Economy of India

Economy of India
Economy
Mumbai, the financial centre of India[1][2]
CurrencyIndian rupee (INR, ₹)
1 April – 31 March
Trade organisations
WTO, WCO, SAFTA, BIMSTEC, WFTU, BRICS, G-20, BIS, AIIB, ADB and others
Country group
Statistics
PopulationNeutral increase 1,428,627,663 (1st; 2024 est.)[12]
GDP
GDP rank
GDP growth
GDP per capita
  • Increase $2,698 (nominal; 2024 est.) [14]
  • Increase $11,112 (PPP; 2024 est.) [14]
GDP per capita rank
GDP by sector
GDP by component
  • Negative increase 5.49% (September2024) [18]
Increase 4.50% (August 2024)[19]
Population below poverty line
  • Steady 82% on less than $6.85/day (2021)[20]
  • Steady 44% on less than $3.65/day (2021)[21]
  • 35.7 medium (2019)[22]
  • 32.8 medium (2021)[23]
Decrease 39 out of 100 points (2023)[25] (rank 93rd)
Labour force
Labour force by occupation
Unemployment
Average gross salary
US$ 206 (self employed urban males)
US$ 116 (self employed rural males) per month (2022)
US$ 181 (self employed urban males)
US$ 102 (self employed rural males) per month (2022)
Increase 70.9% of GDP (2022)[39]
Increase 29% of GDP (2022)[40]
Gross savings31.781% of GDP (2023)[41]
10-year bond 7.190% (Jan 2023)[42][43]
  • Increase 58.3 Manufacturing (June 2024)[44]
  • Increase 61.2 Services (June 2024)[45]
Main industries
External
ExportsIncrease $776.68 billion (FY 2023–24)[47]
Export goods
Main export partners
ImportsPositive decrease $854.80 billion (FY 2023–24)[47]
Import goods
Main import partners
FDI stock
  • Negative increase –$120.569 billion (2022)[41][52]
  • Negative increase –3.476% of GDP (2022)[41]
  • Negative increase $663.8 billion (March 2024)[53]
  • (Positive decrease 18.7% of GDP)
Decrease –$379.7 billion (June 2023)[54]
Public finances
–6.4% of GDP (2022–23)[55]
Revenues
Expenses
Economic aid
Donor:
Increase $4.234 billion (2021) ($30.59 billions Line of Credit in total)[57]
Increase $704.885 billion[b][60] (4th)
(as of 27 September 2024)
All values, unless otherwise stated, are in US dollars.

The economy of India is a developing mixed economy with a notable public sector in strategic sectors.[5] 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 141th by GDP (nominal) and 125th by GDP (PPP).[61] From independence in 1947 until 1991, successive governments followed the 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.[62][63] 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.[64][65] Since the start of the 21st century, annual average GDP growth has been 6% to 7%.,[5] India has about 1,900 public sector companies,[66] Indian state has complete control and ownership of railways, highways; majority control and stake in banking,[67] insurance,[68] farming,[69] dairy, fertilizers & chemicals,[70] airports,[71] nuclear, mining, digitization, defense, steel, rare earths, water, electricity, oil and gas industries and power plants,[72] and has substantial control over digitalization, Broadband as national infrastructure, telecommunication, supercomputing, space, port and shipping industries,[73] among other industries, were effectively nationalised in the mid-1950s.[62][63][74]

Nearly 70% of India's GDP is driven by domestic consumption;[75] country remains the world's fourth-largest consumer market.[76] Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports.[77] In 2022, India was the world's 10th-largest importer and the 8th-largest exporter.[78] India has been a member of the World Trade Organization since 1 January 1995.[79] It ranks 63rd on the Ease of doing business index and 40th on the Global Competitiveness Index.[80][81] India has one of the world's highest number of billionaires and extreme income inequality.[82][83] Economists and social scientists often consider India a welfare state.[6][8][7][9] India is officially declared a socialist state as per the constitution.[10][11] India's overall social welfare spending stood at 8.6% of GDP in 2021-22, which is much lower than the average for OECD nations.[84][85] With 586 million workers, the Indian labour force is the world's second-largest.[26] Despite having one of the longest working hours, India has one of the lowest workforce productivity levels in the world.[86][87][88][89][90] Economists often say that due to structural economic problems, India is experiencing jobless economic growth.[91][92][93][94][95][96]

During the Great Recession, 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.[97]

In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the Finance, Banking, Insurance and R&D.[98] 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.[99][100] In recent years, independent economists and financial institutions have accused the government of manipulating various economic data, especially GDP growth rate.[101][102][103][104][105][106][107]

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.[108] The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation.[109] India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output.[110] Nearly 65% of India's population is rural,[111] and contributes about 50% of India's GDP.[112] India faces high unemployment, rising income inequality, and a drop in aggregate demand.[113][114] According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021.[115] According to a 2021 report by the Pew Research Center, India has roughly 1.2 billion lower-income individuals, 66 million middle-income individuals, 16 million upper-middle-income individuals, and barely 2 million in the high-income group.[116] As per The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research.[117] India's gross domestic savings rate stood at 29.3% of GDP in 2022.[118]

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