INDIA BOOMING (GROWTH, STATISTICS & INDICATORS)
Large, dynamic and steadily expanding, the Indian economy is characterized by a huge workforce operating in many new sectors of opportunity. India has second largest & rapidly growing economies in the world, after China . The economy of India is as diverse as it is large, with a number of major sectors including manufacturing industries, agriculture, textiles, pharmaceuticals, aviation, biotechnology, tourism, nanotechnology, retailing and telecommunications and services. Ranked by the exchange rate of the United States Dollar, the Indian economy is the twelfth largest in the world.
In Purchasing Power Parity GDP, the figure for India was 1.5 trillion US Dollars in 2008. The per capita income of India is 4,542 US Dollars in the context of Purchasing Power Parity. This is primarily due to the 1.1 billion population of India , the second largest in the world after China . In nominal terms, the figure comes down to 1,089 US Dollars, based on 2007 figures.
Over the years the Indian government has taken an economic approach that has been influenced, in part, by the Socialist movements. The Indian national government has maintained a high and authoritative level of control over certain areas of the Indian economy like the participation of the private sector, foreign direct investment, and foreign trade.
The growth rate of Gross Domestic Product (GDP) was 9% in 2006, whereas the corresponding figure was 7.4% in 2007. The rate of GDP growth for 2008 is projected to be 8.7 %.
The growth rate of the Indian IT and ITES sector was around 20% in 2007.
The figures for foreign direct investment (FDI) have also recorded substantial growth over the last few years. In 2004, the FDI figure was US$ 4.11 billion. In the next year it stood at US $8.2 billion. The corresponding figure for 2006 was US $12.35 billion – this is an incredible 73.35% compounded annual growth.
Industrial, manufacturing, and service sectors together amounted to 77% of India 's GDP in 2007.
INDIA ECONOMY STATISTICS & INDICATORS : FURTHER DETAILS
• The foreign exchange reserve of India amounted to US $271 billion on 16th November, 2007 .
• India 's GDP was US $911 billion in 2007.
• Exports contributed US $127 billion to the Indian GDP in the 2007 with a growth rate of 20.9%.
• Import figures stood at US $192 billion during 2007, with a growth rate of 21.59%.
• Portfolio investment amounted to US $7.1 billion in 2007.
The 2007-2008 Indian Economic Survey has projected inflation to be just above 4% for 2008. However the rapid rise in food, oil and other commodities prices pushed inflation above 11% by July 2008.
A target has also been set to lower the fiscal deficit below 3% per annum.
Source: www.economywatch.com
