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India Economic Profile
India Economic Profile
Indian economy is the seventh largest economy of the world by Nominal GDP and third largest purchasing power parity (PPP). India has seen a systemic transition from being a closed to an open economy since the beginning of economic reforms in the country in 1991. These reforms have had a far reaching impact and have unleased its enormous growth potential. Today, the Indian economy is characterized by a liberalized foreign investment and trade policy, the larger role player by the private sector and deregulations.
India has grown to become a trillion dollar economy with a largely self-sufficient agricultural sector, a diversified industrial base and a stable financial and services sector
India now ranks as the 10th largest economy in the world and the 3rd largest in terms of GDP on its purchasing power parity (PPP).
There has been a major structural shift from an agrarian economy to a service driven economy. Though agricultural sector contribute as the largest employer in India’s economy but contributes a declining share of its GDP i.e. 17%. The manufacturing industry held a constant share of its economic contribution accounting 18% while the fastest growing part of economy has been its services sector accounting 65% which includes construction telecom, software and information technologies, infrastructure, tourism, education, healthcare, travel, trade and banking.
India registered a GDP at current price for the year 2013-14 is estimated at INR 113.5 lakhs crore, while it was INR 99.9 lakh crore in the year 2012-13 presenting a growth of 13.6 %. Whereas in case of GDP at constant price, India stands at INR 92.8 lakh crore for the year 2012-13 and 99.2 lakh crores for the year 2013-14 showing a growth of 6.9%.GDP at constant (2011-12) prices in the year 2014-15 is estimated at Rs. 106.57 lakh crore. The growth in GDP during 2014-15 is estimated at 7.4 percent..
During the year 2014-15, the Per Capita Income at current prices is estimated to be INR 88,538, showing a rise of 10.1% as compared to previous year. In case of per capita income at constant price is estimated to be INR 74,193 indicating a growth of 6.05%.
India’s economy has witnessed a significant economic growth in the recent past, growing by 7.3 per cent in 2015 as against 6.9 per cent in 2014. The size of the Indian economy is estimated to be at Rs 129.57 trillion (US$ 2.01 trillion) for the year 2014 compared to Rs 118.23 trillion (US$ 1.84 trillion) in 2013
Source: Ministry of External Affairs, Govt. of India Investment and technology promotion division
Source: Ministry of statistics & Programme Implementation, GoI