Economy of India 1

Economy of India

Economy of The Republic of India

Modern Indian notesRank 11th (nominal) / 4th (PPP)

Currency 1 Indian Rupee (INR) ( ) = 100 Paise

Fixed exchange rates USD = 46.2600 INR(September 11, 2010)[1]

Fiscal year Calendar year (1 April — 31 March)

Trade organizations WTO, SAFTA, G-20 and others

Statistics

GDP $1.250 trillion (nominal: 11th; 2009)[2]

$3.526 trillion (PPP: 4th; 2009)[2]

GDP growth 8.8% (2010, Q1)[3]

GDP per capita $1,031 (nominal: 139th; 2009)[2]

$2,941 (PPP: 128th; 2009)[2]

GDP by sector agriculture (18%), industry (22%), services (60%) (2009)

Inflation (CPI) 8.5% (August 2010)[4]

Populationbelow poverty line

37% (2010)[5]

Gini index 36.8 (List of countries)

Labour force 467 million (2nd; 2009)

Labour forceby occupation

agriculture (52%), industry (14%), services (34%) (2009 est.)

Unemployment 10.7% (2010 est.)[6]

Main industries telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining,petroleum, machinery, information technology, pharmaceuticals

Ease of Doing BusinessRank

133rd[7]

External

Exports $176.5 billion (18th; 2009)

Economy of India 2

Export goods software, petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leathermanufactures

Main export partners US 12.3%, UAE 9.4%, China 9.3% (2008)

Imports $287.5 billion (15th; 2009)

Import goods crude oil, machinery, gems, fertilizer, chemicals

Main import partners China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2%(2008)

FDI stock Home: $161.3 billion (24th; 2009)Abroad: $77.4 billion (24th; 2009)

Gross external debt $223.9 billion (31 December 2009 est.)

Public finances

Public debt 58% of GDP (2009 est.)[8]

Revenues $129.8 billion (2009 est.)

Expenses $214.6 billion (2009 est.)

Economic aid $1.724 billion (2005)[9]

Foreign reserves $282.84 billion (6th; Aug 2010)

Main data source: CIA World Fact Book [10]

All values, unless otherwise stated, are in US dollars

Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar.

The economy of India is the eleventh largest economy in the world by nominal GDP[2] and the fourth largest bypurchasing power parity (PPP).[11] Following strong economic reforms from the socialist inspired economy of apost-independence Indian nation, the country began to develop a fast-paced economic growth, as free marketprinciples were initiated in 1990 for international competition and foreign investment. India is an emergingeconomic power with a very large pool of human and natural resources, and a growing large pool of skilledprofessionals. Economists predict that by 2020,[12] India will be among the leading economies of the world.India was under social democratic-based policies from 1947 to 1991. The economy was characterised by extensiveregulation, protectionism, public ownership, pervasive corruption and slow growth.[13] [14] [15] [16] Since 1991,continuing economic liberalisation has moved the country toward a market-based economy.[14] [15] A revival ofeconomic reforms and better economic policy in 2000s accelerated India's economic growth rate. In recent years,Indian cities have continued to liberalize business regulations.[7] By 2008, India had established itself as the world'ssecond-fastest growing major economy.[17] [18] [19] However, the year 2009 saw a significant slowdown in India'sGDP growth rate to 6.8%[20] as well as the return of a large projected fiscal deficit of 6.8% of GDP which would beamong the highest in the world.[21] [22]

India's large service industry accounts for 55% of the country's Gross Domestic Product (GDP) while the industrialand agricultural sector contribute 28% and 17% respectively.[23] Agriculture is the predominant occupation in India,accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around14%.[23] The labor force totals half a billion workers. Major agricultural products include rice, wheat, oilseed,cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[24] Major industries includetelecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining,petroleum, machinery, information technology enabled services and pharmaceuticals.[24]

India's per capita income (nominal) is $1,030, ranked 139th in the world,[25] while its per capita (PPP) of US$2,940 is ranked 128th.[26] [27] Previously a closed economy, India's trade has grown fast.[14] India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006,

Economy of India 3

India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's servicestrade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 coveringboth merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in1985.[14]

History

The spice trade between India and Europe wasone of the main drivers of the world economy[28]

and the main catalyst for the Age ofDiscovery.[29]

India's economic history can be broadly divided into three eras,beginning with the pre-colonial period lasting up to the 18th century.The advent of British colonisation started the colonial period in theearly 19th century, which ended with independence in 1947. The thirdperiod stretches from independence in 1947 until now.

Pre-colonial

The citizens of the Indus Valley civilisation, a permanent settlementthat flourished between 2800 BC and 1800 BC, practiced agriculture,domesticated animals, used uniform weights and measures, made toolsand weapons, and traded with other cities. Evidence of well plannedstreets, a drainage system and water supply reveals their knowledge ofurban planning, which included the world's first urban sanitation systems and the existence of a form of municipalgovernment.[30]

The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided invillages,[31] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation.This satisfied the food requirements of the village and provided raw materials for hand-based industries, such astextiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villagespaid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops atharvest time for their services.[32]

Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shapingeconomic activities.[33] The caste system functioned much like medieval European guilds, ensuring the division oflabour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrowspecialization. For instance, in certain regions, producing each variety of cloth was the specialty of a particularsub-caste.

Estimates of the per capita income of India (1857–1900) as per1948–49 prices.[34]

Textiles such as muslin, Calicos, shawls, andagricultural products such as pepper, cinnamon, opiumand indigo were exported to Europe, the Middle Eastand South East Asia in return for gold and silver.[35]

Assessment of India's pre-colonial economy is mostlyqualitative, owing to the lack of quantitativeinformation. One estimate puts the revenue of Akbar'sMughal Empire in 1600 at £17.5 million, in contrastwith the total revenue of Great Britain in 1800, whichtotalled £16 million.[36] India, by the time of the arrivalof the British, was a largely traditional agrarian

Economy of India 4

economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitivelydeveloped network of commerce, manufacturing and credit. After the decline of the Mughals, western, central andparts of south and north India were integrated and administered by the Maratha Empire. The Maratha Empire'sbudget in 1740s, at its peak, was 100 million. After the loss at Panipat, the Maratha Empire disintegrated intoconfederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of 30M. However, at this time, British East India company entered the Indian political theatre. Until 1857, when Indiawas firmly under the British crown, the country remained in a state of political instability due to internecine wars andconflicts.[37]

Colonial

An aerial view of Calcutta Port taken in 1945.Calcutta, which was the economic hub of British

India, saw increased industrial activity duringWorld War II.

Company rule in India brought a major change in the taxationenvironment from revenue taxes to property taxes, resulting in massimpoverishment and destitution of majority of farmers and led tonumerous famines.[38] The economic policies of the British Rajeffectively bankrupted India's large handicrafts industry and caused amassive drain of India's resources.[39] [40] Indian Nationalists employedthe successful Swadeshi movement, as strategy to diminish Britisheconomic superiority by boycotting British products and the revivingthe market for domestic-made products and production techniques.India had become a strong market for superior finished Europeangoods. This was because of vast gains made by the Industrialrevolution in Europe, the effects of which was deprived to ColonialIndia.

The Nationalists had hoped to revive the domestic industries that were badly effected by policies implemented byBritish Raj which had made them uncompetitive to British made goods.An estimate by Cambridge University historian Angus Maddison reveals that "India's share of the world income fellfrom 22.6% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952".[41] It also created aninstitutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, andcreated a single currency with fixed exchange rates, standardized weights and measures, capital markets. It alsoestablished a well developed system of railways and telegraphs, a civil service that aimed to be free from politicalinterference, a common-law and an adversarial legal system.[42] India's colonisation by the British coincided withmajor changes in the world economy—industrialisation, and significant growth in production and trade. However, atthe end of colonial rule, India inherited an economy that was one of the poorest in the developing world,[43] withindustrial development stalled, agriculture unable to feed a rapidly growing population, India had one of the world'slowest life expectancies, and low rates for literacy.

The impact of the British rule on India's economy is a controversial topic. Leaders of the Indian independencemovement, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economyin its aftermath and that financial strength required for Industrial development in Europe was derived from thewealth taken from Colonies in Asia and Africa. At the same time right-wing historians have countered that India'slow economic performance was due to various sectors being in a state of growth and decline due to changes broughtin by colonialism and a world that was moving towards industrialization and economic integration.[44]

Economy of India 5

Independence to 1991

Compare India (orange) with South Korea(yellow). Both started from about the same

income level in 1950. The graph shows GDP percapita of South Asian economies and SouthKorea as a percent of the American GDP per

capita.

Indian economic policy after independence was influenced by thecolonial experience (which was seen by Indian leaders as exploitativein nature) and by those leaders' exposure to Fabian socialism. Policytended towards protectionism, with a strong emphasis on importsubstitution, industrialization, state intervention in labor and financialmarkets, a large public sector, business regulation, and centralplanning.[45] Five-Year Plans of India resembled central planning inthe Soviet Union. Steel, mining, machine tools, water,telecommunications, insurance, and electrical plants, among otherindustries, were effectively nationalized in the mid-1950s.[46]

Capitalism and Private sector did not exist before 1991. Elaboratelicences, regulations and the accompanying red tape, commonlyreferred to as Licence Raj, were required to set up business in Indiabetween 1947 and 1990.[47]

Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on byIndira Gandhi formulated and oversaw economic policy. They expected favorable outcomes from this strategy,because it involved both public and private sectors and was based on direct and indirect state intervention, ratherthan the more extreme Soviet-style central command system.[48] The policy of concentrating simultaneously oncapital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage industries was criticizedby economist Milton Friedman, who thought it would waste capital and labour, and retard the development of smallmanufacturers.[49] The rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of theunfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[42]

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

Since 1991In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion for incumbents,removed price controls and reduced corporate taxes. While this increased the rate of growth, it also led to high fiscaldeficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner,and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, whichfound itself facing the prospect of defaulting on its loans.[50] India asked for a $1.8 billion bailout loan from IMF,which in return demanded reforms.[51]

An industrial zone near Mumbai, India.

In response, Prime Minister Narasimha Rao along with his financeminister and current Prime Minister of India Dr. Manmohan Singhinitiated the economic liberalization of 1991. The reforms did awaywith the Licence Raj (investment, industrial and import licensing) andended many public monopolies, allowing automatic approval offoreign direct investment in many sectors.[52] Since then, the overalldirection of liberalisation has remained the same, irrespective of theruling party, although no party has tried to take on powerful lobbies

Economy of India 6

such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agriculturalsubsidies.[53] Since 1990 India has a free-market economy and emerged as one of the fastest-growing economies inthe developing world; during this period, the economy has grown constantly, but with a few major setbacks. This hasbeen accompanied by increases in life expectancy, literacy rates and food security.While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 byS&P and Moody's.[54] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France andItaly by 2020, Germany, UK and Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largesteconomy of the world, behind US and China. India is often seen by most economists as a rising economicsuperpower and is believed to play a major role in the global economy in the 21st century.[55] [56] In 2009 Indiapurchased 200 Tons of Gold for $6.7 billion from IMF[57] as a total role reversal from 1991.

Sectors

Industry and services

The prestigious Tidel Park in Chennai. India hasAsia's largest outsourcing industry[58] and is the

world's second most favorable outsourcingdestination after the United States.[59]

India has one of the world's fastest growingautomobile industries[60] [61] Shown here is theTata Motors' Nano, the world's cheapest car.[62]

Industry accounts for 28% of the GDP and employ 14% of the totalworkforce.[23] However, about one-third of the industrial labour forceis engaged in simple household manufacturing only.[63] In absoluteterms, India is 16th in the world in terms of nominal factory output.[64]

Economic reforms brought foreign competition, led to privatisation ofcertain public sector industries, opened up sectors hitherto reserved forthe public sector and led to an expansion in the production offast-moving consumer goods.[65] Post-liberalisation, the Indian privatesector, which was usually run by oligopolies of old family firms andrequired political connections to prosper was faced with foreigncompetition, including the threat of cheaper Chinese imports. It hassince handled the change by squeezing costs, revamping management,focusing on designing new products and relying on low labour costsand technology.[66]

Textile manufacturing is the second largest source for employmentafter agriculture and accounts for 26% of manufacturing output.[67]

Ludhiana produces 90% of woolens in India and is also Known as theManchester of India. Tirupur has gained universal recognition as theleading source of hosiery, knitted garments, casual wear andsportswear.[68] Dharavi slum in Mumbai has gained fame for leatherproducts. Tata Motors' Nano attempts to be the world's cheapest car.[62]

India is fifteenth in services output. It provides employment to 23% ofwork force, and it is growing fast, growth rate 7.5% in 1991–2000 upfrom 4.5% in 1951–80. It has the largest share in the GDP, accountingfor 55% in 2007 up from 15% in 1950.[23]

Business services (information technology, information technology enabled services, business process outsourcing)are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth inthe IT sector is attributed to increased specialization, and an availability of a large pool of low cost, but highlyskilled, educated and fluent English-speaking workers, on the supply side, matched on the demand side by an

increased demand from foreign consumers interested in India's service exports, or those looking to outsource their operations. The share of India's IT industry to the country's GDP increased from 4.8 % in 2005-06 to 7% in 2008.[69]

Economy of India 7

[70] In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.[71] InMarch 2009, annual revenues from outsourcing operations in India amounted to US$60 billion and this is expectedto increase to US$225 billion by 2020.[72]

Organized retail such supermarkets accounts for 24% of the market as of 2008.[73] Regulations prevent most foreigninvestment in retailing. Moreover, over thirty regulations such as "signboard licences" and "anti-hoarding measures"may have to be complied before a store can open doors. There are taxes for moving goods to states, from states, andeven within states.[73]

Tourism in India is relatively undeveloped, but growing at double digits. Some hospitals woo medical tourism.[74]

Agriculture

Farmers work inside a rice field in AndhraPradesh. India is the second largest producer of

rice in the world after China[75] and AndhraPradesh is the 2nd largest rice producing state in

India with West Bengal being the largest.[76]

India ranks second worldwide in farm output. Agriculture and alliedsectors like forestry, logging and fishing accounted for 17% of theGDP in 2009, employed 52% of the total workforce[23] and despite asteady decline of its share in the GDP, is still the largest economicsector and plays a significant role in the overall socio-economicdevelopment of India. Yields per unit area of all crops have grownsince 1950, due to the special emphasis placed on agriculture in thefive-year plans and steady improvements in irrigation, technology,application of modern agricultural practices and provision ofagricultural credit and subsidies since Green revolution in India.However, international comparisons reveal the average yield in India isgenerally 30% to 50% of the highest average yield in the world.[77]

Paddy fields at Kanyakumari district in TamilNadu

India is the largest producer in the world of milk, cashew nuts,coconuts, tea, ginger, turmeric and black pepper.[78] It also has theworld's largest cattle population: 193 million.[79] It is the second largestproducer of wheat, rice, sugar, cotton, silk, peanuts and inland fish.[80]

It is the third largest producer of tobacco.[80] India is the largest fruitproducer, accounting for 10% of the world fruit production. It is theleading producer of bananas, sapotas and mangoes.[80]

India is the second largest producer and the largest consumer of silk inthe world, with the majority of the 77 million kg (2005)[81] productiontaking place in Karnataka State, particularly in Mysore and the North Bangalore regions of Muddenahalli,Kanivenarayanapura, and Doddaballapura, the upcoming sites of a INR 700 million "Silk City".[82] [83]

Banking and financeThe Indian money market is classified into: the organised sector (comprising private, public and foreign ownedcommercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector(comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies(NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urbanareas, especially for non-productive purposes, like ceremonies and short duration loans.[84]

Economy of India 8

Mumbai is the financial and commercial capitalof India. Shown here is the World Trade Centre

of Mumbai

Prime Minister Indira Gandhi nationalised 14 banks in 1969, followedby six others in 1980, and made it mandatory for banks to provide 40%of their net credit to priority sectors like agriculture, small-scaleindustry, retail trade, small businesses, etc. to ensure that the banksfulfill their social and developmental goals. Since then, the number ofbank branches has increased from 10,120 in 1969 to 98,910 in 2003and the population covered by a branch decreased from 63,800 to15,000 during the same period. The total deposits increased 32.6 timesbetween 1971 to 1991 compared to 7 times between 1951 to 1971.Despite an increase of rural branches, from 1,860 or 22% of the totalnumber of branches in 1969 to 32,270 or 48%, only 32,270 out of 5lakh (500,000) villages are covered by a scheduled bank.[85] [86]

The public sector banks hold over 75% of total assets of the banking industry, with the private and foreign banksholding 18.2% and 6.5% respectively.[87] Since liberalisation, the government has approved significant bankingreforms. While some of these relate to nationalised banks (like encouraging mergers, reducing governmentinterference and increasing profitability and competitiveness), other reforms have opened up the banking andinsurance sectors to private and foreign players.[23] [88]

More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[89] Indianhas the highest saving rate in the world at 36 percent.

Natural resources

India has the world's fifth largest wind powerindustry, with an installed wind power capacity of

9,587 MW. Shown here is a wind farm inMuppandal, Tamil Nadu.

India's total cultivable area is 1,269,219 km² (56.78% of total landarea), which is decreasing due to constant pressure from an evergrowing population and increased urbanisation. India has a total watersurface area of 314,400 km² and receives an average annual rainfall of1,100 mm. Irrigation accounts for 92% of the water utilisation, andcomprised 380 km² in 1974, and is expected to rise to 1,050 km² by2025, with the balance accounted for by industrial and domesticconsumers. India's inland water resources comprising rivers, canals,ponds and lakes and marine resources comprising the east and westcoasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheriessector. In 2008, India had the world's third largest fishing industry.[90]

India's major mineral resources include coal, iron, manganese, mica, bauxite, titanium, chromite, limestone andthorium. India meets most of its domestic energy demand through its 92 billion tonnes of coal reserves (about 10%of world's coal reserves).[91]

India's huge thorium reserves — about 25% of world's reserves — is expected to fuel the country's ambitious nuclearenergy program in the long-run. India's dwindling uranium reserves stagnated the growth of nuclear energy in thecountry for many years.[92] However, the Indo-US nuclear deal has paved the way for India to import uranium fromother countries.[93] India is also believed to be rich in certain renewable sources of energy with significant futurepotential such as solar, wind and biofuels (jatropha, sugarcane).

Economy of India 9

Petroleum and Natural gas

ONGC platform at Mumbai High in the ArabianSea. As of 2010, India is the world's fifth largest

consumer of oil.[94]

India's oil reserves, found in Mumbai High, parts of Gujarat, Rajasthanand eastern Assam, meet 25% of the country's domestic oil demand.[23]

[95] India's total proven oil reserves stand at 11 billion barrels,[96] ofwhich Mumbai High is believed to hold 6.1 billion barrels[97] andMangala Area in Rajasthan an additional 3.6 billion barrels.[98]

In 2009, India imported 2.56 million barrels of oil per day, making itone of largest buyers of crude oil in the world.[99] The petroleumindustry in India mostly consists of public sector companies such asOil and Natural Gas Corporation (ONGC), Hindustan PetroleumCorporation Limited (HPCL) and Indian Oil Corporation Limited(IOCL). There are some major private Indian companies in oil sectorsuch as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.[100]

Pharmaceuticals

India has a self reliant Pharmaceuticals industry. The majority of its medical consumables are produceddomestically. Pharmaceutical Industry in India is dotted with companies like Ranbaxy Pharmaceutical, Dr. Reddy'sLaboratories, Cipla which have created a niche for themselves at world level. India including China, Brazil, Turkey,Mexico, Russia and South Korea are called “pharmerging” countries. [101]

Today, India is an exporter to countries like the United States and Russia. In terms of the global market, Indiacurrently holds a modest 1-2% share, but it has been growing at approximately 10% per year. India is unable tocapture much of the value as most of the innovation taking place is by non-Indian firms. They are developingproducts in their own R&D centres or outsourcing to Indian engineering services firms and getting the stuffmanufactured at either their own factories or through contract manufacturing, as in pharmaceuticals.[102]

External trade and investment

Global trade relations

In March 2008, India's annual imports andexports stood at US$236 and US$155.5 billionrespectively.[103] Shown here is the cargo of acontainer ship being unloaded at the Jawaharlal

Nehru Port, Navi Mumbai.

India's economy is mostly dependent on its large internal market withexternal trade accounting for just 20% of the country's GDP.[104] In2008, India accounted for 1.45% of global merchandise trade and 2.8%of global commercial services export.[105] Until the liberalization of1991, India was largely and intentionally isolated from the worldmarkets, to protect its economy and to achieve self-reliance. Foreigntrade was subject to import tariffs, export taxes and quantitativerestrictions, while foreign direct investment (FDI) was restricted byupper-limit equity participation, restrictions on technology transfer,export obligations and government approvals; these approvals wereneeded for nearly 60% of new FDI in the industrial sector. Therestrictions ensured that FDI averaged only around US$200 millionannually between 1985 and 1991; a large percentage of the capitalflows consisted of foreign aid, commercial borrowing and deposits ofnon-resident Indians.[106] India's exports were stagnant for the first 15 years after independence, due to thepredominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Imports in the sameperiod consisted predominantly of machinery, equipment and raw materials, due to nascent industrialization.

Economy of India 10

Since liberalization, the value of India's international trade has become more broad-based and has risen to 63,080,109 crores in 2003–04 from 1,250 crores in 1950–51. India's major trading partners are China, the US, theUAE, the UK, Japan and the EU.[107] The exports during April 2007 were $12.31 billion up by 16% and import were$17.68 billion with an increase of 18.06% over the previous year.[108] In 2006-07, major export commoditiesincluded engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles andgarments, agricultural products, iron ore and other minerals. Major import commodities included crude oil andrelated products, machinery, electronic goods, gold and silver.[109]

India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, theWTO. While participating actively in its general council meetings, India has been crucial in voicing the concerns ofthe developing world. For instance, India has continued its opposition to the inclusion of such matters as labour andenvironment issues and other non-tariff barriers into the WTO policies.[110]

Balance of payments

Cumulative Current Account Balance 1980-2008based on the IMF data

Since independence, India's balance of payments on its current accounthas been negative. Since liberalisation in the 1990s (precipitated by abalance of payment crisis), India's exports have been consistentlyrising, covering 80.3% of its imports in 2002–03, up from 66.2% in1990–91. India's growing oil import bill is seen as the main driverbehind the large current account deficit.[111] In 2007-08, Indiaimported 120.1 million tonnes of crude oil, more than 3/4th of thedomestic demand, at a cost of $61.72 billion.[112]

Although India is still a net importer, since 1996–97 its overall balance of payments (i.e., including the capitalaccount balance) has been positive, largely on account of increased foreign direct investment and deposits fromnon-resident Indians; until this time, the overall balance was only occasionally positive on account of externalassistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008.

Due to the global late-2000s recession, both Indian exports and imports declined by 29.2% and 39.2% respectively inJune 2009.[113] The steep decline was because countries hit hardest by the global recession, such as United Statesand members of the European Union, account for more than 60% of Indian exports.[114] However, since the declinein imports was much sharper compared to the decline in exports, India's trade deficit reduced to 252.5 billionrupee.[113]

India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03,it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debtservice ratio to 4.5% in 2007.[115] In India, External Commercial Borrowings (ECBs) are being permitted by theGovernment for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors andregulates these borrowings (ECBs) through ECB policy guidelines.[116]

Foreign direct investment in India

Economy of India 11

Share of top five investing countries in FDI inflows. (2000–2007)[117]

Rank Country Inflows(Million USD)

Inflows (%)

1  Mauritius 85,178 44.24%[118]

2  United States 18,040 9.37%

3  UnitedKingdom

15,363 7.98%

4  Netherlands 11,177 5.81%

5  Singapore 9,742 5.06%

6  Cyprus 5,742 3.06%

As the fourth-largest economy in the world in PPP terms, India is a preferred destination for foreign directinvestments (FDI);[119] India has strengths in telecommunication, information technology and other significant areassuch as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreigninvestments, rigid FDI policies resulted in a significant hindrance. However, due to some positive economic reformsaimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of thefront-runners of the rapidly growing Asia Pacific Region.[119] India has a large pool of skilled managerial andtechnical expertise. The size of the middle-class population stands at 300 million and represents a growing consumermarket.[120]

The inordinately high investment from Mauritius is due to routing of international funds through the country givensignificant capital gains tax advantages; double taxation is avoided due to a tax treaty between India and Mauritius,and Mauriitus is a capital gains tax haven, effectively creating a zero-taxation FDI channel.India's recently liberalized FDI policy (2005) allows up to a 100% FDI stake in ventures. Industrial policy reformshave substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easyaccess to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estatesector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the governmentamended the rules to allow 100 per cent FDI in the construction business.[121] This automatic route has beenpermitted in townships, housing, built-up infrastructure and construction development projects including housing,commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- andregional-level infrastructure.A number of changes were approved on the FDI policy to remove the caps in most sectors. Fields which requirerelaxation in FDI restrictions include civil aviation, construction development, industrial parks, petroleum andnatural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agendaof permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflowsinto India reached a record $19.5 billion in fiscal year 2006-07 (April-March), according to the government'sSecretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year.The FDI inflow for 2007-08 has been reported as $24 billion[122] and for 2008-09, it is expected to be above $35billion.[123] A critical factor in determining India's continued economic growth and realizing the potential to be aneconomic superpower is going to depend on how the government can create incentives for FDI flow across a largenumber of sectors in India.[124]

Economy of India 12

Currency

The RBI headquarters in Mumbai

The Indian rupee is the only legal tender accepted in India. Theexchange rate as on 23 March 2010 is 45.40 INR the USD,[125] 61.45to a EUR, and 68.19 to a GBP. The Indian rupee is accepted as legaltender in the neighboring Nepal and Bhutan, both of which peg theircurrency to that of the Indian rupee. The rupee is divided into 100paise. The highest-denomination banknote is the 1,000 rupee note; thelowest-denomination coin in circulation is the 25 paise coin (it earlierhad 1, 2, 5, 10 and 20 paise coins which have been discontinued by theReserve Bank of India).[126]

The Rupee hit a record low during early 2009 on account of globalrecession. However, due to a strong domestic market, India managed tobounce back sooner than the western countries. Since September 2009there has been a constant appreciation in Rupee versus most Tier 1currencies. On 11 January 2010 Rupee went as high as 45.50 to aUnited states dollar and on 10 January 2010 as high as Rupee 73.93 toa British Pound. A rising rupee also prompted Government of India tobuy 200 tonnes of Gold from IMF.The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's monetary authority,regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBIis governed by a central board, headed by a governor who is appointed by the Central government of India.

Income and consumption

Percentage of population living under the poverty line of $1 (PPP) a day, currently356.35 rupees a month in rural areas (around $7.4 a month).

As of 2005:• 85.7% of the population lives on less

than $2.50 (PPP) a day, down from92.5% in 1981. This is much higher thanthe 80.5% in Sub-Saharan Africa.[127]

• 75.6% of the population lives on lessthan $2 a day (PPP), which is around 20rupees or $0.5 a day in nominal terms. Itwas down from 86.6%, but is still evenmore than the 73.0% in Sub-SaharanAfrica.[127] [128] [129] [130] [131]

• 24.3% of the population earned less than$1 (PPP, around $0.25 in nominal terms)a day in 2005, down from 42.1% in1981.[127] [132]

• 41.6% of its population is living belowthe new international poverty line of $1.25 (PPP) per day, down from 59.8% in 1981.[127] The World Bank furtherestimates that a third of the global poor now reside in India.

Housing is modest. According to Times of India, "a majority of Indians have per capita space equivalent to or less than a 10 feet x 10 feet room for their living, sleeping, cooking, washing and toilet needs." and "one in every three urban Indians lives in homes too cramped to exceed even the minimum requirements of a prison cell in the US."[133]

Economy of India 13

The average is 103 sq ft (9.6 m2) per person in rural areas and 117 sq ft (10.9 m2) per person in urban areas.[133]

Around half of Indian children are malnourished. The proportion of underweight children is nearly double that ofSub-Saharan Africa.[134] [135] However, India has not had famines since the Green Revolution in the early 1970s.While poverty in India has reduced significantly, official figures estimate that 27.5%[136] of Indians still lived belowthe national poverty line of $1 (PPP, around 10 rupees in nominal terms) a day in 2004-2005.[137] A 2007 report bythe state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 65% of Indians,or 750 million people, lived on less than 20 rupees per day[138] with most working in "informal labour sector with nojob or social security, living in abject poverty."[139]

Since the early 1950s, successive governments have implemented various schemes, under planning, to alleviatepoverty, that have met with partial success. All these programmes have relied upon the strategies of the Food forwork programme and National Rural Employment Programme of the 1980s, which attempted to use the unemployedto generate productive assets and build rural infrastructure.[140] In August 2005, the Indian parliament passed theRural Employment Guarantee Bill, the largest programme of this type in terms of cost and coverage, which promises100 days of minimum wage employment to every rural household in all the India's 600 districts. The question ofwhether economic reforms have reduced poverty or not has fuelled debates without generating any clear cut answersand has also put political pressure on further economic reforms, especially those involving the downsizing of labourand cutting agricultural subsidies.[141] [142] Recent statistics in 2010 point out that the number of high incomehouseholds has crossed lower income households.[143]

EmploymentAgricultural and allied sectors accounted for about 60% of the total workforce in 2003 same as in 1993–94. Whileagriculture has faced stagnation in growth, services have seen a steady growth. Of the total workforce, 8% is in theorganised sector, two-thirds of which are in the public sector. The NSSO survey estimated that in 1999–2000, 106million, nearly 10% of the population were unemployed and the overall unemployment rate was 7.3%, with ruralareas doing marginally better (7.2%) than urban areas (7.7%). India's labor force is growing by 2.5% annually, butemployment only at 2.3% a year.[144]

Official unemployment exceeds 9%. Regulation and other obstacles have discouraged the emergence of formalbusinesses and jobs. Almost 30% of workers are casual workers who work only when they are able to get jobs andremain unpaid for the rest of the time.[144] Only 10% of the workforce is in regular employment.[144] India's laborregulations are heavy even by developing country standards and analysts have urged the government to abolishthem.[14] [145]

Unemployment in India is characterized by chronic or disguised unemployment. Government schemes that targeteradication of both poverty and unemployment (which in recent decades has sent millions of poor and unskilledpeople into urban areas in search of livelihoods) attempt to solve the problem, by providing financial assistance forsetting up businesses, skill honing, setting up public sector enterprises, reservations in governments, etc. Thedecreased role of the public sector after liberalization has further underlined the need for focusing on bettereducation and has also put political pressure on further reforms.[140] [146]

Child labor is a complex problem that is basically rooted in poverty. The Indian government is implementing theworld's largest child labor elimination program, with primary education targeted for ~250 million. Numerousnon-governmental and voluntary organizations are also involved. Special investigation cells have been set up instates to enforce existing laws banning employment of children (under 14) in hazardous industries. The allocation ofthe Government of India for the eradication of child labor was $10 million in 1995-96 and $16 million in 1996-97.The allocation for 2007 is $21 million.[147]

In 2006, remittances from Indian migrants overseas made up $27 billion or about 3% of India's GDP.[148]

Economy of India 14

Economic trends

India's 300 million strong middle-classpopulation is growing at an annual rate of

5%.[149] Shown here is a residential area inMumbai.

In the revised 2007 figures, based on increased and sustaining growth,more inflows into foreign direct investment, Goldman Sachs predictsthat "from 2007 to 2020, India’s GDP per capita in US$ terms willquadruple", and that the Indian economy will surpass the United States(in US$) by 2043.[16] In spite of the high growth rate, the report statedthat India would continue to remain a low-income country for decadesto come but could be a "motor for the world economy" if it fulfills itsgrowth potential.[16] Goldman Sachs has outlined 10 things that itneeds to do in order to achieve its potential and grow 40 times by 2050.These are

1. Improve Governance2. Raise Educational Achievement3. Increase Quality and Quantity of Universities4. Control Inflation5. Introduce a Credible Fiscal Policy6. Liberalize Financial Markets7. Increase Trade with Neighbours8. Increase Agricultural Productivity9. Improve Infrastructure10. Improve Environmental Quality.[150]

Issues

Agriculture

An Indian farmer

Slow agricultural growth is a concern for policymakers as sometwo-thirds of India’s people depend on rural employment for aliving. Current agricultural practices are neither economicallynor environmentally sustainable and India's yields for manyagricultural commodities are low. Poorly maintained irrigationsystems and almost universal lack of good extension services areamong the factors responsible. Farmers' access to markets ishampered by poor roads, rudimentary market infrastructure, andexcessive regulation.

– World Bank: "India Country Overview 2008"[151]

The low productivity in India is a result of the following factors:• According to "India: Priorities for Agriculture and Rural Development" by World Bank, India's large agricultural

subsidies are hampering productivity-enhancing investment. Overregulation of agriculture has increased costs,price risks and uncertainty. Government interventions in labor, land, and credit markets are hurting the market.Infrastructure and services are inadequate.[152]

• Illiteracy, slow progress in implementing land reforms and inadequate or inefficient finance and marketingservices for farm produce.

• The average size of land holdings is very small (less than 20,000 m²) and is subject to fragmentation, due to landceiling acts and in some cases, family disputes. Such small holdings are often over-manned, resulting in disguisedunemployment and low productivity of labour.

Economy of India 15

• Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of suchpractices, high costs and impracticality in the case of small land holdings.

• World Bank says that the allocation of water is inefficient, unsustainable and inequitable. The irrigationinfrastructure is deteriorating.[152] Irrigation facilities are inadequate, as revealed by the fact that only 52.6% ofthe land was irrigated in 2003–04,[153] which result in farmers still being dependent on rainfall, specifically theMonsoon season. A good monsoon results in a robust growth for the economy as a whole, while a poor monsoonleads to a sluggish growth.[154] Farm credit is regulated by NABARD, which is the statutory apex agent for ruraldevelopment in the subcontinent.

India has many farm insurance companies that insure fruit, rice and rubber farmers in the event of natural disasters orcatastrophic crop failure, under the supervision of the Ministry of Agriculture. One notable company that providesall of these insurance policies is Agriculture Insurance Company of India and it alone insures almost 20 millionfarmers.India's population is growing faster than its ability to produce rice and wheat.[155] The most important structuralreform for self-sufficiency is the ITC Limited plan to connect 20,000 villages to the Internet by 2013.[156] This willprovide farmers with up to date crop prices for the first time, which should minimise losses incurred fromneighbouring producers selling early and in turn facilitate investment in rural areas.

Corruption

Overview of the index of perception ofcorruption, 2007

Corruption has been one of the pervasive problems affecting India. Theeconomic reforms of 1991 reduced the red tape, bureaucracy and theLicence Raj that had strangled private enterprise and was blamed byChakravarthi Rajagopalachari for the corruption and inefficiencies.Yet, a 2005 study by Transparency International (TI) India found thatmore than half of those surveyed had firsthand experience of payingbribe or peddling influence to get a job done in a public office.[157]

The Right to Information Act (2005) and equivalent acts in the Indian states, that require government officials tofurnish information requested by citizens or face punitive action, computerisation of services and various central andstate government acts that established vigilance commissions have considerably reduced corruption or at least haveopened up avenues to redress grievances.[157] The 2009 report by Transparency International ranks India at 84th

place and states that significant improvements were made by India in reducing corruption.[158] [159]

Economy of India 16

Government

The number of people employed in non-agricultural occupations in the public and privatesectors. Totals are rounded. Private sector data relates to non-agriculture establishments

with 10 or more employees.[140]

The current government has concludedthat most spending fails to reach itsintended recipients.[160] Lant Pritchettcalls India's public sector "one of theworld's top ten biggest problems — ofthe order of AIDS and climatechange".[160] The Economist's 2008article about the Indian civil servicestated that the Indian centralgovernment employs around 3 millionpeople, including "vast armies ofpaper-shuffling peons".[160]

At local level, administration can beworse. It is not unheard of that amajority of a state's assembly seats canbe held by convicted criminals.[161] One study found that 25% of public sector teachers and 40% of public sectormedical workers could not be found at the workplace. India's absence rates are one of the worst in the world.[162]

[163] [164] [165]

Education

India has made huge progress in terms of increasing primary education attendance rate and expanding literacy toapproximately two thirds of the population.[166] The right to education at elementary level has been made one of thefundamental rights under the Eighty-Sixth Amendment of 2002.[167] However, the literacy rate of 65% is still lowerthan the worldwide average and the country suffers from a high dropout rate.[168]

Infrastructure

Shown here is the Mumbai Pune expressway inMaharashtra.

In the past, development of infrastructure was completely in the handsof the public sector and was plagued by corruption, bureaucraticinefficiencies, urban-bias and an inability to scale investment.[169]

India's low spending on power, construction, transportation,telecommunications and real estate, at $31 billion or 6% of GDP in2002 had prevented India from sustaining higher growth rates. This hasprompted the government to partially open up infrastructure to theprivate sector allowing foreign investment[140] [170] [171] which hashelped in a sustained growth rate of close to 9% for the past sixquarters.[172]

Some 600 million Indians have no mains electricity at all.[173] While 80% of Indian villages have at least anelectricity line, just 44% of rural households have access to electricity.[174] According to a sample of 97,882households in 2002, l,,lelectricity was the main source of lighting for 53% of rural households compared to 36% in1993.[175] Some half of the electricity is stolen, compared with 3% in China. The stolen electricity amounts to 1.5%of GDP.[174] [176] Almost all of the

Economy of India 17

India has built numerous new airports in recentyears. Shown here is new Terminal 1D at Indira

Gandhi International Airport in Delhi

electricity in India is produced by the public sector. Power outages arecommon.[173] Many buy their own power generators to ensureelectricity supply. As of 2005 the electricity production was at 661.6billion kWh with oil production standing at 785,000 bbl/day. In 2007,electricity demand exceeded supply by 15%.[173] Multi CommodityExchange has tried to get a permit to offer electricity futuremarkets.[177]

India has the world's third largest road network in the world.[178]

Container traffic is growing at 15% a year.[179] Some 60% of India’scontainer traffic is handled by the Jawaharlal Nehru Port Trust in NaviMumbai. Internet use is rare; there were only 7.57 million broadbandlines in India in November 2009, however it is still growing at slowerrate and is expected to boom after the launch of 3G and wimax services.[180]

Most urban cities have good water supply water 24 hours a day, while some smaller cities face water shortages insummer season. A World Bank report says it is an institutional problem in water agencies, or "how the agency isembedded in the relationships between politics and the citizens who are the consumers."[181]

Labour laws

India’s labor regulations — among the most restrictive and complex in the world — have constrained thegrowth of the formal manufacturing sector where these laws have their widest application. Better designedlabor regulations can attract more labor- intensive investment and create jobs for India’s unemployed millionsand those trapped in poor quality jobs. Given the country’s momentum of growth, the window of opportunitymust not be lost for improving the job prospects for the 80 million new entrants who are expected to join thework force over the next decade.

– World Bank: India Country Overview 2008.[151]

India's restrictive labor regulations hamper the large-scale creation of formal industrial jobs.[14] [168] [182]

India ranked 133th on the Ease of Doing Business Index 2010, behind countries such as China (89th), Pakistan(85th), and Nigeria (125th). The Constitution provides protection of child labor, slavery, equality of opportunitiesand forced labor etc. in form of fundamental rights, but the implementation of provisions cited is a matter ofconcern.[183]

Economic disparities

Lagging states need to bring more jobs to their people by creating an attractive investment destination.Reforming cumbersome regulatory procedures, improving rural connectivity, establishing law and order,creating a stable platform for natural resource investment that balances business interests with social concerns,and providing rural finance are important.

– World Bank: India Country Overview 2008[151]

Economy of India 18

Slums next to high-rise commercial buildings inKaloor, Kochi. Hundreds of people, mostly

comprising migrant labourers who come to thecity seeking job prospects, reside in such shabby

areas.[184]

One of the critical problems facing India's economy is the sharp andgrowing regional variations among India's different states andterritories in terms of per capita income, poverty, availability ofinfrastructure and socio-economic development.[185] Six low-incomestates - Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa andUttar Pradesh - are home to more than one third of India'spopulation.[186]

Between 1999 and 2008, the annualized growth rates for Maharashtra(9%),[187] Gujarat (8.8%), Haryana (8.7%), or Delhi (7.4%) were muchhigher than for Bihar (5.1%), Uttar Pradesh (4.4%), or MadhyaPradesh (3.5%).[188] However, In 2009-10, Bihar witnessed a growthof about 12.6%, and ended up becoming the 'fastest growing state' ,followed by Gujarat with a growth of 11.3%.

Poverty rates in rural Orissa (43%) and rural Bihar (40%) are some of the worst in the world.[181] On the other hand,rural Haryana (5.7%) and rural Punjab (2.4%) compare well with middle-income countries.[181]

The five-year plans have attempted to reduce regional disparities by encouraging industrial development in theinterior regions, but industries still tend to concentrate around urban areas and port cities[189] After liberalization, themore advanced states are better placed to benefit from them, with infrastructure like well developed ports,urbanisation and an educated and skilled workforce which attract manufacturing and service sectors. The union andstate governments of backward regions are trying to reduce the disparities by offering tax holidays, cheap land, etc.,and focusing more on sectors like tourism, which although being geographically and historically determined, canbecome a source of growth and is faster to develop than other sectors.[190] [191]

See also• Below Poverty Line (India)• Bilateral investment treaty• Indian Construction Industry• Indian states ranking by families owning house• List of companies of India• Media of India• Net international investment position• Economic reforms in India

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agriculture in India since independence. Oxford University Press. pp. 189–199. ISBN 0195643941.• Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin

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Economy of India 19

• Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms In India [192]. Working paper n. 51.• Centre for Media Studies (2005) (PDF). India Corruption Study 2005: To Improve Governance Volume – I: Key

Highlights [193]. Transparency International India. Retrieved 2009-06-21.• Ghosh, Jayati. "Bank Nationalisation: The Record" [194]. Macroscan. Retrieved 2005-08-05.• Gordon, Jim and Gupta, Poonam (2003) (PDF). Understanding India's Services Revolution [195]. 12 November

2003. Retrieved 2009-06-21.• Kelegama, Saman and Parikh, Kirit (2000). Political Economy of Growth and Reforms in South Asia [196]. Second

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Growth in India [199]. Working paper 88. Archived from the original [200] on 2007-07-01.• Srinivasan, T.N. (2002) (PDF). Economic Reforms and Global Integration [201]. 17 January 2002. Retrieved

2009-06-21.• Williamson, John and Zagha, Roberto (2002) (PDF). From the Hindu Rate of Growth to the Hindu Rate of

Reform [202]. Working Paper No. 144. Center for research on economic development and policy reform.Government publications• "Economic Survey 2004–2005" [203]. Retrieved 2005-07-15.• "History of the Planning Commission" [204]. Retrieved 2005-07-22.• "India & the World Trade Organization" [205]. Retrieved 2005-07-09.• "Jawahar gram samriddhi yojana" [206]. Retrieved 2005-07-09.• Kurian, N.J.. "Regional disparities in india" [207]. Retrieved 2005-08-06.• Multiple authors (2004) (PDF). Agricultural Statistics at a Glance 2004 [208]. Retrieved 2009-06-21.News• "That old Gandhi magic" [209]. The Economist. 27 November 1997.• "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax" [210]. Daily Times. 25 March 2005.• "Economic structure" [211]. The Economist. 6 October 2003.• "Indian manufacturers learn to compete" [212]. The Economist. 12 February 2004.• "India’s next 50 years" [213]. The Economist. 14 August 1997.• "The plot thickens" [214]. The Economist. 31 May 2001.• "The voters' big surprise" [215]. The Economist. 13 May 2004.• "Regional stock exchanges – Bulldozed by the Big Two" [216]. Retrieved 2005-08-10.• "Infrastructure the missing link" [217]. CNN. 2004-10-06. Retrieved 2005-08-14.• "Of Oxford, economics, empire, and freedom" [218]. The Hindu. 2 October 2005.Articles• [Media:Economic Development of India.pdf "Economic Development of India"] (PDF). Media:Economic

Development of India.pdf. Retrieved 17 May 2007.• "Milton Friedman on the Nehru/Mahalanobis Plan" [219]. Retrieved 2005-07-16.• "Forex reserves up by $88 mn" [220]. Retrieved 2005-08-10.• "CIA — The World Factbook" [10]. Retrieved 2005-08-02.• "Infrastructure in India: Requirements and favorable climate for foreign investment" [221]. Retrieved 2005-08-14.

Economy of India 20

External linksGovernment of India websites• Finance Ministry of India [222]

• India in Business [223]- Official website for Investment and Trade in India• Reserve Bank of India's database on the Indian economy [224]

Publications and statistics• World Bank - India Country Overview [225]

• all Indian companies websites [226]

• Ernst & Young 2006 report on doing Business in India [227]

• CIA - The World Factbook – India [10]

• India Economic Scan [228]

• Will India Become a Superpower? Here are 12 Hints [229]

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LeCour, Rjwilmsi, Rmky87, RobertG, Robertvan1, Roux, RoyBoy, Rr2503, Rsrikanth05, S3000, SDas, Sachincrai, Sadiqkhan 6384, Saksham, Salamurai, Sam Hocevar, Samar60,Samkitshah64198618, Sandahl, Sandiprouth, SandyGeorgia, Sanjeevsofteng, Sanyasi, Sapnam, Saravask, Sarosh8, SchmuckyTheCat, Sdeox, Sen dp, Seraphiel, Shahab, Shankar mallapur,Shashank.131, Shawx, Shelvinc, Shivap, Shovon76, Shyam, Signswork, SiobhanHansa, Sionus, Sir Edgar, SivaKumar, Sjö, Skarebo, Skcpublic, SkyWalker, Smano555, Snigbrook,Someguy1221, Sophie2895, SpNeo, SpacemanSpiff, Spliffy, Spruceforest, Ssanagav, SubZero..Vighu.., Sukucivil, Sumanch, Sumanthk, Sundar, Sunny planet, Sunray, Surinamer, Sushant gupta,Suyogaerospace, Tadkashadka, Tarun.Varshney, TastyPoutine, Taxman, Telugodu123, Terrace4, Thakur rigved, That Guy, From That Show!, Thatguyflint, The Thing That Should Not Be, Theidiot, ThevikasIN, ThisIsAce, Thunderboltz, Tide rolls, Tim1357, Tmopkisn, Tony1, Toy111, Tpbradbury, Trakesht, Treatakbar, Treisijs, Tri400, Troy44, Trust Is All You Need, Turlo Lomon,Ujwal10101, User2004, Utcursch, V.Chowla, Van helsing, Vedant, Vikram infodrive, Vimalkalyan, Vinaypv5, VirtualSteve, Vishvajit87, Vjz666, Vkshah2, Vkvora2001, Voltigeur, Wavelength,Wayward, Wenli, WhaleWey, WhatisFeelings?, Whiskey in the Jar, WikHead, Wiki alf, Wikirao, Win.monroe, Wingsoop, Woohookitty, Worldwatcher2000, Wpedzich, Wushi-En, Xiaojeng,Xman1, Yogesh Khandke, Zangar, Zhonghuo, Zlerman, ~shuri, Žiedas, రవిచంద్ర, 1208 anonymous edits

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 Source:http://en.wikipedia.org/w/index.php?title=File:Per_capita_GDP_of_South_Asian_economies_&_SKorea_(1950-1995).png  License: Public Domain  Contributors: Mdd, Neon, Pamri, Roke, 1anonymous editsFile:India industry.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:India_industry.jpg  License: Creative Commons Attribution 2.0  Contributors: Abhisek SardaFile:Tidel Park.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Tidel_Park.jpg  License: Creative Commons Attribution-Sharealike 2.5  Contributors: Planemad, Roland zhImage:Nano.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Nano.jpg  License: Creative Commons Attribution-Sharealike 2.0  Contributors: arulnathan from New Delhi, IndiaImage:FarmersIndia.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:FarmersIndia.jpg  License: Creative Commons Attribution-Sharealike 3.0  Contributors: User:Emperor GeniusFile:Nagercoil paddy fields.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Nagercoil_paddy_fields.jpg  License: GNU Free Documentation License  Contributors: w:user:PlaneMadFile:Mumbai Downtown.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Mumbai_Downtown.jpg  License: Creative Commons Attribution-Sharealike 2.0  Contributors: JasvipulChawlaImage:Aralvaimozhy station.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Aralvaimozhy_station.jpg  License: Creative Commons Attribution-Sharealike 2.5  Contributors:GeorgHH, Odder, Planemad, Roland zh, Teratornis, 1 anonymous editsFile:ONGC Oil Platform.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:ONGC_Oil_Platform.jpg  License: Creative Commons Attribution 2.0  Contributors: Nandu Chitnis fromPune, IndiaImage:Jawaharlal Nehru Trust Port.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Jawaharlal_Nehru_Trust_Port.jpg  License: Creative Commons Attribution 3.0  Contributors:Jaxer (talk) Original uploader was Jaxer at en.wikipediaFile:Cumulative Current Account Balance.png  Source: http://en.wikipedia.org/w/index.php?title=File:Cumulative_Current_Account_Balance.png  License: Public Domain  Contributors:Emilfaro, 2 anonymous editsFile:Flag of Mauritius.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Mauritius.svg  License: Public Domain  Contributors: User:Gabbe, User:SKoppFile:Flag of the United States.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_United_States.svg  License: Public Domain  Contributors: User:Dbenbenn,User:Indolences, User:Jacobolus, User:Technion, User:Zscout370File:Flag of the United Kingdom.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_United_Kingdom.svg  License: Public Domain  Contributors: User:Zscout370File:Flag of the Netherlands.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_Netherlands.svg  License: Public Domain  Contributors: User:Zscout370File:Flag of Singapore.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Singapore.svg  License: Public Domain  Contributors: VariousFile:Flag of Cyprus.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Cyprus.svg  License: Public Domain  Contributors: AnonMoos, Consta, Dbenbenn, Denelson83,Duduziq, Er Komandante, Homo lupus, Klemen Kocjancic, Krinkle, Mattes, NeoCy, Neq00, Nightstallion, Oleh Kernytskyi, Pumbaa80, Reisio, Telim tor, ThomasPusch, Vzb83, 15 anonymouseditsImage:RBI Tower.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:RBI_Tower.jpg  License: Creative Commons Attribution-Sharealike 3.0  Contributors: NichalpImage:BPL Data GOI.png  Source: http://en.wikipedia.org/w/index.php?title=File:BPL_Data_GOI.png  License: unknown  Contributors: Original uploader was IndianCow at en.wikipediaImage:Mumbai Skyline1.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Mumbai_Skyline1.jpg  License: Creative Commons Attribution-Sharealike 3.0  Contributors: User:DeepakFile:India Farming.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:India_Farming.jpg  License: Creative Commons Attribution 2.0  Contributors: Ananth BSImage:World Map Index of perception of corruption.png  Source: http://en.wikipedia.org/w/index.php?title=File:World_Map_Index_of_perception_of_corruption.png  License: GNU FreeDocumentation License  Contributors: User:Lencer

Image Sources, Licenses and Contributors 28

Image:Private and public industry employment in India(2003).png  Source: http://en.wikipedia.org/w/index.php?title=File:Private_and_public_industry_employment_in_India(2003).png License: Public Domain  Contributors: PamriImage:Mumbai Pune ExpresswayDec2007.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Mumbai_Pune_ExpresswayDec2007.jpg  License: Creative CommonsAttribution-Sharealike 2.0  Contributors: Original uploader was Nikkul at en.wikipediaFile:Delhi Airport India.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Delhi_Airport_India.jpg  License: Creative Commons Attribution-Sharealike 2.0  Contributors: digeyeImage:Kochi India slums.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Kochi_India_slums.jpg  License: Creative Commons Attribution 2.0  Contributors: k r ranjith. Originaluploader was Roberto Mura at it.wikipedia

LicenseCreative Commons Attribution-Share Alike 3.0 Unportedhttp:/ / creativecommons. org/ licenses/ by-sa/ 3. 0/