Economy of India
and others | |
Country group | |
---|---|
Statistics | |
Population | 1,428,627,663 (1st; 2024 est.)[5] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
| |
6.50% (9th February 2024)[12] | |
Population below poverty line | |
39 (2023)[19] (93rd) | |
Labour force | |
Labour force by occupation | |
Unemployment | |
Gross savings | 29.345% of GDP (2022)[27] |
10-year bond 7.190% (Jan 2023)[28][29] | |
Main industries |
|
Main import partners |
|
stock | |
Gross external debt |
|
–$379.7 billion (June 2023)[40] | |
Public finances | |
6.4% of GDP (2022–23)[41] | |
Revenues |
|
Expenses |
|
Economic aid |
|
$642.492 billion[b][46] (4th) (as of 15 March 2024) | |
All values, unless otherwise stated, are in US dollars. |
The economy of India has transitioned from a
Nearly 70% of India's GDP is driven by domestic consumption;
During the
In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry.[67] India has free trade agreements with several nations and blocs, including ASEAN, SAFTA, Mercosur, South Korea, Japan, Australia, UAE, and several others which are in effect or under negotiating stage.[68][69]
The
History
For a continuous duration of nearly 1700 years from the year 1 CE, India was the world's largest economy, constituting 35 to 40% of the world GDP.
Ancient and medieval eras
Indus Valley Civilisation
The citizens of the
West Coast
Maritime trade was carried out extensively between
Silk Route
Other scholars suggest trading from India to West Asia and Eastern Europe was active between the 14th and 18th centuries.[89][90][91] During this period, Indian traders settled in Surakhani, a suburb of greater Baku, Azerbaijan. These traders built a Hindu temple, which suggests commerce was active and prosperous for Indians by the 17th century.[92][93][94][95]
Further north, the
Mughal, Rajput, and Maratha eras (1526–1820)
The Indian economy was the largest and most prosperous throughout world history and would continue to be under the
The Mughal Empire had a thriving industrial manufacturing economy, with India producing about 25% of the world's industrial output up until 1750,
In
In the early 18th century the Mughal Empire declined, as it lost western, central and parts of south and north India to the Maratha Empire, which integrated and continued to administer those regions.[109] The decline of the Mughal Empire led to decreased agricultural productivity, which in turn negatively affected the textile industry.[110] The subcontinent's dominant economic power in the post-Mughal era was the Bengal Subah in the east., which continued to maintain thriving textile industries and relatively high real wages.[111] However, the former was devastated by the Maratha invasions of Bengal[112][113] and then British colonization in the mid-18th century.[111] 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 mitigated by localised prosperity in the new provincial kingdoms.[109] By the late eighteenth century, the British East India Company had entered 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 effect on the rest of the economy.[114]
British era (1793–1947)
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.
From the beginning of the 19th century, the British
Under British rule, India's share of the world economy declined from 24.4% in 1700 down to 4.2% in 1950. India's GDP (PPP) per capita was stagnant during the
British territorial expansion in India throughout the 19th century created an institutional environment that, on paper, guaranteed
The 1872 census revealed that 91.3% of the population of the region constituting present-day India resided in villages.
The effect of British rule on India's economy is a controversial topic. Leaders of the Indian independence movement and economic historians have blamed colonial rule for India's poor economic performance following independence and argued that the wealth required for Britain's industrial development was derived from wealth taken from India. At the same time, right-wing historians have countered that India's poor 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.[136]
Several economic historians have argued that
Pre-liberalisation period (1947–1991)
Indian
Never talk to me about profit, Jeh, it is a dirty word.
— Nehru, India's Fabian Socialism-inspired first prime minister to industrialist J. R. D. Tata, when Tata suggested state-owned companies should be profitable[144]
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.
— J. R. D. Tata, on the Indian regulatory system, 1969[144]
Since 1965, the use of
In 1984, Rajiv Gandhi promised economic liberalization, he made V. P. Singh the finance minister, who tried to reduce tax evasion and tax receipts rose due to this crackdown although taxes were lowered. This process lost its momentum during the later tenure of Mr. Gandhi as his government was marred by scandals.
Post-liberalisation period (since 1991)
The collapse of the Soviet Union, which was India's major trading partner, 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.[150] India asked for a $1.8 billion bailout loan from the International Monetary Fund (IMF), which in return demanded de-regulation.[151]
In response, the Narasimha Rao government, including Finance Minister Manmohan Singh, initiated economic reforms in 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.[152] 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 reducing agricultural subsidies.[153] This has been accompanied by increases in life expectancy, literacy rates, and food security, although urban residents have benefited more than rural residents.[154]
From 2010, India has risen from ninth-largest to the fifth-largest economies in the world by nominal GDP in 2019 by surpassing UK, France, Italy and Brazil.[155]
India started recovery in 2013–14 when the GDP growth rate accelerated to 6.4% from the previous year's 5.5%. The acceleration continued through 2014–15 and 2015–16 with growth rates of 7.5% and 8.0% respectively. For the first time since 1990, India grew faster than China which registered 6.9% growth in 2015.[needs update] However the growth rate subsequently decelerated, to 7.1% and 6.6% in 2016–17 and 2017–18 respectively,[156] partly because of the disruptive effects of 2016 Indian banknote demonetisation and the Goods and Services Tax (India).[157]
India is ranked 63rd out of 190 countries in the World Bank's 2020 ease of doing business index, up 14 points from the last year's 100 and up 37 points in just two years.[158] In terms of dealing with construction permits and enforcing contracts, it is ranked among the 10 worst in the world, while it has a relatively favourable ranking when it comes to protecting minority investors or getting credit.[159] The strong efforts taken by the Department of Industrial Policy and Promotion (DIPP) to boost ease of doing business rankings at the state level is said to affect the overall rankings of India.[160]
COVID-19 pandemic and aftermath (2020–present)
During the
Data
This article needs to be updated.(October 2023) |
The following table shows the main economic indicators in 1980–2022 (with IMF staff estimates in 2023–2028). Inflation below 5% is in green.[168] The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund finds them unreliable.[169]
Year | GDP (in Bil. US$PPP) |
GDP per capita (in US$ PPP) |
GDP (in Bil. US$nominal) |
GDP per capita (in US$ nominal) |
GDP growth (real) |
Inflation rate (in Percent) |
Unemployment (in Percent) |
Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 371.9 | 532.0 | 189.4 | 271.0 | 6.74% | 11.3% | n/a | n/a |
1981 | 431.5 | 603.2 | 196.5 | 274.7 | 6.01% | 12.7% | n/a | n/a |
1982 | 474.1 | 647.5 | 203.5 | 278.0 | 3.5% | 7.7% | n/a | n/a |
1983 | 528.6 | 705.3 | 222.0 | 296.3 | 7.3% | 12.6% | n/a | n/a |
1984 | 568.6 | 741.4 | 215.6 | 281.1 | 3.8% | 5.2% | n/a | n/a |
1985 | 617.4 | 787.1 | 237.6 | 302.9 | 5.3% | 5.56%[170] | n/a | n/a |
1986 | 659.9 | 822.8 | 252.8 | 315.2 | 4.8% | 7.8%[171] | n/a | n/a |
1987 | 703.0 | 857.7 | 283.8 | 346.2 | 4.0% | 9.1% | n/a | n/a |
1988 | 797.9 | 952.7 | 299.6 | 357.8 | 10.18% | 7.2% | n/a | n/a |
1989 | 878.5 | 1,027.0 | 301.2 | 352.2 | 5.9% | 4.6% | n/a | n/a |
1990 | 961.8 | 1,101.3 | 326.6 | 374.0 | 5.5% | 11.2% | n/a | n/a |
1991 | 1,004.8 | 1,127.4 | 274.8 | 308.4 | 1.1% | 13.5% | 5.6% | 75.3% |
1992 | 1,084.1 | 1,192.2 | 293.3 | 322.5 | 5.5% | 9.9% | 5.7% | 77.4% |
1993 | 1,162.5 | 1,253.5 | 284.2 | 306.4 | 4.8% | 7.3% | 5.7% | 77.0% |
1994 | 1,266.4 | 1,339.2 | 333.0 | 352.2 | 6.7% | 10.3% | 5.7% | 73.5% |
1995 | 1,390.8 | 1,442.9 | 366.6 | 380.3 | 7.6% | 10.0% | 5.8% | 69.7% |
1996 | 1,523.2 | 1,550.6 | 399.8 | 407.0 | 7.6% | 9.4% | 5.7% | 66.0% |
1997 | 1,612.3 | 1,610.8 | 423.2 | 422.8 | 4.1% | 6.8% | 5.6% | 67.8% |
1998 | 1,731.2 | 1,698.1 | 428.8 | 420.6 | 6.2% | 13.1% | 5.7% | 68.1% |
1999 | 1,904.2 | 1,834.4 | 466.9 | 449.8 | 8.5% | 5.7% | 5.7% | 70.0% |
2000 | 2,024.7 | 1,916.3 | 476.6 | 451.1 | 4.0% | 3.8% | 5.6% | 73.6% |
2001 | 2,172.7 | 2,021.1 | 494.0 | 459.5 | 4.9% | 4.3% | 5.6% | 78.7% |
2002 | 2,292.8 | 2,097.1 | 524.0 | 479.2 | 3.9% | 4.0% | 5.5% | 82.9% |
2003 | 2,523.8 | 2,270.6 | 618.4 | 556.3 | 7.9% | 3.9% | 5.6% | 84.4% |
2004 | 2,795.0 | 2,474.2 | 721.6 | 638.8 | 7.8% | 3.8% | 5.6% | 83.4% |
2005 | 3,150.3 | 2,745.1 | 834.2 | 726.9 | 9.3% | 4.4% | 5.6% | 81.0% |
2006 | 3,548.3 | 3,044.5 | 949.1 | 814.4 | 9.3% | 6.7% | 5.6% | 77.2% |
2007 | 4,001.4 | 3,381.8 | 1,238.7 | 1,046.9 | 10.3% | 6.2% | 5.6% | 74.1% |
2008 | 4,236.8 | 3,528.7 | 1,224.1 | 1,019.5 | 3.9% | 9.1% | 5.4% | 72.8% |
2009 | 4,625.5 | 3,798.5 | 1,365.4 | 1,121.2 | 7.9% | 12.3% | 5.5% | 71.5% |
2010 | 5,161.4 | 4,181.7 | 1,708.5 | 1,384.2 | 8.5% | 10.5% | 5.5% | 66.4% |
2011 | 5,618.4 | 4,493.7 | 1,823.1 | 1,458.1 | 6.6% | 9.5% | 5.4% | 68.6% |
2012 | 6,153.2 | 4,861.2 | 1,827.6 | 1,443.9 | 5.5% | 10.0% | 5.4% | 68.0% |
2013 | 6,477.5 | 5,057.2 | 1,856.7 | 1,449.6 | 6.4% | 9.4% | 5.4% | 67.7% |
2014 | 6,781.0 | 5,233.9 | 2,039.1 | 1,573.9 | 7.4% | 5.8% | 5.4% | 67.1% |
2015 | 7,159.8 | 5,464.9 | 2,103.6 | 1,605.6 | 8.0% | 4.9% | 5.4% | 69.0% |
2016 | 7,735.0 | 5,839.9 | 2,294.8 | 1,732.6 | 8.3% | 4.5% | 5.4% | 68.9% |
2017 | 8,276.9 | 6,112.1 | 2,702.9 | 1,958.0 | 6.8% | 3.6% | 5.4% | 69.7% |
2018 | 9,023.0 | 6,590.9 | 2,702.9 | 1,974.4 | 6.5% | 3.4% | 5.3% | 70.4% |
2019 | 9,540.4 | 6,897.8 | 2,835.6 | 2,050.2 | 4.2% | 4.8% | 5.3% | 75.0% |
2020 | 9,101.3 | 6,517.8 | 2,671.6 | 1,913.2 | -5.8% | 6.1% | 8.0% | 88.5% |
2021 | 10,370.8 | 7,355.4 | 3,150.3 | 2,234.3 | 9.1% | 5.5% | 6.0% | 83.7% |
2022 | 11,900.7 | 8,397.5 | 3,389.7 | 2,391.9 | 7.2% | 6.7% | 7.3% | 81.0% |
2023 | 13,119.6 | 9,183.4 | 3,732.2 | 2,612.5 | 6.3% | 5.5% | 8.7% | 81.9% |
2024 | 14,261.2 | 9,891.8 | 4,105.4 | 2,847.6 | 6.3% | 4.6% | n/a | 82.3% |
2025 | 15,469.1 | 10,634.6 | 4,511.8 | 3,101.8 | 6.3% | 4.1% | n/a | 82.2% |
2026 | 16,765.2 | 11,426.4 | 4,951.6 | 3,374.8 | 6.3% | 4.1% | n/a | 81.8% |
2027 | 18,155.7 | 12,270.8 | 5,427.4 | 3,668.2 | 6.3% | 4.0% | n/a | 81.2% |
2028 | 19,650.2 | 13,173.3 | 5,944.4 | 3,985.0 | 6.3% | 4.0% | n/a | 80.5% |
Sectors
Agriculture, forest, and fishing
This article needs to be updated.(June 2023) |
Agriculture and allied sectors like forestry, logging and fishing accounted for 18.4% of the GDP,[172] the sector employed 51.2 crore persons or 45.5% of the workforce in India are employed in agriculture.[173][174] India is major agriculture producing country and has the most arable land in the world followed by the United States.[175] However, agricultural output lags far behind its potential.[176] Agriculture's contribution to GDP has steadily declined from 1951 to 2011,[177] yet it is still the country's largest employment provider sector .[173] Crop-yield-per-unit-area of all crops has grown since 1950, due to the special emphasis placed on agriculture in the five-year 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.[178] The states of Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Bihar, West Bengal, Gujarat and Maharashtra are key contributors to Indian agriculture.
India receives an average annual rainfall of 1,208 millimetres (47.6 in) and a total annual
India is the largest producer of milk, jute and pulses, and has the world's second-largest cattle population with 170 million animals in 2011.[183] 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. India is also the second-largest producer and the largest consumer of silk, producing 77,000 tonnes (76,000 long tons; 85,000 short tons) in 2005.[184] India is the largest exporter of cashew kernels and cashew nut shell liquid (CNSL). Foreign exchange earned by the country through the export of cashew kernels during 2011–12 reached ₹43.9 billion (equivalent to ₹83 billion or US$1.0 billion in 2023) based on statistics from the Cashew Export Promotion Council of India (CEPCI). 131,000 tonnes (129,000 long tons; 144,000 short tons) of kernels were exported during 2011–12.[185] There are about 600 cashew processing units in Kollam, Kerala.[182]
India's foodgrain production stagnant at approximately 316 megatonnes (311 million long tons; 348 million short tons) during 2020–21.[186] India exports several agriculture products, such as Basmati rice, wheat, cereals, spices, fresh fruits, dry fruits, cotton, tea, coffee, milk products and other cash crops to the Asian, African and other countries.[187]
The low productivity in India is a result of several factors.Over-regulation of agriculture has increased costs, price risks and uncertainty, and governmental intervention in labour, land, and credit are hurting the market. Infrastructure such as rural roads, electricity, ports, food storage, retail markets and services remain inadequate.
Micro, Small, and Medium Enterprises (MSME)
India began its first few steps during the years 1978-80 when early conditions for SMEs or entrepreneurship were hostile too. 63 million MSMEs in India which contribute 35% to the country’s GDP provides employment to 111.4 million persons and accounts for more than 40% of India’s exports and are hailed as the ‘growth engines’ of the economy.China has been creating 16,000-18,000 new enterprises per day for the last 5 years. When you compare that with India, it is about 1000-1100 per day.[193]
Micro and small enterprises have the potential to resolve India’s unemployment crisis provided the constraints impeding the growth of the sector are resolved.According to Annual MSME Report 2021-22, over 90 per cent of India’s 6.3 crore MSMEs are in the micro-segment. Within the micro sector, 62 per cent firms are self-employments which no workers, another 32 per cent have two or three workers and just 6-7 per cent have four workers or above (up to 19).[194] In 2023, SME IPOs set a record-breaking year with 179 listings.
In Budget 2023, The government has implemented a number of reforms aimed at boosting MSMEs' growth in India while also improving their international competitiveness.[195]
Mining, resources, and chemicals
Mining
Mining contributed $63 billion (3% of GDP) and employed 20.14 million people (5% of the workforce) in 2016.[196] India's mining industry was the fourth-largest producer of minerals in the world by volume, and eighth-largest producer by value in 2009.[197] In 2013, it mined and processed 89 minerals, of which four were fuel, three were atomic energy minerals, and 80 non-fuel.[198] The public sector accounted for 68% of mineral production by volume in 2011–12.[199] India has the world's fourth-largest natural resources, with the mining sector contributing 11% of the country's industrial GDP and 2.5% of total GDP.
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 offshore oil and gas resources.[199] India operated about 3,000 mines in 2010, half of which were coal, limestone and iron ore.[200] On output-value basis, India was one of the five largest producers of mica, chromite, coal, lignite, iron ore, bauxite, barite, zinc and manganese; while being one of the ten largest global producers of many other minerals.[197][199] India was the fourth-largest producer of steel in 2013,[201] and the seventh-largest producer of aluminium.[202]
India's mineral resources are vast.[203] 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 labour. India is a net importer of many minerals including coal. India's mining sector decline is because of complex permit, regulatory and administrative procedures, inadequate infrastructure, shortage of capital resources, and slow adoption of environmentally sustainable technologies.[199][204]
Iron and steel
India surpassed Japan as the second largest steel producer in January 2019.[205] As per worldsteel, India's crude steel production in 2018 was at 106.5 tonnes (104.8 long tons; 117.4 short tons), 4.9% increase from 101.5 tonnes (99.9 long tons; 111.9 short tons) in 2017, which means that India overtook Japan as the world's second largest steel production country.
According to data presented by PIB(FY2021-22), there are more than 900 steel plants in India that produce crude steel. These are owned by PSUs, large-scale companies as well as small and medium enterprises (SMEs). In the year 2021–22, the total capacity of these plants stood at 154.06 million tonnes.[206]
The total market value of the Indian steel sector stood at US$57.8 billion in 2011 and is predicted to touch US$95.3 billion by 2016.Growth of crude steel production in India has not kept pace with the growth in capacity of production, according to the report. As per this report, steel sector contributes 2 per cent to India's GDP and employs half a million people directly and 2 million people indirectly. The Indian steel sector has been vibrant, growing at a compounded rate of 6% year-on-year.[207]
Petroleum
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 developed with help of Soviet technology such as Barauni Refinery and Gujarat Refinery , it also includes the world's largest refinery complex in Jamnagar that processes 1.24 million barrels of crude per day.[208] By volume, the Indian chemical industry was the third-largest producer in Asia, and contributed 5% of the country's GDP. India is one of the five-largest producers of agrochemicals, polymers and plastics, dyes and various organic and inorganic chemicals.[209] Despite being a large producer and exporter, India is a net importer of chemicals due to domestic demands.[210] India's chemical industry is extremely diversified and estimated at $178 billion.[211]
Chemicals and fertilizer
The chemical industry contributed $163 billion to the economy in FY18 and is expected to reach $300–400 billion by 2025.[212][213] The industry employed 17.33 million people (4% of the workforce) in 2016.[196]
At present, 57 large fertilizer units are manufacturing a wide number of nitrogen fertilizers. These include 29 urea-producing units and 9 ammonia sulfate-producing units as a by-product. Besides, there are 64 small-scale producing units of single super phosphate.[214]
According to the latest data released by the WTO, India has emerged as the second largest exporter of agrochemicals in the world. The rank was sixth, 10 years ago.The Indian agrochemical industry fetches valuable trade surplus every year. The trade surplus sharply increased from Rs. 8,030 crores in 2017–18 to Rs. 28,908 crores in the last fiscal. India's agrochemicals export has doubled in the last 6 years from $2.6 bn in 2017–18 to $5.4 bn in the last financial year according to the data recently released by Ministry of Commerce. It has grown at an impressive CAGR of 13% which is among the highest in the manufacturing sector.[215]
Millions of farmers in over 130 countries trust Indian agrochemicals for their high quality and affordable prices, said an industry observer. With the global agrochemicals market estimated at $78 billion, predominantly comprising post-patent products, India is rapidly becoming a preferred global hub for sourcing such agrochemicals. To bolster domestic production and reduce imports, the Crop Care Federation of India (CCFI) has recommended specific measures to the Government of India.[216]
Transportation and telecommunications
Transport
The Indian Railways contributes to ~3% of the country's gross domestic product (GDP) and has social obligations pegged at $5.3 billion annually.[217] Indian Railways revenue has grown at 5% CAGR in the past 5 years but profitability has reduced drastically in the past 4 years, due to growing infrastructure and modernization expenses. With a workforce of 1.31 million people, the IR is also one of the country's largest employers. The railways is a major contributor to jobs, GDP, and mobility.[218]
Indian Railways has decided to revise its 2022–23 rolling stock production plan upwards. The Ministry's new plan targets the production of 8,429 units for the coming financial year. Production for 2022–23 has been raised by 878 units from the earlier planned 7,551, according to the revised targets.[219] Indian Railways has targeted to manufacture 475 new Vande Bharat trainsets for the next four years as a part of its modernization plan.[220] It is about Rs 40,000 crore($5 billion) business opportunity that would also create 15,000 jobs and several spin-off benefits.[221] Indian Railway's CORE aims to electrify all of its broad gauge network by 31 March 2024.[222] The entire electrified mainline rail network in India uses 25 kV AC; DC is used only for metros.As of July 2023, India currently has 90% of total train tracks fully electrified.[223]
Under the eleventh Five Year Plan of India (2007–12), the
India is developing modern
India is also developing modern RRTS system to replace the old MRTS system which will provide connectivity in Delhi Metropolitan Area and Mumbai Metropolitan Region which will serve the suburbs of these big cities at 80–100 km of distance from city center.[citation needed]
Aviation
India is the fourth-largest civil aviation market in the world recording an air traffic of 158 million passengers in 2017.
As of 2024, There are 75 new airports have been built in the last ten years, taking the total count to 149 airports (include helipads and aerodromes). Government vision is to take this milestone 149 to 220 airports in the next 5 to 7 years and Government of India has a Rs 1 lakh crore capex plan to spend on Airport infrastructure. [231]
Telecommunications
The telecommunication sector generated ₹2.20 trillion (US$28 billion) in revenue in 2014–15, accounting for 1.94% of total GDP.[232] India is the second-largest market in the world by number of telephone users (both fixed and mobile phones) with 1.053 billion subscribers as of 31 August 2016.[update] It has one of the lowest call-tariffs in the world, due to fierce competition among telecom operators. India has the world's third-largest Internet user-base. As of 31 March 2016,[update] there were 342.65 million Internet subscribers in the country.[233] India's telecommunication industry is the world's second largest by the number of mobile phone, smartphone, and internet users. It is the world's 24th-largest oil producer and the third-largest oil consumer.[234]
Industry estimates indicate that there are over 554 million TV consumers in India as of 2012.[update]
Defence and energy
Defence
With strength of over 1.3 million active personnel, Indian Army is the third-largest military force and the largest volunteer army. Defence expenditure was pegged at US$70.12 billion for fiscal year 2022–23 and, increased 9.8% than previous fiscal year.[237] India is the world's second largest arms importer; between 2016 and 2020, it accounted for 9.5% of the total global arms imports.[238] India exported military hardware worth ₹159.2 billion (US$2.0 billion) in the financial year 2022–23, the highest ever and a notable tenfold increase since 2016–17.[239]
Energy sector
India became the world's third-largest producer of electricity in 2013 with a 4.8% global share in electricity generation, surpassing Japan and Russia.
Infrastructure and constructions
This article needs to be updated.(June 2023) |
India's infrastructure and transport sector contributes about 5% of its GDP. India has a
India has a coastline of 7,500 kilometres (4,700 mi) with 13 major ports, 15 big private ports and 60 operational non-major ports, which together handle 95% of the country's external trade by volume and 70% by value (most of the remainder handled by air).
The construction industry contributed $288 billion (13% of GDP) and employed 60.42 million people (14% of the workforce) in 2016.[196] The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy.[263]
The real estate sector will provide huge business opportunities, employment and big avenues for startup ecosystem. The 2023 Union budget of India also focused significantly on infrastructure with nearly ₹10 trillion direct investment of central government.[264]
Finance and trade
Banking and financial services
The financial services industry contributed $809 billion (37% of GDP) and employed 14.17 million people (3% of the workforce) in 2016, and the banking sector contributed $407 billion (19% of GDP) and employed 5.5 million people (1% of the workforce) in 2016.
Prime Minister
India's gross domestic savings in 2006–07 as a percentage of GDP stood at a high 32.8%.[269] More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[270] 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.[271] Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks – such as reforms encouraging mergers, reducing government interference and increasing profitability and competitiveness – other reforms have opened the banking and insurance sectors to private and foreign companies.[241][272]
Retail
The retail industry, excluding wholesale, contributed $793 billion (10% of GDP) and employed 35 million people (8% of the workforce) in 2020. The industry is the second largest employer in India, after agriculture.[273][274][275][276] The Indian retail market is estimated to be US$600 billion and one of the top-five retail markets in the world by economic value. India has one of the fastest-growing retail markets in the world,[277][278] and is projected to reach $1.3 trillion by 2020.[279][280] India has retail market worth $1.17 trillion, which contributes over 10% of India's GDP. It also has one of the world's fastest growing e-commerce markets.[281] The e-commerce retail market in India was valued at $32.7 billion in 2018, and is expected to reach $71.9 billion by 2022.[282]
India's retail industry mostly consists of local mom-and-pop stores, owner-staffed shops and street vendors. Retail supermarkets are expanding, with a market share of 4% in 2008.[283] In 2012, the government permitted 51% FDI in multi-brand retail and 100% FDI in single-brand retail. However, a lack of back-end warehouse infrastructure and state-level permits and red tape continue to limit growth of organised retail.[284] Compliance with over thirty regulations such as "signboard licences" and "anti-hoarding measures" must be made before a store can open for business. There are taxes for moving goods from state to state, and even within states.[283] According to The Wall Street Journal, the lack of infrastructure and efficient retail networks cause a third of India's agriculture produce to be lost from spoilage.[192]
Industries
Tourism
The World Travel & Tourism Council calculated that tourism generated ₹15.24 trillion (US$190 billion) or 9.4% of the nation's GDP in 2017 and supported 41.622 million jobs, 8% of its total employment. The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 trillion (US$400 billion) by 2028 (9.9% of GDP).[285] Over 10 million foreign tourists arrived in India in 2017 compared to 8.89 million in 2016, recording a growth of 15.6%.[286] The tourism industry contributes about 9.2% of India's GDP and employs over 42 million people.[287] India earned $21.07 billion in foreign exchange from tourism receipts in 2015.[288] International tourism to India has seen a steady growth from 2.37 million arrivals in 1997 to 8.03 million arrivals in 2015. Bangladesh is the largest source of international tourists to India, while European Union nations and Japan are other major sources of international tourists.[289][290] Less than 10% of international tourists visit the Taj Mahal, with the majority visiting other cultural, thematic and holiday circuits.[291] Over 12 million Indian citizens take international trips each year for tourism, while domestic tourism within India adds about 740 million Indian travellers.[289] India has a fast-growing medical tourism sector of its health care economy, offering low-cost health services and long-term care.[292][293] In October 2015, the medical tourism sector was estimated to be worth US$3 billion. It is projected to grow to $7–8 billion by 2020.[294] In 2014, 184,298 foreign patients traveled to India to seek medical treatment.[295]
Films, entertainment and music industry
The Indian cinema industry is expected to garner a revenue of around Rs 16,198 crore by 2026, of which Rs 15,849 would be Box office revenue and the rest Rs 349 crore from advertising, the report added.[296] India's Recorded Music industry (which is a key sub-segment) is making steady progress at a CAGR of 13.6 percent, thanks to streaming models.[296]
Security markets
The development of Indian security markets began with the launch of the Bombay Stock Exchange (BSE) in July 1875 and the Ahmedabad Stock Exchange in 1894. Since then, 22 other exchanges have traded in Indian cities. In 2014, India's stock exchange market became the 10th largest in the world by market capitalisation, just above those of South Korea and Australia.[298] India's two major stock exchanges, BSE and the National Stock Exchange of India, had a market capitalisation of US$1.71 trillion and US$1.68 trillion as of February 2015,[update] according to the World Federation of Exchanges, which grew to $3.36 trillion and $3.31 trillion respectively by September 2021.[299][300]
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 & Young stated[301] that the low IPO activity reflects market conditions, slow government approval processes, 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 both concurrently.[302] 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.[301]
Foreign trade and investment
Foreign trade
India's foreign trade by year
Year | Exports (in USD billion) | Imports (in USD billion) | Trade Deficit (in USD billion) |
---|---|---|---|
2022[303] | 458.3 | 725.4 | -267.2 |
2021 | 420 | 612 | -192 |
2020 | 314.31 | 467.19 | -158.88 |
2019 | 330.07 | 514.07 | -184 |
2018 | 303.52 | 465.58 | -162.05 |
2017 | 275.8 | 384.3 | -108.5 |
2016 | 262.3 | 381 | -118.7 |
2015 | 310.3 | 447.9 | -137.6 |
2014 | 318.2 | 462.9 | -144.7 |
2013 | 313.2 | 467.5 | -154.3 |
2012 | 298.4 | 500.4 | -202.0 |
2011 | 299.4 | 461.4 | -162.0 |
2010 | 201.1 | 327.0 | -125.9 |
2009 | 168.2 | 274.3 | -106.1 |
2008 | 176.4 | 305.5 | -129.1 |
2007 | 112.0 | 100.9 | 11.1 |
2006 | 76.23 | 113.1 | -36.87 |
2005 | 69.18 | 89.33 | -20.15 |
2004 | 57.24 | 74.15 | -16.91 |
2003 | 48.3 | 61.6 | -13.3 |
2002 | 44.5 | 53.8 | -9.3 |
2001 | 42.5 | 54.5 | -12.0 |
2000 | 43.1 | 60.8 | -17.7 |
1999 | 36.3 | 50.2 | -13.9 |
Until the liberalisation of 1991, India was largely and intentionally isolated from world markets, to protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while
India is a founding-member of General Agreement on Tariffs and Trade (GATT) 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 labour, environmental issues and other non-tariff barriers to trade in WTO policies.[313]
India secured 43rd place in competitiveness index.[314]
Balance of payments
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% in 1990–91.[315] 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.[316] India's growing oil import bill is seen as the main driver behind the large current account deficit,[317] which rose to $118.7 billion, or 11.11% of GDP, in 2008–09.[318] Between January and October 2010, India imported $82.1 billion worth of crude oil.[317] The Indian economy has run a trade deficit every year from 2002 to 2012, with a merchandise trade deficit of US$189 billion in 2011–12.[319] Its trade with China has the largest deficit, about $31 billion in 2013.[320]
India's reliance on external assistance and concessional debt has decreased since liberalisation of the economy, and the
India's current account deficit reached an all-time high in 2013.[327] India has historically funded its current account deficit through borrowings by companies in the overseas markets or remittances by non-resident Indians and portfolio inflows. From April 2016 to January 2017, RBI data showed that, for the first time since 1991, India was funding its deficit through foreign direct investment inflows. The Economic Times noted that the development was "a sign of rising confidence among long-term investors in Prime Minister Narendra Modi's ability to strengthen the country's economic foundation for sustained growth".[328]
Foreign direct investment
This section needs to be updated.(October 2015) |
Rank | Country | Inflows (million US$) |
Inflows (%) |
---|---|---|---|
1 | Mauritius | 50,164 | 42.00 |
2 | Singapore | 11,275 | 9.00 |
3 | US | 8,914 | 7.00 |
4 | UK | 6,158 | 5.00 |
5 | Netherlands | 4,968 | 4.00 |
As the third-largest economy in the world in PPP terms, India has attracted foreign direct investment (FDI).[330] During the year 2011, FDI inflow into India stood at $36.5 billion, 51.1% higher than the 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 policies[331] were a significant hindrance. Over time, India has adopted a number of FDI reforms.[330] 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.[332]
India 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 investment. The upward 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 regional-level infrastructure.[333] Between 2012 and 2014, India extended these reforms to defence, telecom, oil, retail, aviation, and other sectors.[334][335]
From 2000 to 2010, the country attracted $178 billion as FDI.[336] 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 treaty between India and Mauritius, and Mauritius is a capital gains tax haven, effectively creating a zero-taxation FDI channel.[337] FDI accounted for 2.1% of India's GDP in 2015.[309]
As the government has eased 87 foreign investment direct rules across 21 sectors in the last three years, FDI inflows hit $60.1 billion between 2016 and 2017 in India.[338][339]
Outflows
Since 2000, Indian companies have expanded overseas, investing FDI and creating jobs outside India. From 2006 to 2010, FDI by Indian companies outside India amounted to 1.34 per cent of its GDP.[340] Indian companies have deployed FDI and started operations in United States,[341] Europe and Africa.[342] The Indian conglomerate Tata Group is United Kingdom's largest manufacturer and private-sector employer.[343][344]
Remittances
In 2015, a total of US$68.91 billion was made in remittances to India from other countries, and a total of US$8.476 billion was made in remittances by foreign workers in India to their home countries. UAE, US, and Saudi Arabia were the top sources of remittances to India, while Bangladesh, Pakistan, and Nepal were the top recipients of remittances from India.[345] Remittances to India accounted for 3.32% of the country's GDP in 2015.[309]
Mergers and acquisitions
Between 1985 and 2018 20,846 deals have been announced in, into (inbound) and out of (outbound) India. This cumulates to a value of US$618 billion. In terms of value, 2010 has been the most active year with deals worth almost 60 bil. USD. Most deals have been conducted in 2007 (1,510).[346]
Here is a list of the top 10 deals with Indian companies participating:
Acquiror Name | Acquiror Mid Industry | Acquiror Nation | Target Name | Target Mid Industry | Target Nation | Value of Transaction ($mil) |
Petrol Complex Pte Ltd | Oil & Gas | Singapore | Essar Oil Ltd | Oil & Gas | India | 12,907.25 |
Vodafone Grp Plc | Wireless | United Kingdom | Hutchison Essar Ltd | Telecommunications Services | India | 12,748.00 |
Vodafone Grp PLC-Vodafone Asts | Wireless | India | Idea Cellular Ltd-Mobile Bus | Wireless | India | 11,627.32 |
Bharti Airtel Ltd | Wireless | India | MTN Group Ltd | Wireless | South Africa | 11,387.52 |
Bharti Airtel Ltd | Wireless | India | Zain Africa BV | Wireless | Nigeria | 10,700.00 |
BP PLC | Oil & Gas | United Kingdom | Reliance Industries Ltd-21 Oil | Oil & Gas | India | 9,000.00 |
MTN Group Ltd | Wireless | South Africa | Bharti Airtel Ltd | Wireless | India | 8,775.09 |
Shareholders | Other Financials | India | Reliance Inds Ltd-Telecom Bus | Telecommunications Services | India | 8,063.01 |
Oil & Natural Gas Corp Ltd | Oil & Gas | India | Hindustan Petro Corp Ltd | Petrochemicals | India | 5,784.20 |
Reliance Commun Ventures Ltd | Telecommunications Services | India | Reliance Infocomm Ltd | Telecommunications Services | India | 5,577.18 |
Currency
• EXCHANGE RATES
Year | INR₹ per US$ (annual average)[347] |
INR₹ per Pound(£) (annual average)[348] |
---|---|---|
1947 | 3.31 | 13.33 |
1950 | 4.76 | — |
1967 | 7.50 | 17.76 |
1975 | 9.4058 | — |
1980 | 7.88 | — |
1985 | 12.364 | — |
1987 | — | 21.18 |
1990 | 17.4992 | 31.07 |
1995 | 32.4198 | 51.17 |
2000 | 44.9401 | 67.99 |
2005 | 44.1000 | 80.15 |
2010 | 45.7393 | 70.65 |
2015 | 64.05 | 98.0101 |
2016 | 67.09 | 90.72 |
2017 | 64.14 | 87.56 |
2018 | 69.71 | 98.51 |
2019 | 70.394 | 95.06 |
2020 | 72.97 | 100.05 |
2021 | 74.98 | 101.56 |
2022 | 81.35 | 96.23 |
2023 | 81.94 | 100.95 |
The
The rupee was linked to the
After the sharp devaluation in 1991 and transition to current account convertibility in 1994, the value of the rupee has been largely determined by market forces. The rupee has been fairly stable during the decade 2000–2010. In October 2022, rupee touched an all-time low 83.29 to US dollar.[355] [356]
Income and consumption
This article needs to be updated.(March 2022) |
India's gross national income per capita had experienced high growth rates since 2002. It tripled from ₹19,040 in 2002–03 to ₹53,331 in 2010–11, averaging 13.7% growth each of these eight years, with peak growth of 15.6% in 2010–11[359] and, 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.[360] The average family income in India was $6,671 per household in 2011.[361]
According to 2011 census data, India has about 330 million houses and 247 million households. The household size in India has dropped in recent years, the 2011 census reporting 50% of households have four or fewer members, with an average of 4.8 members per household including surviving grandparents.[362][363] These households produced a GDP of about $1.7 trillion.[364] Consumption patterns note: 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 (330 ft) from their house in urban areas and 500 metres (1,600 ft) from the house in rural areas; 67% of the households have access to electricity; 63% of households have landline or mobile telephone service; 43% have a television; 26% have either a two- or four-wheel motor vehicle. Compared to 2001, these income and consumption trends represent moderate to significant improvements.[362] One report in 2010 claimed that high-income households outnumber low-income households.[365]
New World Wealth publishes reports tracking the total wealth of countries, which is measured as the private wealth held by all residents of a country. According to New World Wealth, India's total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a growth rate of 160%. India's total wealth decreased by 1% from $8.23 trillion in 2017 to $8.148 trillion in 2018, making it the sixth wealthiest nation in the world. There are 20,730 multimillionaires (7th largest in the world)
The Global Wealth Migration Review 2019 report, published by New World Wealth, found that 5,000 HNWI's emigrated from India in 2018, or about 2% of all HNWIs in the country. Australia, Canada, and United States were among the top destination countries.[371] The report also projected that private wealth in India would grow by around 180% to reach $22,814 billion by 2028.[368]
Poverty
In May 2014, the World Bank reviewed and proposed revisions to its poverty calculation methodology of 2005 and purchasing-power-parity basis for measuring poverty. According to the revised methodology, the world had 872.3 million people below the new poverty line, of which 179.6 million lived in India. With 17.5% of the total world's population, India had a 20.6% share of the world's poorest in 2013.[372] According to a 2005–2006 survey,[373] India had about 61 million children under the age of 5 who were chronically malnourished. A 2011 UNICEF report stated that between 1990 and 2010, India achieved a 45 percent reduction in mortality rates under the age of 5, and now ranks 46th of 188 countries on this metric.[374]
Since the early 1960s, successive governments have implemented various schemes to alleviate poverty, under central planning, that have met with partial success.
On the 2019 Global Hunger Index India ranked 102nd (out of 117 countries), being categorized as 'serious' in severity.
Employment
Agricultural and allied sectors accounted for about 52% of the total workforce in 2009–10. While agriculture employment has fallen over time in percentage of labour employed, services which include construction and infrastructure have seen a steady growth accounting for 20.3% of employment in 2012–13.[385] Of the total workforce, 7% is in the organised sector, two-thirds of which are in the government-controlled public sector.[386] About 51.2% of the workforce in India is self-employed.[385] According to a 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.[387]
Unemployment
Unemployment in India is characterised by
Child labour
Child labour is a complex problem that is rooted in poverty. Since the 1990s, the government has implemented a variety of programs to eliminate child labour. These have included setting up schools, launching free school lunch programs, creating special investigation cells, etc.[394][395] Author Sonalde Desai stated 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 labour below the age of 10 is now rare. In the 10–14 age 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.[396]
Diaspora employment
India has the largest diaspora around the world, an estimated 32 million people according to the
Trade unions
In India, the Trade Union movement is generally divided on political lines. According to provisional statistics from the Ministry of Labour, trade unions had a combined membership of 24,601,589 in 2002. As of 2008, there are 12 Central Trade Union Organisations (CTUO) recognized by the Ministry of Labour.[400] The forming of these unions was a big deal in India. It led to a big push for more regulatory laws which gave workers a lot more power.[401]
Economic issues
Corruption
Corruption has been a pervasive problem in India.[404] A 2005 study by Transparency International (TI) found that more than half of those surveyed had first-hand experience of paying a bribe or peddling influence to get a job done in a public office in the previous year.[405] A follow-up study in 2008 found this rate to be 40 percent.[406] In 2011, TI ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption.[407] By 2016, India saw a reduction in corruption, and its ranking improved to 79th place.[408]
In 1996, red tape, bureaucracy, and the Licence Raj were suggested as a cause for the institutionalised corruption and inefficiency.[409] More recent reports[410][411][412] suggest the causes of corruption 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.
Computerisation of services, various central and state vigilance commissions, and the 2005
In 2011, the Indian government concluded that most spending fails to reach its intended recipients, as the large and inefficient bureaucracy consumes budgets.
India has an
Education
India has made progress in increasing the primary education attendance rate and expanding literacy to approximately three-fourths of the population.[422] India's literacy rate had grown from 52.2% in 1991 to 74.04% in 2011. The right to education at the 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.[423] However, the literacy rate of 74% is lower than the worldwide average, and the country suffers from a high drop-out rate.[424] Literacy rates and educational opportunities vary by region, gender, urban and rural areas, and among different social groups.[425][426]
Economic disparities
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.
— World Bank: India Country Overview 2013[427]
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.[428] Six low-income states – Assam, Chhattisgarh, Nagaland, Madhya Pradesh, Odisha, and Uttar Pradesh – are home to more than one-third of India's population.[429] Severe disparities exist among states in terms of income, literacy rates, life expectancy, and living conditions.[430] The four states of Maharashtra, Tamil Nadu, Gujarat and Karnataka alone are projected to account for almost 50% of India's GDP by 2030; the five South Indian states are projected to contribute 35% of India's GDP by 2030 despite currently having 20% of India's population.[431]
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. The results have been discouraging as these measures increased inefficiency and hampered effective industrial growth.[432] The more advanced states have been better placed to benefit from liberalisation, with well-developed infrastructure and an educated and skilled workforce, which attract the manufacturing and service sectors. Governments of less-advanced states have tried to reduce disparities by offering tax holidays and cheap land and focused on sectors like tourism, which can develop faster than other sectors.[433][434] India's income Gini coefficient is 33.9, according to the United Nations Development Program (UNDP), indicating overall income distribution to be more uniform than East Asia, Latin America, and Africa.[16] The Global Wealth Migration Review 2019 report, published by New World Wealth, estimated that 48% of India's total wealth was held by high-net-worth individuals.[368]
There is a continuing debate on whether India's economic expansion has been pro-poor or anti-poor.[435] Studies suggest that economic growth has been pro-poor and has reduced poverty in India.[435][436]
Climate change
Several banks including State Bank of India, Axis Bank, ICICI Bank and HDFC Bank have taken the lead in funding green projects even as the Reserve Bank of India comes up with norms for lenders to disclose their actions on climate risk.RBI in an earlier report in 2022, had said that climate change would require "intensive capital mobilisation" for that India needs $17.77 trillion. [437]
The RBI recommends that regulated entities rely upon the Task Force on Climate-related Financial Disclosures (TCFD) framework, the most prominent climate disclosure framework globally, at least at the initial stage.[438]
India is home to 75 per cent of the world’s wild tiger population.The big cats like lion, tiger, leopard, cheetah, snow leopard, jaguar and puma were on the brink of extinction. With hunting and encroachment, their numbers dropped to a mere 20. Efforts to save the lion started before Independence but it was in 1965 that the Indian Forest Service stepped in to set up a conservation programme.Researchers believe a combination of factors is driving the unprecedented migration in tigers. Rising temperatures due to climate change are making the lower foothills less hospitable.[439]
See also
- Economic Advisory Council
- Economic development in India
- List of industrial cities in India
- List of megaprojects in India
- Make in India – a government program to encourage manufacturing in India
- NITI Aayog
- Suriname-India Chamber of Commerce and Industry
- Taxation in medieval India
- Political funding in India
Events:
- Great Recession
- 1970s energy crisis
- 1973 oil crisis
- 1997 Asian financial crisis
- Dot-com bubble
- 2007–2008 financial crisis
- COVID-19 recession
- Economic impact of the COVID-19 pandemic
- World oil market chronology from 2003
- Demonetization
- Economic impact of the COVID-19 pandemic in India
Lists:
- List of companies of India
- List of largest companies in India
- List of the largest trading partners of India
- List of megaprojects in India
- Trade unions in India
- Natural resources of India
Notes
- ^ a b Excluded territories
- ^ Indian reports are released on a weekly basis rather than the traditional monthly basis with the figures being of the previous week, by Reserve Bank of India.
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Further reading
- Books
- Datt, Ruddar; Sundharam, K.P.M. (2009). Indian Economy. New Delhi: ISBN 978-81-219-0298-4.
- ISBN 978-0-19-564082-3.
- 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.
- ISBN 0-14-303103-1.
- ISBN 978-0-19-531503-5.
- Raychaudhuri, Tapan; ISBN 978-81-250-2709-6.
- Roy, Tirthankar (2006). The Economic History of India 1857–1947. Oxford University Press. p. 385. ISBN 978-0-19-568430-8.
- Alamgir, Jalal (2008). ISBN 978-0-415-77684-4.
- Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy, T.V (ed.). Industry & agriculture in India since independence. Oxford University Press. pp. 189–199. ISBN 0-19-564394-1.
- Malone, David M., C. Raja Mohan, and Srinath Raghavan, eds. The Oxford handbook of Indian foreign policy (2015) excerpt Archived 15 September 2021 at the Wayback Machine pp 609–649.
- Papers and reports
- Bahl, R., Heredia-Ortiz, E., Martinez-Vazquez, J., & Rider, M. (2005). India: Fiscal Condition of the States, International Experience, and Options for Reform: Volume 1 Archived 1 December 2016 at the Wayback Machine (No. paper05141). International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
- "Economic reforms in India: Task force report" (PDF). University of Chicago. p. 32. Archived from the original (PDF) on 7 February 2009.
- "Economic Survey 2009–10". Ministry of Finance, Government of India. p. 294. Archived from the original on 5 December 2010. Retrieved 22 November 2010.
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External links
- Ministry of Finance
- Ministry of Commerce and Industry
- Ministry of Statistics and Programme Implementation
- India profile at the CIA World Factbook
- India profile at The World Bank
- India – OECD