20.2% youth unemployment (15 to 24 year-olds; 2022)[23]
Gross savings
29.345% of GDP (2022)[24]
Yield curve
10-year bond 7.190% (Jan 2023)[25][26]
Purchasing Managers' Index
54.9 Manufacturing (Dec 2023)[27]
59.0 Services (Dec 2023)[28]
Main industries
Textiles
chemicals
food processing
steel
transportation equipment
cement
mining
petroleum
machinery
software
pharmaceuticals[29]
External
Exports
$776.68 billion (FY2023-24)[30]
Export goods
Manufacturers 70.7%
Fuels and mining products 14.7%
Agricultural products 14.1%
Others 0.5%[31] (2022)
Main export partners
United States 18.1%
European Union 14.9%
United Arab Emirates 6.4%
China 5.8%
Bangladesh 3.6%
Other 51.1%[31] (FY 2021–22)
Imports
$854.80 billion (FY2023-24)[30]
Import goods
Agricultural products 7%
Fuels and mining products 33.2%
Manufacturers 52.1%
Other 7.7 %[31] (2022)
Main import partners
China 14.07%
United Arab Emirates 7.43%
United States 7.21%
Russia 6.32%
Saudi Arabia 5.97%
Other 59%[32] (FY 2022–23)
FDI stock
$514 Billion (2021–22) [33][34]
Current account
–$120.569 billion (2022)[24][35]
–3.476% of GDP (2022)[24]
Gross external debt
$624.7 billion (March 2023)[36]
( 18.9% of GDP)
Net international investment position
–$379.7 billion (June 2023)[37]
Public finances
Government debt
₹246.531 trillion (US$3.1 trillion)[24]
81.9% of GDP (2023)[24]
Budget balance
6.4% of GDP (2022–23)[38]
Revenues
₹27.163 trillion (US$340 billion)
(2023–24) [39]
Expenses
₹45.031 trillion (US$560 billion)
(2023–24) [39]
Economic aid
Donor: $4.234 billion (2021) ($30.59 billions Line of Credit in total)[40]
Credit rating
Standard & Poor's:[41]
BBB−
Outlook: Positive
Moody's:[41]
Baa3
Outlook: Stable
Fitch:[41]
BBB−
Outlook: Stable
DBRS:[42]
BBB(low)
Outlook: Positive
Foreign reserves
$643.142 billion[b][43] (4th) (as of 12 April 2024)
All values, unless otherwise stated, are in US dollars.
The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors.[44] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by GDP (nominal) and 125th by GDP (PPP).[45] From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj.[46][47] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning.[48][49] Since the start of the 21st century, annual average GDP growth has been 6% to 7%.[44] The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.[50][51][52]
Nearly 70% of India's GDP is driven by domestic consumption;[53] country remains the world's fourth-largest consumer market.[54] Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports.[55] In 2022, India was the world's 8th-largest importer and the 10th-largest exporter.[56] India has been a member of the World Trade Organization since 1 January 1995.[57] It ranks 63rd on the Ease of doing business index and 40th on the Global Competitiveness Index.[58] With 476 million workers, the Indian labour force is the world's second-largest.[59] India has one of the world's highest number of billionaires and extreme income inequality.[60][61]
During the 2008 global financial crisis, the economy faced a mild slowdown. India endorsed Keynesian policy and initiated stimulus measures (both fiscal and monetary) to boost growth and generate demand. In subsequent years, economic growth revived.[62] The period between 2004 and 2014 is referred to as India's lost decade as India fell behind other BRIC economies.[63][64]
In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry.[65] India has free trade agreements with several nations and blocs, including ASEAN, SAFTA, Mercosur, South Korea, Japan, Australia, UAE, and several others which are in effect or under negotiating stage.[66][67]
The service sector makes up more than 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force.[68] The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation.[69] India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output.[70] Nearly 65% of India's population is rural,[71] and contributes about 50% of India's GDP.[72] India faces high unemployment, rising income inequality, and a drop in aggregate demand.[73][74] India's gross domestic savings rate stood at 29.3% of GDP in 2022.[75] In recent years, independent economists and financial institutions have accused the government of manipulating various economic data, especially GDP growth.[76][77] India's overall social spending as a share of GDP in 2021–22 will be 8.6%, which is much lower than the average for OECD nations.[78][79]
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Cite error: There are <ref group=lower-alpha> tags or {{efn}} templates on this page, but the references will not show without a {{reflist|group=lower-alpha}} template or {{notelist}} template (see the help page).
The economyofIndia has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector...
The economyof South India after independence in 1947 conformed to a socialist framework, with strict governmental control over private sector participation...
end of British rule, India's economy represented a much smaller proportion of global GDP. In 1820, India's GDP was 16% of the global GDP. By 1870, it had...
The EconomyofIndia under Company rule describes the economyof those regions that fell under Company rule in India during the years 1757 to 1858. The...
of Dadra and Nagar Haveli, Daman and Diu and Lakshadweep. EconomyofIndia Income in India Standard of living in India Foreign-exchange reserves of India...
Standard India. Press Trust ofIndia. 4 July 2016. Retrieved 4 September 2016 – via Business Standard News. Mehra, Puja (4 August 2014). "Black economy now...
The economyof Delhi is the 13th largest among states and union territories ofIndia. The Nominal GSDP of the NCR was estimated at 272.603 Billion and...
largest economyof any region in the world for most of the interval between the 1st and 18th centuries. From 1-1000 AD India constituted roughly 30% of the...
and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Taiwan,Indonesia, Turkey, South...
trade ofIndiaEconomyofIndia Foreign-exchange reserves ofIndia Remittances to India Business process outsourcing to India List of exports ofIndia Indian...
The economyof Odisha is one of the fastest growing economies in India. According to 2014-15 economic survey, Odisha's gross state domestic product (GSDP)...
liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more...
centre ofIndia. Mumbai hosts the largest urban economyof any city in India as it is the financial capital of an almost US$ 4 trillion Indian economy in...
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since 1991 and their renewal in the 2000s, India has progressed towards a free market economy. The Indian economy is still performing well, with foreign investment...
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain...
Observatory of Economic Complexity. Currently the top twenty exports are listed. EconomyofIndia Foreign relations ofIndia Remittances to India Business...
growing emerging economy with projections of continuous growth. The economyofIndia has transitioned from a mixed planned economy to a mixed middle-income...
The economyof Sikkim, a state in northeastern India, has a significantly agricultural economy. Although having mountainous terrain, Sikkim has managed...
Stock Exchange ofIndia Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial...
Handbook of Statistics on the Indian Economy, 2022-23, Reserve Bank ofIndia". Retrieved 15 September 2023. "MOSPI State Domestic Product, Ministry of Statistics...
Poverty in India remains a major challenge despite overall reductions in the last several decades as its economy grows. According to an International...
populous state in India with a population of nearly 240 million people. The economyof Uttar Pradesh is the fifth largest among states in India. At current...
to the Fortune India 500. List of most valuable companies in India List of companies ofIndia List of largest employers in India List of largest companies...
a legacy of luminous architecture. Gradually expanding rule of the British East India Company followed, turning India into a colonial economy, but also...
dashboard; and Reserve Bank ofIndia's 'Handbook of Statistics on Indian Economy'. The rank is calculated according to the percentage of people below poverty...
list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. There are 12 public sector banks in India as of 1 March...