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Indian Economy

hemangmehtaPosted for Everyone to comment on, 5 years ago3 min read


At the rate of currency transfer, India's economy is tenth in the world and third place according to purchasing power. In the year 2003, there has been an economic growth of about 8% in India, which is one of the fastest growing economies in the world. But due to the overwhelming population of India,
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The Head Quarter of Reserve Bank of India, Mumbai
the per capita income is just $3,262 per tonne of purchasing power which is 125th in terms of World Bank. India's foreign exchange reserves are 265 (March 2009) billion US dollars. Mumbai is the financial capital of India and the headquarters of the Reserve Bank of India and the Bombay Stock Exchange. Although a quarter of Indians are still below the poverty line, due to increasing information technology companies, there has been an increase in middle class. After 1991, the policy of economic reform in India has played a major role in the overall development of India. Economic reforms in India since 1991 have played a major role in the overall development of India. Indian economy has reduced its historical dependence on agriculture and agriculture is now only 25% of Indian GDP.
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National Stock Exchange of India, Mumbai
Other major industries are excavation, petroleum, precious jewel, film, textiles, information technology services, and decorative items. Most industrial areas of India are located around its major metros. In recent years India has emerged as the largest center of software and BPO services with $1720 million annual income 2004-2005. Along with that there are also many small scale industries which provide livelihood to the small Indian villages and many citizens of Indian cities. In the past years financial institutions in India have played a big role in the development. Even after the arrival of only three million foreign tourists every year, Indian tourism is one of the most essential, but less developed sources of national income. The tourism industry is a total of 5,3% of India's GDP.
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Tourism gives livelihood to 10% of Indian workers. The actual number is 4.2 crores. Financially, tourism provides approximately $ 400 crores to the Indian economy. India's leading business partners are USA, Japan, China and United Arab Emirates. In India's exports, agricultural products, tea, textiles, precious stones and jewelery, software services, engineering goods, chemicals and leather products are prominent while exports of crude oil, machinery, precious stones, fertilizers and chemicals are among its imports. For the year 2004, India's total exports were $699 million and its imports were $8333 million. At the end of December 2013, India's total foreign debt was $426.0 billion, in which long-term debt was 333.3 billion (78.2%) and short-term debt was 21.8% USD. The government's foreign debt in total external debt was 76.4 billion US dollars (17.9 percent of total foreign debt), the rest included commercial borrowings, NRI deposits and multi-purpose loans.
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