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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and served to accelerate the country's growth, which averaged under 7% per year from 1997 to 2011. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly less than half of the work force is in agriculture, but, services are the major source of economic growth, accounting for nearly two-thirds of India's output with less than one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. India's economic growth began slowing in 2011 because of a decline in investment, caused by high interest rates, rising inflation, and investor pessimism about the government's commitment to further economic reforms and about the global situation. In late 2012, the Indian Government announced additional reforms and deficit reduction measures, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, high spending and poorly-targeted subsidies, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration. Growth in 2013 fell to a decade low, as India's economic leaders struggled to improve the country's wide fiscal and current account deficits. Rising macroeconomic imbalances in India and improving economic conditions in Western countries, led investors to shift capital away from India, prompting a sharp depreciation of the rupee. However, investors' perceptions of India improved in early 2014, due to a reduction of the current account deficit and expectations of post-election economic reform, resulting in a surge of inbound capital flows and stabilization of the rupee.


GDP (purchasing power parity):
country comparison to the world: 4

GDP (official exchange rate):


GDP - composition, by sector of origin:
agriculture:17.4%

rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish


Industries:


Unemployment rate:
country comparison to the world: 98

Population below poverty line:

36.8 (2004)

10.3% of GDP (2013 est.)

-5.7% of GDP (2013 est.)

51.8% of GDP (2013 est.)

1 April - 31 March


Inflation rate (consumer prices):
country comparison to the world: 208

Central bank discount rate:
country comparison to the world: 34

Commercial bank prime lending rate:
country comparison to the world: 76

Stock of narrow money:
country comparison to the world: 16

Stock of broad money:
country comparison to the world: 13

Stock of domestic credit:
country comparison to the world: 15

Market value of publicly traded shares:

871 billion kWh (FY11/12 est.)

698.8 billion kWh (2010 est.)

62 million kWh (2011 est.)

5.7 billion kWh (2011 est.)

199.9 million kW (31 March 2012 est)

65.8% of total installed capacity (31 March 2012 est)

2.4% of total installed capacity (31 March 2012 est)

19.5% of total installed capacity (31 March 2012 est)

12.3% of total installed capacity (31 March 2012 est)

990,200 bbl/day (2012 est.)

0 bbl/day (2010 est.)

3.272 million bbl/day (2010 est.)

5.476 billion bbl (1 January 2013 est.)

4.216 million bbl/day (2010 est.)

3.292 million bbl/day (2011 est.)

1.247 million bbl/day (2010 est.)

379,600 bbl/day (2010 est.)

40.38 billion cu m (2012 est.)

64.49 billion cu m (2010 est.)

0 cu m (2011 est.)

16.39 billion cu m (2011 est.)

1.241 trillion cu m (1 January 2013 est.)

1.726 billion Mt (2011 est.)

31.08 million (2012)

893.862 million (2013)

general assessment:supported by recent deregulation and liberalization of telecommunications laws and policies, India has emerged as one of the fastest growing telecom markets in the world; total telephone subscribership base exceeded 900 million in 2011, an overall teledensity of roughly 75%, and subscribership is currently growing more than 20 million per month; urban teledensity now exceeds 100% and rural teledensity is steadily growing

Doordarshan, India's public TV network, operates about 20 national, regional, and local services; a large and increasing number of privately owned TV stations are distributed by cable and satellite service providers; by 2011, more than 100 million homes had access to cable and satellite TV offering more than 700 TV channels; government controls AM radio with All India Radio operating domestic and external networks; news broadcasts via radio are limited to the All India Radio Network; since 2000, privately-owned FM stations have been permitted and their numbers have increased rapidly (2007)


Internet country code:

346 (2013)

14,500 km (5,200 km on major rivers and 485 km on canals suitable for mechanized vessels) (2012)

2.43% of GDP (2012)