Economy of India
Mumbai, Maharashtra is considered the financial capital of India
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| Currency | Indian rupee (INR) (₹) = 100 Paise |
|---|---|
| 1 April – 31 March | |
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Trade organizations
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WTO, SAFTA, BRICS, G-20, East Asia Summit, G8+5, SAARC, AIIB, BIMSTEC, RCEP, International Monetary Fund, World Bank, SCO, United Nations |
| Statistics | |
| GDP | $2.46 trillion (nominal; 2017) $9.59 trillion (PPP; 2017) |
| GDP rank | 6th (nominal) / 3rd (PPP) |
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GDP growth
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7.2% (2014), 7.6% (2015), 7.0% (2016e), 7.6% (2017f) |
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GDP per capita
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$1,852 (nominal; 2017) $7,224 (PPP; 2017) |
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GDP per capita rank
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140th (nominal) / 122nd (PPP) |
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GDP by sector
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Agriculture: 16.5% Industry: 29.8% Services: 45.4% (2016 est.) |
 3.17% (January 2017) |
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 6.75% (as on 10 February 2017) |
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Population below poverty line
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12.4% of population below the poverty line of $1.90/day (2011-12, World Bank) |
| 33.9 (2013) | |
 0.609 (2014) |
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Labour force
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513.7 million (2016 est.) |
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Labour force by occupation
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Agriculture: 49% Industry: 20% Services: 31% (2012 est.) |
| Unemployment | 4.9% Urban 5.1% Rural 5.0% National (2016, Labour Bureau) |
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Average gross salary
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GNI per capita (PPP): $6,030 yearly per person (2015); Average household income: $8,671 yearly (2011) |
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Main industries
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software, petroleum products, chemicals, pharmaceuticals, agriculture, textiles, steel, transportation equipment, machinery, leather, cement, mining, construction |
| 130 (2017) ( 1 YoY) |
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| External | |
| Exports | $272.4 billion (2015 est.) |
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Export goods
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software, petrochemicals, agriculture, leather, jewellery, engineering goods,pharmaceuticals, textiles, chemicals, transportation, ores and other commodities |
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Main export partners
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 European Union (16.9%) United States (15.2%) United Arab Emirates (11.3%) Hong Kong (4.6%) (2015) |
| Imports | $409.2 billion (2015 est.) |
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Import goods
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crude oil, gold and precious stones, electronics, engineering goods,chemicals, plastics, coal and ores, iron and steel, vegetable oil and other commodities |
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Main import partners
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 China (15.8%) European Union (11.2%) Saudi Arabia (5.5%) Switzerland (5.4%) (2015) |
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FDI stock
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Inward: $282.27 billion Outward: $138.97 billion (2015) |
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1.1% of GDP ($22.1 billion) (2015–16) |
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Gross external debt
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$479.7 billion (as on 30 June 2016) |
| -$353.1 billion (as on 30 June 2016) ( $8.1 billion QoQ) |
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| Public finances | |
| 65.55% of GDP (2017, IMF) | |
| 3.5% of GDP (2016–17) | |
| Revenues | ₹35.64 trillion (US$530 billion) (2017, IMF) |
| Expenses | ₹47.12 trillion (US$700 billion) (2017, IMF) |
| Economic aid |
$2.98 billion (2014) |
| BBB- (Domestic) BBB- (Foreign) BBB+ (T&C Assessment) Outlook: Stable (Standard & Poor's) |
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Foreign reserves
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$362.79 billion (8th) (as on 10 February 2017) |
The economy of India is the sixth-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP). The country is classified as a newly industrialised country, and one of the G-20 major economies, with an average growth rate of approximately 7% over the last two decades. Maharashtra is the wealthiest Indian state with an annual nominal GDP of US$330 billion, roughly equivalent to those of Venezuela and the United Arab Emirates, and accounts for 13.4% of India's GDP followed by the states of Tamil Nadu (US$170 billion) and Uttar Pradesh (US$150 billion). India's economy became the world's fastest growing major economy in the last quarter of 2014, surpassing the People's Republic of China.
The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. The Indian economy has the potential to become the world's 3rd-largest economy by the next decade, and one of the two largest economies by mid-century. And the outlook for short-term growth is also good as according to the IMF, the Indian economy is the "bright spot" in the global landscape. India also topped the World Bank's growth outlook for 2015-16 for the first time with the economy having grown 7.6% in 2015-16. Growth is expected to decline slightly to 7.1% in the 2016-17 fiscal year.
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