etc.

Export partners

USA, UAE, Hong Kong, China, UK, Singapore, Germany, Saudi Arabia, Vietnam, Belgium, etc.