In the fiscal year 2012-13 Indian economy slowed down and on August 28th 2013, value of the Indian Rupee touched all time low of 68.80 against the US dollar. Agriculture, textile manufacturing, services, retail, tourism, mining, banking and finance, energy and power and infrastructure are few of the most important sectors of economy in India. Indian economy has huge potential and in the years to come it is expected to become one of the largest economies in the world. Let us find more interesting facts about Indian economy.
On the basis of nominal GDP, Indian economy is the tenth-largest in the world. On the basis of purchasing power parity, it is the third-largest in the world. On the basis of per-capita income rank of India is 141st by nominal GDP and 130th by GDP purchasing power parity (PPP). If India keeps on moving with the same pace then it will become the third largest economy in the world with projected GDP (PPP) at $13,716 bn.
During 2011-12 foreign trade of India grew by 30.6% and reached $792.3 billion.
14% of the total workforce is employed in the industry that contributes 28% of the country’s GDP. Textile manufacturing is the second largest sector in terms of employment. It comes after agriculture. Textile manufacturing sector alone provides employment to more than 20 million people.
According to the statistics of WTO International Statistics India is the 12th largest importer and the 19th largest exporter across the world. In the sector of commercial services, India is the eight largest exporter in the world.
The CIA World Fact Book states that India is at 11th rank in the world as far as nominal factory output is concerned. Economic liberalization has massively changed the Indian economy is the past few decades.
Retail sector is growing at an enormous pace in India. According to the Global Retail Development Index 2012, India ranks fifth among top 30 emerging retail countries.
Agriculture is the most prominent and important sector of Indian economy. In total farm output, India ranks second across the world and India is the largest producer of milk, jute and pulses. 50% of the total workforce in agriculture is employed in forestry and fisheries.
We keep talking about road and infrastructure in India, but you must be surprised to known that India has the world’s third largest road network. In terms of the quantitative density of the road network in India, it is similar to the United States and more than that of China.
Similarly India has the fourth largest rail network in the world. The total track length is 114,500 kilometers.
India has the largest postal network in the world. As per the data on March 31, 2011, India has 1,54,866 post offices and out of all these 1,39,040 (89.78 per cent) are in the rural areas.
India has 926.53 million telephone subscribers.
India has the youngest population and it is assumed that by 2020 an average age of Indians will be 29 years. So the next two decades will have the huge working-age population and India must work to reap the benefit of its young population.
This one is really astonishing – India is home to 122 billionaires and at the same time world’s home to the largest number of poor. The billionaires have the net assets of 500 crore and above in India. Knight Frank Wealth Report 2013 has reported that this number is going to double in the next 10 years.
India is known as the Detroit of Asia. Chennai holds 35-40% of India’s total automobile industry.
From April 2000 to March 2013 foreign direct investment (FDI) worth $449.26 million has been drawn by the Indian aviation sector.
India enjoys 10th rank in gold reserves.
Banking industry in India is very big and its total worth is Rs 77 trillion. There are 87 scheduled commercial banks, 26 public sector banks, 41 foreign banks and 20 private banks.
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