indian economy

indian economy

 The Indian Economy is the ninth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS (Brazil, Russia, India, China and South Africa) countries.
The Indian economy after the independence was inspired by the Soviet model of economic development, with a large public sector, high import duties combined with interfering policies, leading to massive inefficiencies and slow economic growth. However, under the leadership of Prime minister P.V Narasimha Rao, then Finance Minister Manmohan Singh adopted free market principles and liberalized our economy to international trade .Following these strong economic reforms, the country’s economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people. Economic growth rates are projected at around 6.9% for the 2011-12 fiscal year.
Interesting fact about Indian Economy
( Source : CIA USA)
GDP Estimation in Value : $ 1.843 Trillion (2011 Est)
GDP Real Growth Rate :  7.8% (2011 Est)  12 th place in the world
GDP  Composition by sector:  Agriculture 18.1%, Industry 26.3% services 55.6% (2011 Est)
Labour Force  : 487.6 million (2011 Est) 2nd place in the world
Lobour Force by occupation: Agri 52% Industry 14% service 34% (2009 Est)
Unemployment : 9.8%( 2011 Est)  109th place in the world.
Population below poverty line : 25% (2007 Est
Investment (Gross fixed) : 30.7% of GDP (2011 Est) 28th place in the world
Budget :  Revenue (2011 Est) –  $ 218.7 billion
Expenditure    (2011 Est)--  $ 311.2 Billion
Budget surplus (+) or deficit (-)     : -5% of GDP (2011 est.) 148th place in the world
Taxes and other revenues :  11.9% of GDP (2011 est.)  199th place in the world
Public debt :  51.6% of GDP (2011 est.) 50th place in the world
Market value traded shares : $1.616 trillion (31 Dec 2010) 12th place in the world
Oil - production:  954,000 bbl/day (2010 est.) 24th place in the world
Oil - consumption : 3.182 million bbl/day (2010 est.)  5th in the world
Exports - partners : US 12.6%, UAE 12.2%, China 8.1%, Hong Kong 4.1% (2010)
Imports - partners:  China 12.4%, UAE 6.5%, Saudi 5.8%, US 5.7%, Australia 4.5% (2010)
Airports : 352 (2010) 23rd in the world
Railways :  63,974 km(2010) 4th in the world
Roadways : total: 3,320,410 km (2009) 3rd in the world
Waterways : 14,500 km (2008) 9th in the world