current economic condition of indian economy?

Answer 1

The economy of India is the fourth largest in the world as measured by purchasing power parity (PPP), with a gross domestic product (GDP) of US $3.611 trillion.[1] When measured in USD exchange-rate terms, it is the twelfth largest in the world, with a GDP of US $719.8 billion (2005).[1] India is the second fastest growing major economy in the world, with a GDP growth rate of 8.9% [2] at the end of the first quarter of 2006–2007.[3] However, India's huge population results in a per capita income of $3,300 at PPP and $714 at nominal.[1]

The economy is diverse and encompasses agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and are playing an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global companies for the outsourcing of their customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering.

India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate.

India faces a burgeoning population and the challenge of reducing economic and social inequality. Poverty remains a serious problem, although it has declined significantly since independence, mainly due to the green revolution and economic reforms.

Currency 1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year April 1–March 31
Trade organisations WTO, SAFTA
GDP (PPP) $3.611 trillion (2005 est.) (4th [1])
GDP growth 8.9% (Q1 2006-07) [2]
GDP per capita $3,300 (2005 est.)
GDP by sector agriculture: 18.6%, industry: 27.6%, services: 53.8% (2005 est.)
Inflation (CPI) 4.2% (2005 est.)
Pop below poverty line 25% (2002 est.)
Labour force 496.4 million (2005 est.)
Labour force by occupation agriculture: 60%, industry: 17%, services: 23% (1999)
Unemployment 8.9% (2005 est.)
Main industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software

Trading Partners
Exports $76.23 billion f.o.b. (2005 est.)
Export goods textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main partners US 18%, China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)
Imports $113.1 billion f.o.b. (2005 est.)
Imports goods crude oil, machinery, gems, fertilizer, chemicals
Main Partners China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)
Public finances
Public debt $125.5 billion (2005 est.)
Revenues $111.2 billion
Expenses $135.8 billion; including capital expenditures of $15 billion (2005 est.)
Economic aid recipient: $2.9 billion (FY98/99)

Answer 2

The present economic condition of India is so robust and immediately after Independence, for almost 4 decades it could not have any presence felt, is the surprise for all. Though I differ from the article ( of Mr. J. Bradford DeLong -site shown as source) which says the policies immediately after independence is wrong ( I consider the strong foundation of Infrastructure in major and long term industries and educational system only has helped to achieve what india is today), I agree with the concluding paragraph which is shown below: the world's economists now have an example of an economy that did not have remarkably favorable initial conditions but that has sustained rapid economic growth over two decades. To those for whom the East Asian miracle seemed out of reach--for whom the advice to emulate South Korea seemed so unattainable as to lead to despair--advice to emulate India may well prove more useful. VR

Answer 3

very growing condition