INDIAN ECONOMY

Mumbai, Maharashtra is considered the financial capital of India

Currency Indian rupee (INR) ( ) = 100 Paisa₹ Fiscal year 1 April – 31 March Trade organizations WTO, SAFTA, BRICS, G-20, East Asia

Summit, G8+5, SAARC, AIIB, BIMSTEC, RCEP, International Monetary Fund, World Bank, SCO, United Nations

Economy of India

GDP $2.25 trillion (nominal; 2016)[

$8.72 trillion (PPP; 2016) GDP rank 7th (nominal) / 3rd (PPP) GDP growth 7.6% (2015-16) GDP per capita $1,604 (nominal; 2016) $6,187 (PPP; 2016) GDP per capita rank 140th (nominal) / 122nd (PPP) GDP by sector Agriculture: 17%

Industry: 29.7% Services: 45% (2015 est.)

Statistics

The economy of India is the seventh-largest economy

in the world measured by nominal GDP and the third-

largest by purchasing power parity (PPP).

The country is classified as a newly industrialised

country, one of the G-20 major economies, a member

of BRICS and a developing economy with an average

growth rate of approximately 7% over the last two

decades.

Introduction

Maharashtra is the wealthiest Indian state and has an

annual nominal GDP of US$250 billion, nearly equal to

that of Portugal and Pakistan and accounts for 12% of

the Indian GDP followed by the states of Tamil Nadu

(US$150 billion) and Uttar Pradesh (US$130 billion).

India's economy became the world's fastest growing

major economy in the last quarter of 2014, replacing

the People's Republic of China.

Export goods petroleum products, precious stones, automobiles, iron and steel, chemicals, pharamaceuticals, apparel

Import goods crude oil, gold, machinery, fertilizer, gems, plastics

Main export partners US 12.6%, UAE 12.2%, China 8.1%, Hong Kong 4.1%

Main import partners China 12.7%, UAE 5.9%, Saudi Arabia 7.1%, Switzerland 4.6%,

Import & Export

AgricultureIndustriesFinanceServicesNatural Resources

Sectors

Agriculture is the mainstay of the Indian economy It is the means of livelihood of almost two thirds of

the work force in the country

Agriculture

Industry accounts for 29.7% of the GDP and employ 17% of the total workforce

one-third of the industrial labour force is engaged in simple household manufacturing

Textile manufacturing is the second largest source for employment after agriculture and accounts for 26% of manufacturing output

 Tirupur has gained universal recognition as the leading source of hosiery, knitted garments, casual wear and sportswear

 Dharavi slum in Mumbai has gained fame for leather products

Industries

Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980

Since then, the number of bank branches has increased from 10,120 in 1969 to 1,15,910 in 2008

Currently, India has 88 scheduled commercial banks (SCBs) — 28 public sector banks, 29 private banks and 31 foreign bank

They have a combined network of over 53,000 branches and 17,000 ATMs

The 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

Finance

India is fifteenth in services output The contribution of IT to GDP increased from 4.8 %

in 2005-06 and is projected to increase to 7.6% of GDP in 2016

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

Services

India's total cultivable area is 1,945,355 km² (56.78% of total land area), which is decreasing due to constant pressure from an ever growing population and increased urbanization.

India produces 4 fuels, 11 metallic, 52 non metallic and 22 minor minerals.

In 2008, India had the world's third largest fishing industry

Natural Resources

India is the first fastest growing major economy with a 7.6% increase in GDP per year

India is already the third largest economy in the world at PPP India has seen a huge amount of foreign direct investment in the

country, totaling 67.72 billion dollars and is said to be one of the “preferred options” for FDI

India’s poverty level is decreasing by 10% annuallyEvery year India’s middle class is increased by 40,000,000 new

members which shows that the wealth is truly entering societyThe Bombay Stock Exchange’s value has been consistently rising,

currently worth 1.61 trillion dollars, the largest in South East Asia.Unemployment has dropped by 2% annually, and illiteracy and

mortality rates have also been falling, indicating that India is not only growing but developing too.

Some Encouraging Statistics

India is one of only three countries that makes supercomputers (the US and Japan are the other two).

India is one of ten countries that launches satellites. The Bombay stock exchange lists more than 6,000 companies. Only the

NYSE has more. Eight Indian companies are listed on the NYSE; three on the NASDAQ. By volume of pills produced, the Indian pharmaceutical industry is the

world's second largest after China. India has the second largest community of software developers, after the

U.S. India has the second largest network of paved highways, after the U.S. India is the world's largest producer of milk, and among the top five

producers of sugar, cotton, tea, coffee, spices, rubber, silk, and fish. 100 of the Fortune 500 companies have R&D facilities in India.

You Didn’t Know…

Development issue

Agriculture is still the biggest employer in India, with 54% of the Population engaged in Farming.

43 % of all Indian land is used in agriculture, but it only contributes 17% of the nation’s GDP

Many farmers are subsistence farmers. According to the WHO, 61% of all farmers cultivate less than 0.4 hectares – only enough to feed their own family, with little left over to sell.

Agricultural Prices fluctuate wildly and often farmers are forced into debt, so the money they earn is never their own. Pressed by either famine and no crops, or a bumper crop and collapsing prices, farmers are often driven to suicide

Since 1997 when the statistics were first recorded 25,000 farmers have taken their lives in India.

In the Vidarbha District of Maharashtra 1920 farmers killed themselves between January and August of 2007.

This woman is looking for her brother who left a suicide note at her house, they cannot find his body.

In one district of Maharashtra alone, a farmer kills himself every eight hours

Healthcare: Our Fundamental Right

Our life expectancy is 68 years, making our life expectancy the 139nth out of 172 countries.

A growing threat: 5.7 million Indians have AIDS or HIV out of which 40 % are women

There is only one hospital bed for every 74 patients who need one.

We have only one doctor for every 1,230 people.

Despite these statistics, the Indian Government still spends more on defence than it does on health.

Our literacy rate is 61% making us the 145th in the World, just above war-torn Sudan and just below genocidal Rwanda.

Literacy is defined as “The ability to sign one’s name” so complete literacy is likely to be even less.

Guns are more important than books: 2.9% of GDP is spend on defence compared to 2.6% on education. Is it guns or education that will really make India shine?

345 Million Indians live under the poverty line. This means that one in three Indians live on less than twenty rupees per day.

50% of Indians don’t have proper shelter.

70% don’t access to decent toilets, 35% of households don’t have a nearby water sources.

7.2% of all Indians are unemployed – India comes in at 94th in terms of employment.

Poverty and Inequality