Economy of India
Template:Short description Template:Protection padlock Template:Use Indian English Template:Use dmy dates Template:Infobox economy The economy of India is a developing mixed economy with a notable public sector in strategic sectors.<ref name="Eco_info">
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- Template:Cite journal</ref> It is the world's fourth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by GDP (nominal) and 119th by GDP (PPP).<ref name="IMF2">{{#invoke:citation/CS1|citation
|CitationClass=web }}</ref> From independence in 1947 until 1991, successive governments followed the Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat-driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj.<ref name="PE">Template:Citation</ref><ref name="BB">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning.<ref name="oecd" /><ref name="nyt" /> India has about 1,900 public sector companies,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Self-published source</ref> with the Indian state having complete control and ownership of railways and highways. The Indian government has major control over banking,<ref name="factual" /> insurance,<ref name="test">Template:Cite news</ref> farming,<ref name="farm">Template:Cite news</ref> fertilizers and chemicals,<ref name="chem">Template:Cite news</ref> airports,<ref name="aai">Template:Cite news</ref> essential utilities.<ref name="EnergyStats2016">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The state also exerts substantial control over digitalization, telecommunication, supercomputing, space, port and shipping industries,<ref name="SCIabout">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> which were effectively nationalised in the mid-1950s but has seen the emergence of key corporate players.<ref name="PE" /><ref name="BB" /><ref name="staley">Template:Cite magazine</ref>
Nearly 70% of India's GDP is driven by domestic consumption;<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> the country remains the world's fourth-largest consumer market.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Aside private consumption, India's GDP is also fueled by government spending, investments, and exports.<ref>Template:Cite news</ref> In 2022, India was the world's 10th-largest importer and the 8th-largest exporter.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India has been a member of the World Trade Organization since 1 January 1995.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It ranks 63rd on the ease of doing business index and 40th on the Global Competitiveness Index.<ref>Template:Cite news</ref><ref name="WB_labor">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India has one of the world's highest number of billionaires along with extreme income inequality.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Economists and social scientists often consider India a welfare state.<ref name="India_kapur">Kapur, D. and Nangia, P. (2015) ‘Social Protection in India: A Welfare State Sans Public Goods?’, India Review, 14(1), pp. 73–90. {{#invoke:doi|main}}.</ref><ref name="India_aspalter">Aspalter, Christian, The State and the Making of the Welfare System in India (14 December 2010). Journal of National Development, Vol. 3, No. 1, pp. 149-79, 2003, Available at Template:SSRN</ref><ref name="India_jayal">Jayal, Niraja Gopal. “The Gentle Leviathan: Welfare and the Indian State.” Social Scientist, vol. 22, no. 9/12, 1994, pp. 18–26. JSTOR, {{#invoke:doi|main}}. Retrieved 5 June 2024.</ref><ref name="India_bava">Bava, N. (1996). The Welfare State and Liberalisation in India. Indian Journal of Public Administration, 42(3), 334-346. {{#invoke:doi|main}}</ref> India's overall social welfare spending stood at 8.6% of GDP in 2021-22, which is much lower than the average for OECD nations.<ref>Government's spending on Social Services increased significantly during the pandemic Template:Webarchive Press Information Bureau. Government of India, Ministry of Finance 31 January 2022. Retrieved 29 November 2022.</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> With 586 million workers, the Indian labour force is the world's second-largest.<ref name="timesofindia.indiatimes.com">Template:Cite news</ref> Despite having one of the longest working hours, India has one of the lowest workforce productivity levels in the world.<ref>Dougherty, S., R. Herd and T. Chalaux (2009), "What is holding back productivity growth in India ?: Recent microevidence", OECD Journal: Economic Studies, vol. 2009/1, {{#invoke:doi|main}}.</ref><ref>Sapovadia, Vrajlal K., Low Productivity: India's Bottleneck of Growth (21 May 2019). Available at SSRN: Template:Ssrn or {{#invoke:doi|main}}</ref><ref>Bloom, Nicholas, Aprajit Mahajan, David McKenzie, and John Roberts. 2010. "Why Do Firms in Developing Countries Have Low Productivity?" American Economic Review, 100 (2): 619–23. {{#invoke:doi|main}}</ref><ref>Sivadasan, Jagadeesh. "Barriers to Competition and Productivity: Evidence from India" The B.E. Journal of Economic Analysis & Policy, vol. 9, no. 1, 2009. {{#invoke:doi|main}}</ref><ref>Goldar, B., Krishna, K.L., Aggarwal, S.C. et al. Productivity growth in India since the 1980s: the KLEMS approach. Ind. Econ. Rev. 52, 37–71 (2017). {{#invoke:doi|main}}</ref> Economists say that due to structural economic problems, India is experiencing jobless economic growth.<ref>Abubakar, J., Nurudeen, I. Economic Growth in India, Is It a Jobless Growth? An Empirical Examination Using Okun's Law. Ind. J. Labour Econ. 62, 307–317 (2019). {{#invoke:doi|main}}</ref>
During the Great Recession, the economy faced a mild slowdown. India endorsed Keynesian policy and initiated stimulus measures (both fiscal and monetary) to boost growth and generate demand. In subsequent years, economic growth revived.<ref>Template:Cite news</ref>
In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the Finance, Banking, Insurance and R&D.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India has free trade agreements with several nations and blocs, including ASEAN, SAFTA, Mercosur, South Korea, Japan, Australia, the United Arab Emirates, and several others which are in effect or under negotiating stage.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
The service sector makes up more than 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force.<ref>Template:Cite news</ref> The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Nearly 65% of India's population is rural,<ref name="world bank_rural population">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and contributes about 50% of India's GDP.<ref name="bs_India">Template:Cite news</ref> India faces high unemployment, rising income inequality, and a drop in aggregate demand.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's gross domestic savings rate stood at 29.3% of GDP in 2022.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
HistoryEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The combination of protectionist, import-substitution, Fabian socialism, and social democratic-inspired policies governed India for sometime after the end of British rule. The economy was then characterised as Dirigism,<ref name="PE" /><ref name="BB" /> It had extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth.<ref name="oecd" /><ref name="nyt" /><ref name="potential">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Since 1991, continuing economic liberalisation has moved the country towards a market-based economy.<ref name="oecd">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="nyt">Template:Cite news</ref> By 2008, India had established itself as one of the world's faster-growing economies.
Ancient and medieval erasEdit
Indus Valley CivilisationEdit
The citizens of the Indus Valley civilisation, a permanent settlement that flourished between 2800 BCE and 1800 BCE, practised agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. Evidence of well-planned streets, a drainage system, and water supply reveals their knowledge of urban planning, which included the first-known urban sanitation systems and the existence of a form of municipal government.<ref name="Discovery-1">Template:Cite book</ref>
West CoastEdit
Maritime trade was carried out extensively between southern regions of India and Southeast Asia and West Asia from early times until around the fourteenth century CE. Both the Malabar and Coromandel Coasts were the sites of important trading centres from as early as the first century BCE, used for import and export as well as transit points between the Mediterranean region and southeast Asia.<ref>Template:Harvnb</ref> Over time, traders organised themselves into associations which received state patronage. This state patronage for overseas trade came to an end by the thirteenth century CE, when it was largely taken over by the local Parsi, Jewish, Syrian Christian, and Muslim communities, initially on the Malabar and subsequently on the Coromandel coast.<ref>Template:Harvnb</ref>
Silk RouteEdit
Other scholars suggest trading from India to West Asia and Eastern Europe was active between the 14th and 18th centuries.<ref name="hanway1753">Template:Citation</ref><ref name="dale2002">Template:Citation</ref><ref name="levi2002">Template:CitationTemplate:Dead link</ref> 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.<ref name="jackson1911">Template:Citation</ref><ref name="forster1798">Template:Citation</ref><ref name="morier1818">Template:Citation</ref><ref name="usgovt1887hd">Template:Citation</ref>
Further north, the Saurashtra and Bengal coasts played an important role in maritime trade, and the Gangetic plains and the Indus valley housed several centres of river-borne commerce. Most overland trade was carried out via the Khyber Pass connecting the Punjab region with Afghanistan and onward to the Middle East and Central Asia.<ref>Template:Harvnb</ref> Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a portion of their agricultural produce as revenue to the rulers, while their craftsmen received a part of the crops at harvest time for their services.<ref name="Dutt-1">Template:Harvnb</ref>
Mughal, Rajput, and Maratha eras (1526–1820)Edit
The Indian economy was the largest and most prosperous throughout world history and would continue to be under the Mughal Empire, up until the 18th century.<ref name="schmidt">Karl J. Schmidt (2015), An Atlas and Survey of South Asian History, page 100 Template:Webarchive, Routledge</ref> Sean Harkin estimates that China and India may have accounted for 60 to 70 percent of world GDP in the 17th century. The Mughal economy functioned on an elaborate system of coined currency, land revenue and trade. Gold, silver and copper coins were issued by the royal mints which functioned on the basis of free coinage.<ref>Template:Harvnb</ref> The political stability and uniform revenue policy resulting from a centralized administration under the Mughals, coupled with a well-developed internal trade network, ensured that India–before the arrival of the British–was to a large extent economically unified, despite having a traditional agrarian economy characterised by a predominance of subsistence agriculture.<ref>Template:Harvnb</ref> Agricultural production increased under Mughal agrarian reforms,<ref name="schmidt" /> with Indian agriculture being advanced compared to Europe at the time, such as the widespread use of the seed drill among Indian peasants before its adoption in European agriculture,<ref>Template:Cite book</ref> and possibly higher per-capita agricultural output and standards of consumption than 17th century Europe.<ref>Template:Cite book</ref>
The Mughal Empire had a thriving industrial manufacturing economy, with India producing about 25% of the world's industrial output up until 1750,<ref name="williamson">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> making it the most important manufacturing centre in international trade.<ref name="WE">Template:Citation</ref> Manufactured goods and cash crops from the Mughal Empire were sold throughout the world. Key industries included textiles, shipbuilding, and steel, and processed exports included cotton textiles, yarns, thread, silk, jute products, metalware, and foods such as sugar, oils and butter.<ref name="schmidt" /> Cities and towns boomed under the Mughal Empire, which had a relatively high degree of urbanization for its time, with 15% of its population living in urban centres, higher than the percentage of the urban population in contemporary Europe at the time and higher than that of British India in the 19th century.<ref name="eraly">Template:Cite book</ref>
In early modern Europe, there was significant demand for products from Mughal India, particularly cotton textiles, as well as goods such as spices, peppers, indigo, silks, and saltpeter (for use in munitions).<ref name="schmidt" /> European fashion, for example, became increasingly dependent on Mughal Indian textiles and silks. From the late 17th century to the early 18th century, Mughal India accounted for 95% of British imports from Asia, and the Bengal Subah province alone accounted for 40% of Dutch imports from Asia.<ref name="Prakash">Om Prakash, "Empire, Mughal Template:Webarchive", History of World Trade Since 1450, edited by John J. McCusker, vol. 1, Macmillan Reference USA, 2006, pp. 237–240, World History in Context. Retrieved 3 August 2017</ref> In contrast, there was very little demand for European goods in Mughal India, which was largely self-sufficient.<ref name="schmidt" /> Indian goods, especially those from Bengal, were also exported in large quantities to other Asian markets, such as Indonesia and Japan.<ref name="richards95">Template:Cite book</ref> At the time, Mughal Bengal was the most important centre of cotton textile production.<ref>Richard Maxwell Eaton (1996), The Rise of Islam and the Bengal Frontier, 1204–1760, page 202 Template:Webarchive, University of California Press</ref>
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.<ref name="kumar">Template:Harvnb</ref> The decline of the Mughal Empire led to decreased agricultural productivity, which in turn negatively affected the textile industry.<ref>Template:Cite book</ref> 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.<ref name="Parthasarathi">Template:Citation</ref> However, the former was devastated by the Maratha invasions of Bengal<ref name="Chaudhuri253">Template:Cite book</ref><ref name="Marshall73">Template:Cite book</ref> and then British colonization in the mid-18th century.<ref name="Parthasarathi" /> 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.<ref name="kumar" /> 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.<ref>Template:Harvnb</ref>
British era (1793–1947)Edit
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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.{{#if:|{{#if:|}}
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From the beginning of the 19th century, the British East India Company's gradual expansion and consolidation of power brought a major change in taxation and agricultural policies, which tended to promote commercialisation of agriculture with a focus on trade, resulting in decreased production of food crops, mass impoverishment and destitution of farmers, and in the short term, led to numerous famines.<ref>Template:Harvnb</ref> The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors, due to reduced demand and dipping employment.<ref>Template:Harvnb</ref> After the removal of international restrictions by the Charter of 1813, Indian trade expanded substantially with steady growth.<ref>Template:Harvnb</ref> The result was a significant transfer of capital from India to Britain, which, due to the colonial policies of the British, led to a massive drain of revenue rather than any systematic effort at modernisation of the domestic economy.<ref>Template:Harvnb</ref> The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.<ref name="Maddison379" /><ref name="maddison261" /><ref>Template:Cite book</ref>
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 Mughal Empire and began to decline prior to the onset of British rule.<ref name="maddison261">Maddison, Angus (2003): Development Centre Studies The World Economy Historical Statistics: Historical Statistics, OECD Publishing, Template:ISBN, page 261</ref> India's share of global industrial output declined from 25% in 1750 down to 2% in 1900.<ref name="williamson" /> At the same time, Britain's share of the world economy rose from 2.9% in 1700 up to 9% in 1870. The British East India Company, following their conquest of Bengal in 1757, had forced open the large Indian market to British goods, which could be sold in India without tariffs or duties, compared to local Indian producers who were heavily taxed, while in Britain protectionist policies such as bans and high tariffs were implemented to restrict Indian textiles from being sold there, whereas raw cotton was imported from India without tariffs to British factories which manufactured textiles from Indian cotton and sold them back to the Indian market. British economic policies gave them a monopoly over India's large market and cotton resources.<ref>Template:Cite book</ref><ref name="gupta">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite book</ref> India served as both a significant supplier of raw goods to British manufacturers and a large captive market for British manufactured goods.<ref>Template:Cite book</ref>
British territorial expansion in India throughout the 19th century created an institutional environment that, on paper, guaranteed property rights among the colonisers, encouraged free trade, and created a single currency with fixed exchange rates, standardised weights and measures and capital markets within the company-held territories. It also established a system of railways and telegraphs, a civil service that aimed to be free from political interference, a common-law, and an adversarial legal system.<ref>Template:Harvnb</ref> This coincided with major changes in the world economy – industrialisation, and significant growth in production and trade. However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,<ref name="roy-2">Template:Harvnb</ref> with industrial development stalled, agriculture unable to feed a rapidly growing population, a largely illiterate and unskilled labour force, and extremely inadequate infrastructure.<ref name="AtIndependence">Template:Harvnb</ref>
The 1872 census revealed that 91.3% of the population of the region constituting present-day India resided in villages.<ref name="non-urban">Template:Harvnb</ref> This was a decline from the earlier Mughal era, when 85% of the population resided in villages and 15% in urban centres under Akbar's reign in 1600.<ref>Template:Cite book</ref> Urbanisation generally remained sluggish in British India until the 1920s, due to the lack of industrialisation and absence of adequate transportation. Subsequently, the policy of discriminating protection (where certain important industries were given financial protection by the state), coupled with the Second World War, saw the development and dispersal of industries, encouraging rural-urban migration, and in particular, the large port cities of Bombay, Calcutta and Madras grew rapidly. Despite this, only one-sixth of India's population lived in cities by 1951.<ref>Template:Harvnb</ref>
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 capital required for the Industrial Revolution in Britain came from India. At the same time, other 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.<ref name="roy-1">Template:Harvnb</ref>
Several economic historians have argued that Indian real wages declined in the early 19th century, or possibly beginning in the very late 18th century, largely as a result of British colonial rule. According to Prasannan Parthasarathi and Sashi Sivramkrishna, the grain wages of Indian weavers were likely comparable to that of their British counterparts and their average income was around five times the subsistence level, which was comparable to advanced parts of Europe.<ref>Template:Cite book</ref><ref name="AL">Template:Cite journal</ref> However they concluded that due to the scarcity of data, it was hard to draw definitive conclusions and that more research was required.<ref name="WE" /><ref name="AL" /> It has also been argued that India went through a period of deindustrialization in the latter half of the 18th century as an indirect outcome of the collapse of the Mughal Empire.<ref name="williamson" />
Pre-liberalisation period (1947–1991)Edit
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Indian economic policy after independence was influenced by the colonial experience, which was seen as exploitative by Indian leaders exposed to the planned economy of the Soviet Union.<ref name="AtIndependence" /> Domestic policy tended towards protectionism, with a strong emphasis on import substitution industrialisation, economic interventionism, a large government-run public sector, business regulation, and central planning,<ref>Template:Harvnb</ref> while trade and foreign investment policies were relatively liberal.<ref>Template:Harvnb</ref> Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, telecommunications, insurance, and power plants, among other industries, were effectively nationalised in the mid-1950s.<ref name="staley"/> The Indian economy of this period is characterised as Dirigism.<ref name="PE" /><ref name="BB" />
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Never talk to me about profit, Jeh, it is a dirty word.{{#if:|{{#if:|}}
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Jawaharlal Nehru, the first prime minister of India, along with the statistician Prasanta Chandra Mahalanobis, formulated and oversaw economic policy during the initial years of the country's independence. They expected favourable outcomes from their strategy, involving the rapid development of heavy industry by both public and private sectors, and based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.<ref>Template:Harvnb</ref><ref name="Cameron-1">Template:Cite journal</ref> The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidising manual, low-skill cottage industries was criticised by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers.<ref name="milton-1">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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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.{{#if:|{{#if:|}}
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Since 1965, the use of high-yielding varieties of seeds, increased fertilisers and improved irrigation facilities collectively contributed to the Green Revolution in India, which improved the condition of agriculture by increasing crop productivity, improving crop patterns and strengthening forward and backward linkages between agriculture and industry.<ref>Template:Harvnb</ref> However, it has also been criticised as an unsustainable effort, resulting in the growth of capitalistic farming, ignoring institutional reforms and widening income disparities.<ref>Template:Harvnb</ref>
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)Edit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} Template:Multiple image 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.<ref name="Ghosh">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India asked for a $1.8 billion bailout loan from the International Monetary Fund (IMF), which in return demanded de-regulation.Template:Sfn
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.Template:Sfn 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.<ref name="Gandhi-1">Template:Cite news</ref> This has been accompanied by increases in life expectancy, literacy rates, and food security, although urban residents have benefited more than rural residents.Template:Sfn
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.Template:Update inline However the growth rate subsequently decelerated, to 7.1% and 6.6% in 2016–17 and 2017–18 respectively,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> partly because of the disruptive effects of 2016 Indian banknote demonetisation and the Goods and Services Tax (India).<ref>Template:Cite news</ref>
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.<ref>Economy Profile India Template:Webarchive Doing Business 2020</ref> 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.<ref name="World Bank and International Financial Corporation">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
COVID-19 pandemic and aftermath (2020–present)Edit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} During the COVID-19 pandemic, numerous rating agencies downgraded India's GDP predictions for FY21 to negative figures,<ref>Template:Cite news</ref><ref>Template:Cite news</ref> signalling a recession in India, the most severe since 1979.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The Indian Economy contracted by 6.6 percent which was lower than the estimated 7.3 percent decline.<ref>Template:Cite news</ref> In 2022, the ratings agency Fitch Ratings upgraded India's outlook to stable similar to S&P Global Ratings and Moody's Investors Service's outlooks.<ref>Template:Cite news</ref> In the first quarter of financial year 2022–2023, the Indian economy grew by 13.5%.<ref>Template:Cite news</ref>
DataEdit
The following table shows the main economic indicators in 1980–2024 (with IMF staff estimates in 2025–2029). Inflation below 5% is in green.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund finds them unreliable.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Static row numbersTemplate:Sticky header
GDP (nominal) past and forecastsEdit
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Country | 1990 | Country | 2000 | Country | 2010 | Country | 2020 | Country | 2030 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Template:USA | 5,963 | Template:USA | 10,250 | Template:USA | 15,048 | Template:USA | 21,354 | Template:USA | 37,153 | ||||
| Template:JPN | 3,185 | Template:JPN | 4,968 | Template:CHN | 6,138 | Template:CHN | 15,103 | Template:CHN | 25,827 | ||||
| {{#invoke:flag | Germany}} | 1,604 | {{#invoke:flag | Germany}} | 1,967 | Template:JPN | 5,759 | Template:JPN | 5,054 | {{#invoke:flag | India}} | 6,769 | |
| {{#invoke:flag | France}} | 1,260 | Template:Nowrap | 1,668 | {{#invoke:flag | Germany}} | 3,470 | {{#invoke:flag | Germany}} | 3,936 | {{#invoke:flag | Germany}} | 5,575 |
| Template:Nowrap | 1,197 | {{#invoke:flag | France}} | 1,361 | {{#invoke:flag | France}} | 2,648 | Template:Nowrap | 2,698 | Template:JPN | 4,994 | ||
| {{#invoke:flag | Italy}} | 1,164 | Template:CHN | 1,220 | Template:Nowrap | 2,487 | {{#invoke:flag | India}} | 2,674 | Template:Nowrap | 4,955 | ||
| Template:CAN | 596 | {{#invoke:flag | Italy}} | 1,150 | Template:BRA | 2,208 | {{#invoke:flag | France}} | 2,645 | {{#invoke:flag | France}} | 3,754 | |
| Template:IRN | 581 | Template:CAN | 744 | {{#invoke:flag | Italy}} | 2,146 | {{#invoke:flag | Italy}} | 1,905 | Template:CAN | 2,792 | ||
| {{#invoke:flag | Spain}} | 536 | Template:MEX | 742 | {{#invoke:flag | India}} | 1,675 | Template:KOR | 1,744 | {{#invoke:flag | Italy}} | 2,779 | |
| Template:BRA | 455 | Template:BRA | 655 | Template:RSA | 1,633 | Template:CAN | 1,655 | Template:BRA | 2,679 | ||||
| Template:CHN | 397 | {{#invoke:flag | Spain}} | 598 | Template:CAN | 1,617 | Template:RSA | 1,488 | Template:RSA | 2,384 | |||
| Template:AUS | 324 | Template:KOR | 597 | {{#invoke:flag | Spain}} | 1,429 | Template:BRA | 1,476 | {{#invoke:flag | Spain}} | 2,201 | ||
| {{#invoke:flag | Netherlands}} | 321 | {{#invoke:flag | India}} | 468 | Template:AUS | 1,254 | Template:AUS | 1,362 | Template:AUS | 2,181 | ||
| {{#invoke:flag | India}} | 320 | {{#invoke:flag | Netherlands}} | 417 | Template:KOR | 1,192 | {{#invoke:flag | Spain}} | 1,288 | Template:MEX | 2,151 | |
| Template:MEX | 307 | Template:AUS | 400 | Template:MEX | 1,105 | Template:MEX | 1,121 | Template:KOR | 2,149 |
Regional economiesEdit
Template:See India's regional economies vary significantly in terms of output, industrial composition, and development levels. Maharashtra has the largest state economy, contributing over 13% to the national GDP, followed by Tamil Nadu, Karnataka, Gujarat, and Uttar Pradesh.<ref>Template:Cite book</ref> These five states collectively account for nearly half of India's economic output. Southern states such as Tamil Nadu, Karnataka, and Telangana are known for strong performance in services and manufacturing, while western states like Gujarat and Maharashtra are industrial powerhouses. In contrast, eastern and central states such as Bihar, Jharkhand, and Chhattisgarh exhibit lower GDPs, reflecting ongoing challenges in industrialisation and infrastructure. Union Territories like Delhi and Chandigarh, though smaller in size, have high per capita incomes due to urban-centric service-driven economies. This economic landscape highlights both growth opportunities and regional disparities, underscoring the need for tailored economic strategies across states. Template:Pie chart
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S.No | State/UT | GSDP (₹ Lakh Crore) |
GSDP (Billion USD) |
Share % | Equivalent Country (Nominal GDP) |
|---|---|---|---|---|---|---|
| 1 | Maharashtra | 42.67 | 497.86 | 13.17% | Template:Flag | |
| 2 | Tamil Nadu | 30.97 | 361.45 | 9.56% | Template:Flag | |
| 3 | Karnataka | 28.13 | 328.17 | 8.68% | Template:Flag | |
| 4 | Gujarat | 27.99 | 326.54 | 8.64% | Template:Flag | |
| 5 | Uttar Pradesh | 26.63 | 310.88 | 8.22% | Template:Flag | |
| 6 | West Bengal | 18.76 | 219.01 | 5.79% | Template:Flag | |
| 7 | Rajasthan | 17.13 | 199.79 | 5.29% | Template:Flag | |
| 8 | Andhra Pradesh | 15.81 | 184.53 | 4.88% | Template:Flag | |
| 9 | Telangana | 15.26 | 178.00 | 4.71% | Template:Flag | |
| 10 | Madhya Pradesh | 15.12 | 176.37 | 4.67% | Template:Flag | |
| 11 | Kerala | 12.31 | 143.64 | 3.80% | Template:Flag | |
| 12 | Haryana | 12.19 | 142.24 | 3.76% | Template:Flag | |
| 13 | Delhi | 11.33 | 132.23 | 3.50% | Template:Flag | |
| 14 | Bihar | 9.76 | 113.96 | 3.01% | Template:Flag | |
| 15 | Odisha | 9.42 | 109.94 | 2.91% | Template:Flag | |
| 16 | Punjab | 8.91 | 104.00 | 2.75% | Template:Flag | |
| 17 | Assam | 6.46 | 75.39 | 2.00% | Template:Flag | |
| 18 | Chhattisgarh | 5.80 | 67.68 | 1.59% | Template:Flag | |
| 19 | Jharkhand | 4.82 | 56.25 | 1.32% | Template:Flag | |
| 20 | Uttarakhand | 3.80 | 44.34 | 1.05% | Template:Flag | |
| 21 | Jammu & Kashmir | 2.63 | 30.69 | 0.70% | Template:Flag | |
| 22 | Himachal Pradesh | 2.45 | 28.59 | 0.65% | Template:Flag | |
| 23 | Goa | 1.14 | 13.30 | 0.35% | Template:Flag | |
| 24 | Andaman & Nicobar Islands | 1.02 | 11.90 | 0.31% | Template:Flag | |
| 25 | Chandigarh | 0.56 | 6.54 | 0.17% | Template:Flag | |
| 26 | Sikkim | 0.54 | 6.30 | 0.17% | Template:Flag | |
| 27 | Meghalaya | 0.54 | 6.30 | 0.17% | Template:Flag | |
| 28 | Manipur | 0.52 | 6.07 | 0.16% | Template:Flag | |
| 29 | Puducherry | 0.45 | 5.25 | 0.14% | Template:Flag | |
| 30 | Arunachal Pradesh | 0.44 | 5.13 | 0.14% | Template:Flag | |
| 31 | Nagaland | 0.43 | 5.02 | 0.13% | Template:Flag | |
| 32 | Mizoram | 0.42 | 4.90 | 0.13% | Template:Flag | |
| 33 | Tripura | 0.31 | 3.62 | 0.10% | Template:Flag | |
| Total India (2024–25) | 324.11 | 3780.00 | 100% | India | ||
SectorsEdit
Agriculture, forest, and fishingEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} Agriculture and allied sectors like forestry, logging and fishing accounted for 18.4% of the GDP,<ref name="SI" /> the sector employed 51.2 crore persons or 45.5% of the workforce in India are employed in agriculture.<ref name="agr emp"/><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is major agriculture producing country and has the most arable land in the world followed by the United States.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> However, agricultural output lags far behind its potential.<ref name="nytagriculture">Template:Cite news</ref> Agriculture's contribution to GDP has steadily declined from 1951 to 2023, shifting from 52% to 15% of India's GDP<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> yet it is still the country's largest employment provider sector .<ref name="agr emp">Template:Cite news</ref> 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.<ref name="Datt-5">Template:Harvnb</ref> 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 Template:Convert and a total annual precipitation of 4,000 billion cubic metres, with the total utilisable water resources, including surface and groundwater, amounting to 1,123 billion cubic metres.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Template:Convert of the land area, or about 39% of the total cultivated area, is irrigated.<ref name="irrigation">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's inland water resources and marine resources provide employment to nearly 6 million people in the fisheries sector. In 2023, according to the Ministry of Fisheries, India is the 3rd largest fish producing and 2nd largest aquaculture producing nation in the world.
India is the largest producer of milk, jute and pulses, and has the world's largest cattle population with 303 million animals in 2023.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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, but only for 1% of global fruits and vegetables trade. India is also the second-largest producer and the largest consumer of silk, producing Template:Convert in 2005.<ref name="fao-silk">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is the second-largest exporter of cashew kernels and cashew nut shell liquid (CNSL). Foreign exchange earned by the country through the export of cashew kernels during FY 2023 reached 356M$. Template:Convert of kernels were exported during 2023.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> There are about 600 cashew processing units in Kollam, Kerala.<ref name="CI" />
India's foodgrain production stagnant at approximately Template:Convert during 2020–21.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref name="agriculturepriorities">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The average size of land holdings is very small, with 70% of holdings being less than Template:Convert in size.<ref>Template:Harvnb</ref> Irrigation facilities are inadequate, as revealed by the fact that only 46% of the total cultivable land was irrigated Template:As of<ref name="irrigation" /> resulting in farmers still being dependent on rainfall, specifically the monsoon season, which is often inconsistent and unevenly distributed across the country.<ref>Template:Harvnb</ref> In an effort to bring an additional Template:Convert of land under irrigation, various schemes have been attempted, including the Accelerated Irrigation Benefit Programme (AIBP) which was provided Template:INRConvert in the Union Budget.<ref>Template:Cite news</ref> Farming incomes are also hampered by lack of food storage and distribution infrastructure; a third of India's agricultural production is lost from spoilage.<ref name="India's Food Transportation Ordeal">Template:Cite news</ref>
Automobile industryEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} The automotive industry in India is one of the largest and fastest-growing globally, contributing significantly to the country’s economy, employment, and export performance. As of 2023, India ranked as the fourth-largest automobile producer in the world, following China, United States and Japan. The sector accounts for approximately 7.1% of India's GDP and employs over 37 million people directly and indirectly.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Template:As of, India's auto industry is worth more than US$100 billion and accounts for 8% of the country's total exports and 7.1% of India's GDP.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
India's automotive market comprises both domestic and international manufacturers. Key passenger vehicle producers include Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Kia India, and Toyota Kirloskar Motor. In the two-wheeler segment, leading companies are Hero MotoCorp, Honda Motorcycle and Scooter India, TVS Motor, and Bajaj Auto. The commercial vehicle space is dominated by Tata Motors, Ashok Leyland, and Mahindra & Mahindra.
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Type | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | |
|---|---|---|---|---|---|---|---|---|
| Passenger Vehicles | Production | 3,424,564 | 3,062,280 | 3,650,698 | 4,587,116 | 4,901,840 | 5,061,164 | |
| Domestic Sales | 2,773,519 | 2,711,457 | 3,069,523 | 3,890,114 | 4,218,750 | 4,301,848 | ||
| Export Sales | 662,118 | 404,397 | 577,875 | 662,891 | 672,105 | 770,364 | ||
| Commercial Vehicles | Production | 756,725 | 624,939 | 805,527 | 1,035,626 | 1,067,504 | 1,032,645 | |
| Domestic Sales | 717,593 | 568,559 | 716,566 | 962,468 | 968,770 | 956,671 | ||
| Export Sales | 60,379 | 50,334 | 92,297 | 78,645 | 65,818 | 80,986 | ||
| Three wheelers | Production | 1,132,982 | 614,613 | 758,669 | 855,696 | 996,159 | 1,050,020 | |
| Domestic Sales | 637,065 | 219,446 | 261,385 | 488,768 | 694,801 | 741,420 | ||
| Export Sales | 501,651 | 393,001 | 499,730 | 365,549 | 299,977 | 306,914 | ||
| Two wheelers | Production | 21,032,927 | 18,349,941 | 17,821,111 | 19,459,009 | 21,468,527 | 23,883,857 | |
| Domestic Sales | 17,416,432 | 15,120,783 | 13,570,008 | 15,862,771 | 17,974,365 | 19,607,332 | ||
| Export Sales | 3,519,405 | 3,282,786 | 4,443,131 | 3,652,122 | 3,458,416 | 4,198,403 |
Micro, Small, and Medium Enterprises (MSME)Edit
Template:See also 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.<ref>Template:Cite news</ref>
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).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Machinery, Tools and equipmentEdit
Machinery and equipment market is expected to grow 8% from 2024 to 2029. India's Industrial Machinery Equipment and Tools market size is expected to be $210 billion in 2023.The rise in R&D and large number of startups has led to increase in investment in tools, industrial equipment, robotics, industrial automation, pharmaceutical machinery, mining & construction equipment.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Indian Government has launched an initiative in promoting electrification of fossil-fuel based equipment hence reducing carbon footprint and leading to new innovations.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Mining, resources, and chemicalsEdit
MiningEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}}
India has, in 2022, a reported 1,319 mines of which reporting mines for metallic minerals were estimated at 545 and non-metallic minerals at 775.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Mining contributed to 1.75% of GDP and employed directly or undirecly 11 million people in 2021.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's mining industry was the fourth-largest producer of minerals in the world by volume, and eighth-largest producer by value in 2009.<ref name="mospimines">Mining Template:Webarchive Chapter 15, Ministry of Statistics and Programme Implementation, Govt of India (2011)</ref> In 2013, it mined and processed 89 minerals, of which four were fuel, three were atomic energy minerals, and 80 non-fuel.<ref>Emerging economies and India's mining industry Template:Webarchive Ernst & Young (2014)</ref> The public sector accounted for 68% of mineral production by volume in 2011–12.<ref name="ficcimine">Development of Indian Mining Industry Template:Webarchive FICCI (2012), pp 12–14</ref> 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.<ref name="ficcimine" /> India operated about 3,000 mines in 2010, half of which were coal, limestone and iron ore.<ref>Mining Template:Webarchive Chapter 15, Ministry of Statistics and Programme Implementation, Govt of India (2011), pp 205</ref> 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.<ref name="mospimines" /><ref name="ficcimine" /> India was the fourth-largest producer of steel in 2013,<ref>World Steel Figures in 2013 Template:Webarchive World Steel Association (2014), pp 9</ref> and the seventh-largest producer of aluminium.<ref>Aluminum Template:Webarchive USGS, U.S. Government (2014)</ref>
India's mineral resources are vast.<ref>Mines Template:Webarchive Business Knowledge Resources, Government of India (2013)</ref> 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.<ref name="ficcimine" /><ref>Unlocking the Potential of the Indian Minerals Sector Template:Webarchive Ministry of Mines, Govt of India (November 2011)</ref>
CementEdit
Indian cement industry is the 2nd largest cement producing country in the world, next only to China. At present, the Installed Capacity of Cement in India is 500 MTPA with production of 298 million tonnes per annum. Majority of the cement plants installed capacity (about 35%) is located in the states of south India. In PAT scheme, Total Installed Capacity of Cement in India is 325 MTPA which contributes to 65% coverage of total installed capacity in India.
Iron and steelEdit
India surpassed Japan as the second largest steel producer in January 2019.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> As per worldsteel, India's crude steel production in 2018 was at Template:Convert, 4.9% increase from Template:Convert 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
PetroleumEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}}
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.<ref>Top ten large oil refineries Template:Webarchive Hydrocarbon Technologies (September 2013)</ref> 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.<ref>Indian Chemical Industry Template:Webarchive IBEF, Ministry of Commerce and Industry, Government of India (March 2014)</ref> Despite being a large producer and exporter, India is a net importer of chemicals due to domestic demands.<ref>Indian Chemical Industry Template:Webarchive IBEF, Ministry of Commerce and Industry, Government of India (August 2013)</ref> India's chemical industry is extremely diversified and estimated at $178 billion.<ref>Template:Cite news</ref>
Chemicals and fertilizerEdit
The chemical industry contributed $163 billion to the economy in FY18 and is expected to reach $300–400 billion by 2025.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> The industry employed 17.33 million people (4% of the workforce) in 2016.<ref name="WTTCBenchmark">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>Template:Cite news</ref>
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.<ref>Template:Cite news</ref>
TransportationEdit
Railways and LogisticsEdit
The Indian Railways contributes to ~3% of the country's gross domestic product (GDP) and has social obligations pegged at $5.3 billion annually.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Indian Railways has targeted to manufacture 475 new Vande Bharat trainsets for the next four years as a part of its modernization plan.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It is about Rs 40,000 crore($5 billion) business opportunity that would also create 15,000 jobs and several spin-off benefits.<ref>Template:Cite news</ref> Indian Railway's CORE aims to electrify all of its broad gauge network by 31 March 2024.<ref>Template:Cite news</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Under the eleventh Five Year Plan of India (2007–12), the Ministry of Railways started constructing a new Dedicated Freight Corridor (DFC) in two long routes, namely the Eastern and Western freight corridors.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The two routes cover a total length of Template:Convert, with the Eastern Dedicated Freight Corridor stretching from Ludhiana in Punjab to Dankuni in West Bengal and the Western Dedicated Freight Corridor from Jawaharlal Nehru Port in Mumbai (Maharashtra) to Dadri in Uttar Pradesh.<ref name="dfc">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The DFC will generate around 42,000 jobs and provide long term employment to many people in public sector and private sector.Template:Citation needed
Rapid TransitEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}}
India is developing modern mass rapid transit systems to meet present and future urban requirements. A modern metro rail system is already in place in the cities of Navi Mumbai, Delhi, Mumbai, Bangalore, Kolkata, Hyderabad, Kochi, Gurgaon, Jaipur, Noida, Pune, Nagpur, Kanpur, Ahmedabad and Lucknow. Similar mass transit systems are intended for Agra, Bhopal, Indore, Surat, Patna, Bhubaneswar Tri-city, Chandigarh Tri-city, Gwalior, Mysore, Nashik, Prayagraj, Varanasi, Ranchi, Thane and Trivandrum. Former Prime Minister Atal Bihari Vajpayee has been credited with success of the metro systems in India and every metro has followed Delhi Metro model generating lot of real estate wealth in India specially in smaller cities like Gurgaon and Noida. For Elevated corridor, there is no need for land acquisition as pillars are built above Median strip of a road.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Citation needed Land prices in tier-II cities such as Lucknow, Patna, Jaipur, Ahmedabad, Pune, Kochi, and Coimbatore have gone up by almost 8-10 percent following the introduction of a metro corridor in these cities, an assessment by JLL has said.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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 centre.Template:Citation needed
AviationEdit
India is the fourth-largest civil aviation market in the world recording an air traffic of 158 million passengers in 2017.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="IATA">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The market is estimated to have 800 aircraft by 2020, which would account for 4.3% of global volumes,<ref>Template:Citation</ref> and is expected to record annual passenger traffic of 520 million by 2037.<ref name="IATA" /> IATA estimated that aviation contributed $30 billion to India's GDP in 2017, and supported 7.5 million jobs – 390,000 directly, 570,000 in the value chain, and 6.2 million through tourism.<ref name="IATA" />
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. <ref>Template:Cite news</ref>
ShipbuildingEdit
The Shipbuilding Financial Assistance Policy (SBFAP) was introduced in 2016, provides financial assistance to Indian shipyards for shipbuilding contracts. According to the ministry of ports, shipping and waterways, under SBFAP, a total of 313 domestic and export vessel orders were procured by 39 shipyards since the inception of the scheme, with the total value standing at about ₹10,500 crore($1.26 billion).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
India has multiple ship building companies such as Cochin Shipyard, Hindustan Shipyard and Swan Defence and Heavy Industries, mainly produces ships for European, South American and African shipping companies. Cochin shipyard is the pioneer in autonomous electric propulsion ships.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
IT and telecommunicationsEdit
Datacentre and cloudEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} India has emerged as the leading data centre hub in the Asia-Pacific region (excluding China), surpassing established players like Singapore, Australia, South Korea, Japan, and Hong Kong in installed capacity. This reflects the escalating demand for data services in one of the world's fastest-growing major economies. With a current installed capacity of 950 MW and projections indicating an additional 850 MW by 2026, India is poised to solidify its position as a key player in the Asia-Pacific data centre landscape.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
In Hyderabad, The largest datacentre is spread over 1. 31 lakh square feet, the proposed rated-4 (tier-4) data centre will be equipped with 1,600 racks and powered by 18MW of electricity.<ref>Template:Cite news</ref>
India's overall public cloud services market is projected to hit US $13 billion by 2026, expanding at a CAGR of 23.1% in 2021-26. The market's revenue totaled US $2.8 billion for the first half of 2022.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
TelecommunicationsEdit
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The telecommunication sector generated Template:INRConvert in revenue in 2014–15, accounting for 1.94% of total GDP.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Telecom equipment manufacturing and exports are becoming a new success story following the success of smartphone exports. In the financial year 2024, the telecom equipment production exceeded the milestone of Rs 45,000 crore with exports totaling approximately Rs 10,500 crore.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is the second-largest market in the world by number of telephone users (both fixed and mobile phones) with 1.053 billion subscribers Template:As of 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. Template:As of there were 342.65 million Internet subscribers in the country.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name=EIA>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Industry estimates indicate that there are over 554 million TV consumers in India Template:As of<ref name="mruc">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is the largest direct-to-home (DTH) television market in the world by number of subscribers. Template:As of there were 84.80 million DTH subscribers in the country.<ref name="TRAI">Template:Cite press release</ref>
Defence and energyEdit
DefenceEdit
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With over 1.3 million active personnel, the 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is the world's second largest arms importer; between 2016 and 2020, it accounted for 9.5% of the total global arms imports.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India exported military hardware worth Template:INRConvert in the financial year 2022–23, the highest ever and a notable tenfold increase since 2016–17.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Diversified Energy sectorEdit
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Primary energy consumption of India is the third-largest after China and US with 5.3% global share in the year 2015.<ref name="srwew">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Coal and crude oil together account for 85% of the primary energy consumption of India. India's oil reserves meet 25% of the country's domestic oil demand.<ref name="CIA">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="Datt-1">Template:Harvnb</ref> Template:As of India's total proven crude oil reserves are Template:Convert, while gas reserves stood at Template:Convert.<ref name=png>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Oil and natural gas fields are located offshore at Ashoknagar Oil Field, Bombay High, Krishna Godavari Basin, Mangala Area and the Cauvery Delta, and onshore mainly in the states of West Bengal, Assam, Gujarat and Rajasthan. India is the fourth-largest consumer of oil and net oil imports were nearly Template:INRConvert in 2014–15,<ref name=png /> which had an adverse effect on the country's current account deficit. The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL). There are some major private Indian companies in the oil sector such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref name="srwe">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> By the end of calendar year 2015, India had an electricity surplus with many power stations idling for want of demand.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The utility electricity sector had an installed capacity of 303 GW Template:As of of which thermal power contributed 69.8%, hydroelectricity 15.2%, other sources of renewable energy 13.0%, and nuclear power 2.1%.<ref name="capacity">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India meets most of its domestic electricity demand through its Template:Convert of proven coal reserves.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India is also rich in certain alternative sources of energy with significant future potential such as solar, wind and biofuels (jatropha, sugarcane). India's dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years.<ref>Template:Cite news</ref> Recent discoveries in the Tummalapalle belt may be among the top 20 natural uranium reserves worldwide,<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite newsTemplate:Cbignore</ref>Template:Update inline and an estimated reserve of Template:Convert of thorium<ref name=pib>Template:Cite news</ref> – about 25% of world's reserves – are expected to fuel the country's ambitious nuclear energy programme in the long run. The Indo-US nuclear deal has also paved the way for India to import uranium from other countries.<ref>Template:Cite news</ref>
Infrastructure sectorEdit
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India's infrastructure and transport sector contributes about 5% of its GDP. India has a road network of over Template:Convert Template:As of the second-largest road network in the world only behind United States. At 1.66 km of roads per square kilometre of land (2.68 miles per square mile), the quantitative density of India's road network is higher than that of Japan (0.91) and United States (0.67), and far higher than that of China (0.46), Brazil (0.18) or Russia (0.08).<ref name="Statistics">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Qualitatively, India's roads are a mix of modern highways and narrow, unpaved roads, and are being improved.<ref name="wbtransport">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Template:As of 87.05% of Indian roads were paved.<ref name="Statistics" /> It is upgrading its infrastructure. Template:As of India had completed over Template:Convert of 4- or 6-lane highways, connecting most of its major manufacturing, commercial and cultural centres.<ref name=nhdp2011>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's road infrastructure carries 60% of freight and 87% of passenger traffic.<ref name="Road annual report">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
India has a coastline of Template:Convert 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).<ref>India Infrastructure Summit 2012 Ernst & Young (2013), pp 4 Template:Webarchive</ref> Kandla Port, New Kandla is the largest public port established in early 1960's, while Mundra is the largest private sea port.<ref>Ports Template:Webarchive Business Resources, Govt of India (2013)</ref> The airport infrastructure of India includes 125 airports,<ref>Airports Template:Webarchive AAI, Govt of India (2013)</ref> of which 66 airports are licensed to handle both passengers and cargo.<ref>LIST OF LICENSED AERODROME Template:Webarchive Directorate General of Commercial Aviation, Govt of India (May 2014)</ref> India has multiple global infrastructure companies such as Afcons Infrastructure, Adani Group, JSW Infrastructure, Larsen & Toubro etc.
The construction industry contributed $288 billion (13% of GDP) and employed 60.42 million people (14% of the workforce) in 2016.<ref name="WTTCBenchmark" /> 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.<ref>Template:Cite news</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
India has MGNREGA scheme which provides employment to 80 million people and as well as provides large infrastructure development.<ref name="MG" /> India is massively privatizing airports, ports, bus stands, railway stations, dams, dam wind park,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> solar parks, floating solar plants, power transmission, highways, thermal power and other utilizes.
Finance and tradeEdit
Banking and financial servicesEdit
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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.<ref name="WTTCBenchmark" /> The Indian money market is classified into the organised sector, comprising private, public and foreign-owned commercial banks and cooperative banks, together known as 'scheduled banks'; and the unorganised sector, which includes individual or family-owned indigenous bankers or money lenders and non-banking financial companies.<ref>Template:Harvnb</ref> The unorganised sector and microcredit are preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes such as short-term loans for ceremonies.<ref name="Datt-6">Template:Harvnb</ref>
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors including agriculture, small-scale industry, retail trade and small business, to ensure that the banks fulfilled their social and developmental goals. Since then, the number of bank branches has increased from 8,260 in 1969 to 72,170 in 2007 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total bank deposits increased from Template:INRConvert in 1970–71 to Template:INRConvert in 2008–09. Despite an increase of rural branches – from 1,860 or 22% of the total in 1969 to 30,590 or 42% in 2007 – only 32,270 of 500,000 villages are served by a scheduled bank.<ref name="ghosh">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="Datt-7">Template:Harvnb</ref>
India's gross domestic savings in 2006–07 as a percentage of GDP stood at a high 32.8%.<ref>Template:Harvnb</ref> More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name="factual">Template:Cite news</ref> 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.<ref name="CIA" /><ref name="Datt-8">Template:Harvnb</ref>
RetailEdit
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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.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>NASSCOM press release Template:Webarchive NASSCOM. 8 March 2021. Retrieved 29 November 2022</ref> 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,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> and is projected to reach $1.3 trillion by 2020.<ref name="pwc12tik">The Indian Kaleidoscope – Emerging trends in retail Template:Webarchive PWC (2012)</ref><ref>Successful Innovations in Indian Retail Template:Webarchive Booz Allen & PwC (February 2013)</ref> 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.<ref>Template:Cite news</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref name="chainstores">Template:Cite news</ref> 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.<ref>Template:Cite news</ref> 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.<ref name="chainstores" />
IndustriesEdit
TourismEdit
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The World Travel & Tourism Council calculated that tourism generated Template:INRConvert 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 Template:INRConvert by 2028 (9.9% of GDP).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Over 10 million foreign tourists arrived in India in 2017 compared to 8.89 million in 2016, recording a growth of 15.6%.<ref>Template:Cite news</ref> The tourism industry contributes about 9.2% of India's GDP and employs over 42 million people.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India earned $21.07 billion in foreign exchange from tourism receipts in 2015.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name="unwtoitp">India's tourism performance Template:Webarchive United Nations World Tourism Organization (2013)</ref><ref>Yearbook of Tourism Statistics, Data 2008 – 2012, 2014 Edition Template:Webarchive United Nations World Tourism Organization (2014)</ref> In 2024, Ayodhya, particularly with the Ram Temple became Uttar Pradesh's top tourist destination, attracting more domestic and international visitors.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Less than 10% of international tourists visit the Taj Mahal, with the majority visiting other cultural, thematic and holiday circuits.<ref>RN Pandey, Inbound Tourism Statistics of India Template:Webarchive Ministry of Tourism, Govt of India (2012)</ref> Over 12 million Indian citizens take international trips each year for tourism, while domestic tourism within India adds about 740 million Indian travellers.<ref name="unwtoitp" /> India has a fast-growing medical tourism sector of its health care economy, offering low-cost health services and long-term care.<ref name="BMJ">Template:Cite journal</ref><ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref> In 2014, 184,298 foreign patients traveled to India to seek medical treatment.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Wedding IndustryEdit
India's wedding industry has a size of $75 billion, second largest after China. It is the fourth largest industry in India.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The wedding industry saw significant growth in 2023 as weddings became larger and more extravagant post the pandemic blues. Average guest size grew by nearly 15%, from 270 guests in 2022 to 310 in 2023. Celebrations also expanded, with couples now hosting an average of 4.2 functions, up from 3.2.A significant 27 lakh weddings fall in the ₹10-25 lakh range, reflecting the popularity of mid-range wedding budgets. Smaller budgets like ₹3 lakh and ₹6 lakh account for 10 lakh weddings each, while high-end weddings costing ₹1 crore or more make up 50,000 weddings.
India hosts the highest number of weddings in the world each year, as per investment banking and capital market firm Jefferies. However, in terms of market size, the Indian wedding industry is still smaller than China's but almost twice as big as the US's.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Films, entertainment and music industryEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref name="cinema">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name="cinema" />
Security marketsEdit
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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.<ref>Template:Cite news</ref> 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 Template:As of according to the World Federation of Exchanges, which grew to $3.36 trillion and $3.31 trillion respectively by September 2021.<ref name="bseindia.com">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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<ref name=eygipo>EY Global IPO Trends Global IPO Trends Q4 2013 Template:Webarchive Ernst & Young (2014)</ref> 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.<ref>Template:Cite news</ref> 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.<ref name=eygipo />
Foreign trade and investmentEdit
Major Trade PartnersEdit
The following table shows the largest trading partners for India in 2024-25 by total trade value in billions of USD.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
| Country | Export Value | Import Value | Total Trade Value | Balance |
|---|---|---|---|---|
| Template:Flagcountry | 88.02 | 43.01 | 130.3 | 45.01 |
| Template:Flagcountry | 16.66 | 101.75 | 118.41 | -85.09 |
| Template:Flagcountry | 35.63 | 48.02 | 83.65 | -12.39 |
| Template:Flagcountry | 4.26 | 61.43 | 65.69 | -57.17 |
| Template:Flagcountry | 11.56 | 31.81 | 43.37 | -20.25 |
| Template:Flagcountry | 14.41 | 21.20 | 35.61 | -6.79 |
| Template:Flagcountry | 3.35 | 30.00 | 33.35 | -26.65 |
| Template:Flagcountry | 5.99 | 23.41 | 29.40 | -17.42 |
| Template:Flagcountry | 8.24 | 20.45 | 28.69 | -12.21 |
| Template:Flagcountry | 6.42 | 21.14 | 27.56 | -14.72 |
Foreign tradeEdit
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India's foreign trade by yearEdit
| Year | Total Trade (in USD billion) |
Exports (in USD billion) |
Imports (in USD billion) |
Trade Deficit (in USD billion) | |
|---|---|---|---|---|---|
| 2024 | 1,631.48 | 776.68 | 854.80 | -78.12 | |
| 2023 | 1,662.36 | 770.18 | 892.18 | -122.00 | |
| citation | CitationClass=web
}}</ref> |
1,436.59 | 676.53 | 760.06 | -83.53 |
| 2021 | 1,032 | 420 | 612 | -192.00 | |
| 2020 | 781.5 | 314.31 | 467.19 | -158.88 | |
| 2019 | 844.14 | 330.07 | 514.07 | -184 | |
| 2018 | 769.1 | 303.52 | 465.58 | -162.05 | |
| 2017 | 660.1 | 275.8 | 384.3 | -108.5 | |
| 2016 | 643.3 | 262.3 | 381 | -118.7 | |
| 2015 | 758.2 | 310.3 | 447.9 | -137.6 | |
| 2014 | 781.1 | 318.2 | 462.9 | -144.7 | |
| 2013 | 780.7 | 313.2 | 467.5 | -154.3 | |
| 2012 | 798.8 | 298.4 | 500.4 | -202.0 | |
| 2011 | 760.8 | 299.4 | 461.4 | -162.0 | |
| 2010 | 528.1 | 201.1 | 327.0 | -125.9 | |
| 2009 | 442.5 | 168.2 | 274.3 | -106.1 | |
| 2008 | 481.9 | 176.4 | 305.5 | -129.1 | |
| 2007 | 212.9 | 112.0 | 100.9 | 11.1 | |
| 2006 | 189.33 | 76.23 | 113.1 | -36.87 | |
| 2005 | 158.51 | 69.18 | 89.33 | -20.15 | |
| 2004 | 131.39 | 57.24 | 74.15 | -16.91 | |
| 2003 | 109.9 | 48.3 | 61.6 | -13.3 | |
| 2002 | 98.3 | 44.5 | 53.8 | -9.3 | |
| 2001 | 97 | 42.5 | 54.5 | -12.0 | |
| 2000 | 103.9 | 43.1 | 60.8 | -17.7 | |
| 1999 | 86.5 | 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 foreign direct investment (FDI) was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around $200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.<ref name="tn-srinivasan">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's exports were stagnant for the first 15 years after independence, due to general neglect of trade policy by the government of that period; imports in the same period, with early industrialisation, consisted predominantly of machinery, raw materials and consumer goods.<ref>Template:Harvnb</ref> Since liberalisation, the value of India's international trade has increased sharply,<ref>Template:Harvnb</ref> with the contribution of total trade in goods and services to the GDP rising from 16% in 1990–91 to 47% in 2009–10.<ref name="Trade">Template:Harvnb</ref><ref name="WTO profile">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Foreign trade accounted for 48.8% of India's GDP in 2015.<ref name="HDI">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Globally, India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade.<ref name="WTO profile" /> India's major trading partners are the European Union, China, United States and United Arab Emirates.<ref name="Datt-14">Template:Harvnb</ref> In 2006–07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In November 2010, exports increased 22.3% year-on-year to Template:INRConvert, while imports were up 7.5% at Template:INRConvert. The trade deficit for the same month dropped from Template:INRConvert in 2009 to Template:INRConvert in 2010.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref name="wto">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
India secured 43rd place in competitiveness index.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Balance of paymentsEdit
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.<ref>Template:Harvnb</ref> 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.Template:Sfn India's growing oil import bill is seen as the main driver behind the large current account deficit,<ref name="RupeeOil" /> which rose to $118.7 billion, or 11.11% of GDP, in 2008–09.Template:Sfn Between January and October 2010, India imported $82.1 billion worth of crude oil.<ref name="RupeeOil">Template:Cite news</ref> 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.<ref>2013 Annual Report Template:Webarchive Ministry of Commerce, Govt of India (2013)</ref> Its trade with China has the largest deficit, about $31 billion in 2013.<ref>Template:Cite news</ref>
India's reliance on external assistance and concessional debt has decreased since liberalisation of the economy, and the debt service ratio decreased from 35.3% in 1990–91 to 4.4% in 2008–09.Template:Sfn In India, external commercial borrowings (ECBs), or commercial loans from non-resident lenders, are being permitted by the government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates them through ECB policy guidelines issued by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act of 1999.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's foreign exchange reserves have steadily risen from $5.8 billion in March 1991 to ₹38,832.21 billion (US$540 billion) in July 2020.<ref name="RBI_reserves">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Sfn In 2012, United Kingdom announced an end to all financial aid to India, citing the growth and robustness of Indian economy.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
India's current account deficit reached an all-time high in 2013.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India has historically funded its current account deficit through borrowings by companies in the overseas markets or remittances by non-resident Indians and portfolio inflows. From April 2016 to January 2017, RBI data showed that, for the first time since 1991, India was funding its deficit through foreign direct investment inflows. The Economic Times noted that the development was "a sign of rising confidence among long-term investors in Prime Minister Narendra Modi's ability to strengthen the country's economic foundation for sustained growth".<ref>Template:Cite news</ref>
Foreign direct investmentEdit
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}}</ref> | |||
| Rank | Country | Inflows (million US$) |
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).<ref name="financialexpress1">Template:Cite news</ref> 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<ref name="news.indiamart.com">Template:Cite news</ref> were a significant hindrance. Over time, India has adopted a number of FDI reforms.<ref name="financialexpress1" /> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>Template:Cite news</ref> Between 2012 and 2014, India extended these reforms to defence, telecom, oil, retail, aviation, and other sectors.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
From 2000 to 2010, the country attracted $178 billion as FDI.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>Template:Cite news</ref> FDI accounted for 2.1% of India's GDP in 2015.<ref name="HDI" />
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref>
OutflowsEdit
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.<ref>Shah and Patnaik, India's financial globalisation Template:Webarchive IMF (2012)</ref> Indian companies have deployed FDI and started operations in United States,<ref>Template:Cite news</ref> Europe and Africa.<ref>Template:Cite news</ref> The Indian conglomerate Tata Group is United Kingdom's largest manufacturer and private-sector employer.<ref>Template:Cite news</ref><ref>Template:Cite newsTemplate:Cbignore</ref>
RemittancesEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Remittances to India accounted for 3.32% of the country's GDP in 2015.<ref name="HDI" />
Mergers and acquisitionsEdit
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$618 billion. In terms of value, 2010 has been the most active year with deals worth almost 60 bil. USD. Most deals have been conducted in 2007 (1,510).<ref>Template:Cite news</ref>
Here is a list of the top 10 deals with Indian companies participating:
| Acquiror Name | Acquiror Mid Industry | Acquiror Nation | Target Name | Target Mid Industry | Target Nation | Value of Transaction ($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 |
CurrencyEdit
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Template:BulletEXCHANGE RATES
| Year | INRTemplate:INR per US$ (annual average)<ref>RBI Handbook of Statistics on Indian Economy</ref> |
INRTemplate:INR per Pound(£) (annual average)<ref>{{#invoke:citation/CS1|citation |
CitationClass=web
}}</ref> |
|---|---|---|---|
| 1947 | Template:Ifsubst style="color:red">3.31 | Template:Ifsubst style="color:red">13.33 | |
| 1950 | Template:Ifsubst style="color:red">4.76 | Template:NA | |
| 1967 | Template:Ifsubst style="color:red">7.50 | Template:Ifsubst style="color:red">17.76 | |
| 1975 | Template:Ifsubst style="color:red">9.4058 | Template:NA | |
| 1980 | Template:Ifsubst style="color:green">7.88 | Template:NA | |
| 1985 | Template:Ifsubst style="color:red">12.364 | Template:NA | |
| 1987 | Template:NA | Template:Ifsubst style="color:red">21.18 | |
| 1990 | Template:Ifsubst style="color:red">17.4992 | Template:Ifsubst style="color:red">31.07 | |
| 1995 | Template:Ifsubst style="color:red">32.4198 | Template:Ifsubst style="color:red">51.17 | |
| 2000 | Template:Ifsubst style="color:red">44.9401 | Template:Ifsubst style="color:red">67.99 | |
| 2005 | Template:Ifsubst style="color:green">44.1000 | Template:Ifsubst style="color:red">80.15 | |
| 2010 | Template:Ifsubst style="color:red">45.7393 | Template:Ifsubst style="color:green">70.65 | |
| 2015 | Template:Ifsubst style="color:red">64.05 | Template:Ifsubst style="color:red">98.0101 | |
| 2016 | Template:Ifsubst style="color:red">67.09 | Template:Ifsubst style="color:green">90.72 | |
| 2017 | Template:Ifsubst style="color:green">64.14 | Template:Ifsubst style="color:green">87.56 | |
| 2018 | Template:Ifsubst style="color:red">69.71 | Template:Ifsubst style="color:red">98.51 | |
| 2019 | Template:Ifsubst style="color:red">70.394 | Template:Ifsubst style="color:green">95.06 | |
| 2020 | Template:Ifsubst style="color:red">72.97 | Template:Ifsubst style="color:red">100.05 | |
| CitationClass=web
}}</ref> | |||
| 2021 | Template:Ifsubst style="color:red">74.98 | Template:Ifsubst style="color:red">101.56 | |
| 2022 | Template:Ifsubst style="color:red">81.35 | Template:Ifsubst style="color:green">96.23 | |
| 2023 | Template:Ifsubst style="color:red">81.94 | Template:Ifsubst style="color:red">100.95 |
The Indian rupee (Template:INR) is the only legal tender in India, and is also accepted as legal tender in neighbouring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee previously was divided into 100 paise, which no longer exist. The highest-denomination banknote was the Template:INR2,000 note until 30 September 2023 after which it was scrapped and ₹500 note became the highest denomination; the lowest-denomination coin in circulation is the ₹1 coin.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2017, demonetisation was announced in which ₹500 and ₹1000 notes were withdrawn and new ₹500 notes were issued. India's monetary system is managed by the Reserve Bank of India (RBI), the country's central bank.<ref>Template:Harvnb</ref> Established on 1 April 1935 and nationalised in 1949, the RBI serves as the nation's monetary authority, regulator and supervisor of the monetary system, banker to the government, custodian of foreign exchange reserves, and as an issuer of currency. It is governed by a central board of directors, headed by a governor who is appointed by the Government of India.<ref>Template:Harvnb</ref> The benchmark interest rates are set by the Monetary Policy Committee.
The rupee was linked to the British pound from 1927 to 1946, and then to US dollar until 1975 through a fixed exchange rate. It was devalued in September 1975 and the system of fixed par rate was replaced with a basket of four major international currencies: the British pound, US dollar, the Japanese yen and the Deutsche Mark.<ref>Template:Harvnb</ref> In 1991, after the collapse of its largest trading partner, the Soviet Union, India faced the major foreign exchange crisis and the rupee was devalued by around 19% in two stages on 1 and 2 July. In 1992, a Liberalized Exchange Rate Mechanism (LERMS) was introduced. Under LERMS, exporters had to surrender 40 percent of their foreign exchange earnings to the RBI at the RBI-determined exchange rate; the remaining 60% could be converted at the market-determined exchange rate. In 1994, the rupee was convertible on the current account, with some capital controls.<ref>International Monetary Fund (1996), Template:Google books, pages 224–226</ref>
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.<ref>USD INR Template:Webarchive Currency Conversion Rates, Yahoo</ref> <ref>Template:Cite news</ref>
Income and consumptionEdit
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India's gross national income per capita had experienced high growth rates since 2002. It tripled from Template:INR19,040 in 2002–03 to Template:INR53,331 in 2010–11, averaging 13.7% growth each of these eight years, with peak growth of 15.6% in 2010–11<ref>Template:Cite news</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The average family income in India was $6,671 per household in 2011.<ref>Table 3.4, World Consumer Income and Expenditure Patterns – Annual Household Income Template:Webarchive Euro Monitor International (2013)</ref>
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.<ref name=hhc>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> These households produced a GDP of about $1.7 trillion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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 Template:Convert from their house in urban areas and Template:Convert 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.<ref name=hhc /> One report in 2010 claimed that high-income households outnumber low-income households.<ref>Template:Cite news</ref>
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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)<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and 118 billionaires in India (3rd largest in the world). With 327,100 high net-worth individuals (HNWI), India is home to the 9th highest number of HNWIs in the world. Mumbai is the wealthiest Indian city and the 12th wealthiest in the world, with a total net worth of $941 billion in 2018. Twenty-eight billionaires reside in the city, ranked ninth worldwide.<ref name="Global Wealth Migration Review">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Template:As of the next wealthiest cities in India were Delhi ($450 billion), Bengaluru ($320 billion), Hyderabad ($310 billion), Kolkata ($290 billion), Chennai ($200 billion), and Gurugram ($110 billion).<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The report also projected that private wealth in India would grow by around 180% to reach $22,814 billion by 2028.<ref name="Global Wealth Migration Review" />
PovertyEdit
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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.<ref name=sdcnk>Note: 24.6% rate is based on 2005 PPP at $1.25 per day, International dollar basis, Template:Cite book</ref> According to a 2005–2006 survey,<ref>Nutrition Template:Webarchive, Fast Facts, UNICEF (2009)</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Since the early 1960s, successive governments have implemented various schemes to alleviate poverty, under central planning, that have met with partial success.<ref name="survey">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2005, the government enacted the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), guaranteeing 100 days of minimum wage employment to every rural household in all the districts of India.<ref name="Panagariya 2008 146">Template:Harvnb</ref> In 2011, it was widely criticised and beset with controversy for corrupt officials, deficit financing as the source of funds, poor quality of infrastructure built under the programme, and unintended destructive effects.<ref name=wsj1>Template:Cite news</ref><ref name=econ1>Template:Cite news</ref><ref>Template:Cite news</ref> Other studies suggest that the programme has helped reduce rural poverty in some cases.<ref>Sarkar & Kumar (2011), Impact of MGNREGA on Reducing Rural Poverty and Improving Socio-economic Status of Rural Poor: A Study in Burdwan District of West Bengal Template:Webarchive, Agricultural Economics Research Review, Vol 24</ref><ref>Swain & Ray (2013), Social welfare through guaranteed wage employment: experience of National Rural Employment Guarantee Scheme in an Indian state, Journal of International and Comparative Social Policy, 29(1), 79–90</ref> Yet other studies report that India's economic growth has been the driver of sustainable employment and poverty reduction, though a sizeable population remains in poverty.<ref>Aggarwal & Kumar (November 2012), Structural change, industrialization and poverty reduction: the case of India Template:Webarchive, in United Nation's UNIDO workshop "The Untold Story: Structural Change for Poverty Reduction–The Case of the BRICS", Vienna, 16–17 August (pp 1–68)</ref><ref>Kotwal, Ramaswami & Wadhwa (2011), Economic liberalization and Indian economic growth: What's the evidence?, Journal of Economic Literature, Vol. 49, No. 4, 1152–1199</ref> India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as assets, cooking fuel, sanitation, and nutrition.<ref>Template:Cite news</ref>
On the 2019 Global Hunger Index India ranked 102nd (out of 117 countries) with a score of 30.3, being categorized as 'serious' in severity.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2024, India ranked 105 (out of 127 countries) with a score of 27.3, indicating an improvement in its hunger situation.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref>
EmploymentEdit
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.<ref name="jobless">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Of the total workforce, 7% is in the organised sector, two-thirds of which are in the government-controlled public sector.<ref>Template:Harvnb</ref> About 51.2% of the workforce in India is self-employed.<ref name="jobless" /> Despite having one of the longest working hours, India has one of the lowest workforce productivity levels in the world.<ref>Dougherty, S., R. Herd and T. Chalaux (2009), "What is holding back productivity growth in India ?: Recent microevidence", OECD Journal: Economic Studies, vol. 2009/1, {{#invoke:doi|main}}.</ref><ref>Sapovadia, Vrajlal K., Low Productivity: India's Bottleneck of Growth (21 May 2019). Available at SSRN: Template:Ssrn or {{#invoke:doi|main}}</ref><ref>Bloom, Nicholas, Aprajit Mahajan, David McKenzie, and John Roberts. 2010. "Why Do Firms in Developing Countries Have Low Productivity?" American Economic Review, 100 (2): 619–23. {{#invoke:doi|main}}</ref><ref>Sivadasan, Jagadeesh. "Barriers to Competition and Productivity: Evidence from India" The B.E. Journal of Economic Analysis & Policy, vol. 9, no. 1, 2009. {{#invoke:doi|main}}</ref><ref>Goldar, B., Krishna, K.L., Aggarwal, S.C. et al. Productivity growth in India since the 1980s: the KLEMS approach. Ind. Econ. Rev. 52, 37–71 (2017). {{#invoke:doi|main}}</ref> 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.<ref>Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India Human Development in India: Challenges for a Society in Transition Template:Webarchive, Oxford University Press, page 40-44</ref>
UnemploymentEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} Unemployment in India is characterised by chronic (disguised) unemployment. Government schemes that target eradication of both poverty and unemployment – which in recent decades has sent millions of poor and unskilled people into urban areas in search of livelihoods – attempt to solve the problem by providing financial assistance for starting businesses, honing skills, setting up public sector enterprises, reservations in governments, etc. The decline in organised employment, due to the decreased role of the public sector after liberalisation, has further underlined the need for focusing on better education and created political pressure for further reforms.Template:Sfn<ref name="Datt-11">Template:Harvnb</ref> India's labour regulations are heavy, even by developing country standards, and analysts have urged the government to abolish or modify them to make the environment more conducive for employment generation.<ref>Template:Harvnb</ref><ref>Template:Cite news</ref> The 11th five-year plan has also identified the need for a congenial environment to be created for employment generation, by reducing the number of permissions and other bureaucratic clearances required.<ref>Template:Harvnb</ref> Inequalities and inadequacies in the education system have been identified as an obstacle, which prevents the benefits of increased employment opportunities from reaching all sectors of society.<ref>Template:Harvnb</ref>
Child labourEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref name="chilab">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Harvnb</ref> 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.<ref>Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India Human Development in India: Challenges for a Society in Transition Template:Webarchive, Oxford University Press, page 131</ref>
Diaspora remittanceEdit
India has the largest diaspora around the world, an estimated 32 million people according to the Ministry of External Affairs (India),<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> many of whom work overseas and remit funds back to their families. The Middle East region is the largest source of employment for expat Indians. The crude oil production and infrastructure industry of Saudi Arabia employs over 2 million expat Indians. Cities such as Dubai and Abu Dhabi in United Arab Emirates have employed another 2 million Indians during the construction boom in recent decades.<ref>Leone Lakhani, Dubai's expat Indians: The world's most productive foreign workers Template:Webarchive CNN (19 May 2014)</ref> In 2009–10, remittances from Indian migrants overseas stood at Template:INRConvert, the highest in the world, but their share in FDI remained low at around 1%.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Trade unionsEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
AITUC is the oldest trade union in India. It is a left supported organization. A trade union with nearly 2,000,000 members is the Self Employed Women's Association (SEWA) which protects the rights of Indian women working in the informal economy. In addition to the protection of rights, SEWA educates, mobilizes, finances, and exalts their members' trades.<ref>Template:Cite journal</ref> Multiple other organizations represent workers. These organizations are formed upon different political groups. These different groups allow different groups of people with different political views to join a Union.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Economic issuesEdit
CorruptionEdit
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Corruption has been a pervasive problem in India.<ref>India: Potential for a Parliamentary Budget Office Template:Webarchive. Social Science Research Network (SSRN). Retrieved 18 July 2017.</ref> 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.<ref name="2005-TI-study" /> A follow-up study in 2008 found this rate to be 40 percent.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2011, TI ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption.<ref name="transparency1">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> By 2016, India saw a reduction in corruption, and its ranking improved to 79th place.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
In 1996, red tape, bureaucracy, and the Licence Raj were suggested as a cause for the institutionalised corruption and inefficiency.<ref>Template:Harvnb</ref> More recent reports<ref name=kpmg2011>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=WFR2011>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> 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 Right to Information Act – which requires government officials to furnish information requested by citizens or face punitive action – have considerably reduced corruption and opened avenues to redress grievances.<ref name="2005-TI-study">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
In 2011, the Indian government concluded that most spending fails to reach its intended recipients, as the large and inefficient bureaucracy consumes budgets.<ref name="bajuraj">Template:Cite news</ref> India's absence rates are among the worst in the world; one study found that 25% of public sector teachers and 40% of government-owned public-sector medical workers could not be found at the workplace.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> Similarly, many issues are facing Indian scientists, with demands for transparency, a meritocratic system, and an overhaul of the bureaucratic agencies that oversee science and technology.<ref name="Nature">Template:Cite journal</ref>
India has an underground economy, with a 2006 report alleging that India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks. This would amount to 13 times the country's total external debt.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite news</ref> These allegations have been denied by the Swiss Banking Association. James Nason, the Head of International Communications for the Swiss Banking Association, suggested "The (black money) figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated as gospel truth. However, this story was a complete fabrication. The Swiss Bankers Association never published such a report. Anyone claiming to have such figures (for India) should be forced to identify their source and explain the methodology used to produce them."<ref>Template:Cite news</ref><ref>Template:Cite news</ref> A Step was taken by Prime Minister Modi, on 8 November 2016, involved the demonetization of all 500 and 1000 rupee bank notes (replaced by new 500 and 2000 rupee notes) to return black money into the economy followed by criticism that the measure was deemed ineffective by economists and negatively affected the poorest people of India. This demonetisation together with the introduction of The goods and services tax(GST) is believed to be responsible for the slowdown in growth.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
EducationEdit
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India has made progress in increasing the primary education attendance rate and expanding literacy to approximately three-fourths of the population.<ref name="wbie">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.Template:Sfn However, the literacy rate of 74% is lower than the worldwide average, and the country suffers from a high drop-out rate.<ref name="elephant">Template:Cite news</ref> Literacy rates and educational opportunities vary by region, gender, urban and rural areas, and among different social groups.<ref>Template:Harvnb</ref><ref>Ranking of states and union territories by lireacy rate: 2011 Template:Webarchive Census of India, Ministry of Home Affairs, Government of India (2013)</ref>
Economic disparitiesEdit
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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.{{#if:|{{#if:|}}
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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.<ref name="Datt-13">Template:Harvnb</ref> Six low-income states – Assam, Chhattisgarh, Nagaland, Madhya Pradesh, Odisha, and Uttar Pradesh – are home to more than one-third of India's population.<ref name="wbstrategy">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Severe disparities exist among states in terms of income, literacy rates, life expectancy, and living conditions.<ref>Template:Harvnb</ref> 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.<ref>Template:Cite news</ref>
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.<ref>Template:Harvnb</ref> 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.<ref name="understanding-2">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="planning-2">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> India's income Gini coefficient is 33.9, according to the United Nations Development Programme (UNDP), indicating overall income distribution to be more uniform than East Asia, Latin America, and Africa.<ref name="GINI index" /> 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.<ref name="Global Wealth Migration Review" /> According to a 2021 report by the Pew Research Center, India has roughly 1.2 billion lower-income individuals, 66 million middle-income individuals, 16 million upper-middle-income individuals, and 2 million in the high-income group.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> As per The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research.<ref name="teindia2">Template:Cite news</ref>
There is a continuing debate on whether India's economic expansion has been pro-poor or anti-poor.<ref name=darwb>Datt & Ravallion (2011), Has India's economic growth become more pro-poor in the wake of economic reforms?, The World Bank Economic Review, 25(2), pp 157–189</ref> Studies suggest that economic growth has been pro-poor and has reduced poverty in India.<ref name=darwb /><ref>Tripathi, Sabyasachi (December 2013), Has urban economic growth in Post-Reform India been pro-poor between 1993–94 and 2009–10? Template:Webarchive Indian Council for Research on International Economic Relations, MPRA Paper No. 52336, Ludwig Maximilians Universität München</ref>
Climate changeEdit
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.<ref>Template:Cite news</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
See alsoEdit
- Economic Advisory Council
- Economic development in India
- List of Indian states and union territories by GDP
- List of Indian states and union territories by GDP per capita
- List of industrial cities in India
- List of megaprojects in India
- Make in India, a government programme to encourage manufacturing in India
- edieval India
- Political funding in India
- Economically Weaker Section
Events:
- Great 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
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ReferencesEdit
Further readingEdit
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- Malone, David M., C. Raja Mohan, and Srinath Raghavan, eds. The Oxford handbook of Indian foreign policy (2015) excerpt Template:Webarchive 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 Template:Webarchive (No. paper05141). International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
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External linksEdit
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- 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
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