The Economy of India is the eleventh largest in the world by nominal GDPand the fourth largest by purchasing power parity (PPP).The country's per capita GDP (PPP) is $3,290 (IMF, 127th) in 2010.
Rank - 11th (nominal) / 4th (PPP) |
|
GDP - $1.43 trillion (nominal: 11th; 2010) |
$4.00 trillion (PPP: 4th; 2010) |
GDP growth - 8.9% |
GDP per capita - $1,176 (nominal: 137th; 2010) |
Inflation - (CPI) 8.43% |
Population- below poverty line 37% |
Unemployment- 9.4% |
Exports - $210 billion |
Imports - $327 billion |
FDI stock - $191.1 billion |
Credit rating- 1.164 trillion |
The performance of the Indian economy in 2009/10 greatly exceeded
expectations. The farm sector which was expected to contract showed resilience,
growing by 0.2 per cent despite the weak South West monsoon. The non farm
sector also did well. It is the assessment of the Council that the Indian economy
would grow at 8.5 per cent in 2010/11 and 9.0 per cent in 2011/12. In the current
fiscal year, agriculture will grow at 4.5 per cent, industry at 9.7 per cent and
services at 8.9 per cent.
Industrial growth
Industrial sector recovery became evident in June 2009 and by August 2009
the General Index of Industrial Production (IIP) registered double digit growth
rate driven by similar growth rates in output in the manufacturing and mining
sector. The service sector has also shown strong recovery with GDP originating in
the important sub-sector of “trade, hotels, restaurant, transport & communication”
surging in the second half of 2009/10. The impact of the civil service pay hike
and the arrears lifted growth of the “community personal services” sub-sector in
the first half, but eased up in the second. Export related service activity (software
and Business Process Outsourcing) was sluggish throughout 2009/10 but was
more than offset by the recovery in domestic-oriented service activity. Overall,
non-farm sector GDP grew by 8.8 per cent in 2009/10.
IMPORT
In 2010/11, we expect the value of crude oil imports to be high due to
increase in crude prices by almost 15 per cent and an increase in the quantities
imported. The oil import bill is expected to rise to $103 billion in 2010/11 and to
$120 billion in 2011/12. Amongst the non oil imports we expect a comparatively
slower growth in the case of gold, silver imports and a stronger growth in the
remaining segments. The overall merchandise imports on balance-of-payments
basis are expected to rise to nearly $354 billion (up 18 per cent) in 2010/11 and
$414 billion (up 17 per cent) in 2011/12.
EXPORT
On the export side, the Council is projecting that in 2010/11 export growth
of petroleum products would be slightly higher than that of imports at 24 and
16 per cent in 2010/11 and 2011/12 respectively. The value of exports of gems
& jewellery would show growth of 25 per cent. Export of non-oil, non-jewellery
products would rise by 20 per cent in 2010/11, and moderate slightly in 2011/12.
Our projections for exports on balance-of-payments basis for 2010/11 amounts
to $216 billion and for 2011/12 to $254 billion.
AGRICULTURE SECTOR
58% of country's population depends on agriculture.
27% of India ’s GDP comes from its agricultural production.
13-18% of India ’s total annual exports are agricultural products.
§Contributes 21% of Total Exports, and Supplies Raw materials to Industries.
Growth Rate in production - 5.7%
Good monsoon always means a good harvest.
Important Contribution to Employment
Agriculture sector, at present, provides livelihood to 65 to 70% of the total population. The sector provides employment to 58.4% of country’s work force and is the single largest private sector occupation.
Important Source of Industrial Development
Various important industries in India find their raw material from agriculture sector -cotton and jute textile industries, sugar, vanaspati etc are directly dependent on agriculture. Handloom, spinning oil milling, rice thrashing etc are various small scale and cottage industries which are dependent on agriculture sector for their raw material. This highlights the importance of agriculture in industrial development of the nation.
Importance in International Trade
India’s foreign trade is deeply associated with agriculture sector. Agriculture accounts for about 14.7% of the total export earnings. Besides, goods made with the raw material of agriculture sector also contribute about 20% in Indian exports. In other words, agriculture and its related goods contribute about 38% in total exports of die country.
India’s position in world Agriculture
RANK
§Total Area Seventh
Irrigated Area First
§Population Second
§Economically Active population Second
§Total Cereals Third
Wheat Second
§Fruits and Vegetables Second
§Implements (Tractors) Third
§Live Stock (castles, Buffaloes) First
"The government on Saturday said it has served notices to 17 persons alleged to have kept untaxed money in foreign banks and prosecution has begun against them, but refused to reveal their names."
