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Indian economy

Economy of India
Economy
Mumbai, Maharashtra is considered the financial capital of India
Currency Indian rupee (INR) (1) = 100 Paise
1 April – 31 March
Trade organizations
WTO, SAFTA, BRICS, G-20, East Asia Summit, G8+5, SAARC, AIIB, BIMSTEC, RCEP, International Monetary Fund, World Bank, SCO, United Nations
Statistics
GDP $2.25 trillion (nominal; 2016)
$8.72 trillion (PPP; 2016)
GDP rank 6th (nominal) / 3rd (PPP)
GDP growth
7.2% (2014), 7.6% (2015),
7.0% (2016e), 7.6% (2017f)
GDP per capita
$1,719 (nominal; 2016)
$6,658 (PPP; 2016)
GDP per capita rank
140th (nominal) / 122nd (PPP)
GDP by sector
Agriculture: 16.5%
Industry: 29.8%
Services: 45.4% (2016 est.)
3.17% (January 2017)
Steady 6.75% (as on 24 March 2017)
Population below poverty line
12.4% of population below the poverty line of $1.90/day
(2011-12, World Bank)
33.9 (2013)
Increase 0.624 (2015) medium
Labour force
513.7 million (2016 est.)
Labour force by occupation
Agriculture: 49%
Industry: 20%
Services: 31% (2012 est.)
Unemployment 4.9% Urban
5.1% Rural
5.0% National
(2016, Labour Bureau)
Average gross salary
GNI per capita (PPP): $6,030 yearly per person (2015);
Average household income: $8,671 yearly (2011)
Main industries
software, petroleum products, chemicals, pharmaceuticals, agriculture, textiles, steel, transportation equipment, machinery, leather, cement, mining, construction
130 (2017)
(Increase 1 YoY)
External
Exports $272.4 billion (2015 est.)
Export goods
software, petrochemicals, agriculture, leather, jewellery, engineering goods,pharmaceuticals, textiles, chemicals, transportation, ores and other commodities
Main export partners
 European Union (16.9%)
 United States (15.2%)
 United Arab Emirates (11.3%)
 Hong Kong (4.6%) (2015)
Imports $409.2 billion (2015 est.)
Import goods
crude oil, gold and precious stones, electronics, engineering goods,chemicals, plastics, coal and ores, iron and steel, vegetable oil and other commodities
Main import partners
 China (15.8%)
 European Union (11.2%)
 Saudi Arabia (5.5%)
  Switzerland (5.4%) (2015)
FDI stock
Inward: $282.27 billion
Outward: $138.97 billion (2015)
1.1% of GDP ($22.1 billion) (2015–16)
$479.7 billion
(as on 30 June 2016)
-$364.7 billion
(as of December 2016)
(Increase $3.8 billion QoQ)
Public finances
65.55% of GDP (2017, IMF)
3.5% of GDP (2016–17)
Revenues 35.64 trillion (US$550 billion) (2017, IMF)
Expenses 47.12 trillion (US$730 billion) (2017, IMF)
Economic aid Increase $2.98 billion (2014)
BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(Standard & Poor's)
Foreign reserves
$369.954 billion (8th)
(as on 31 March 2017)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of India is the seventh-largest 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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