인도의 경제Economy of India
|통화||인도 루피(INR, ))|
|4월 1일 ~ 3월 31일|
|WTO, WCO, SAFTA, BIMSTEC, WFTU, BRICS, G-20, BIS, AIIB, ADB 및 기타|
|인구.||1,389,637,446 (제2회, 2022년)|
1인당 GDP 순위
|4.50% (2022년 6월 24일)|
|63위 (간단, 2020)|
주요 수출 파트너
주요 수입 파트너
|- 387억 달러 (124-22년|
|6,207억달러(2022년 3월) |
|- 3,598억달러 (2022년 3월)|
|- GDP의 10%(2021~22년)|
|경제 원조|| |
(2022년 7월 1일 현재)
인도의 경제는 시장 경제를 발전시키는 중간 소득이다.명목 GDP 기준 세계 5위, 구매력 평가 기준 세계 3위다.국제통화기금(IMF)에 따르면 1인당 소득 기준으로 인도는 국내총생산(GDP) 142위, GDP 128위였다.1947년 독립 이후 1991년까지, 역대 정부는 광범위한 국가의 개입과 경제 규제로 보호주의 경제 정책을 추진했다.이것은 라이센스 라지의 형태로 디리거즘으로 특징지어집니다.냉전의 종식과 1991년의 급격한 국제수지 위기는 인도에 광범위한 경제자유화를 도입하도록 이끌었다.21세기 초부터 연평균 GDP 성장률은 6~7%로, 2013년부터 2018년까지 인도는 중국을 제치고 세계에서 가장 빠르게 성장하는 주요 경제대국이었다.역사적으로 인도는 1세기부터 19세기까지 2천년 동안 세계 최대의 경제대국이었다.
인도 경제의 장기적인 성장 전망은 젊은 인구와 그에 따른 낮은 의존율, 건전한 저축, 투자율, 인도의 세계화 및 세계 경제로의 통합으로 여전히 긍정적이다.2017년에는 2016년 디모네티제이션(demonetization)의 충격과 2017년 상품·서비스세 도입으로 경기가 둔화됐다.인도 GDP의 거의 70%는 국내 민간 소비에 의해 좌우된다.그 나라는 여전히 세계 6위의 소비 시장으로 남아 있다.민간 소비와는 별도로, 인도의 GDP는 정부 지출, 투자, 수출에 의해서도 촉진된다.2020년, 대유행은 무역에 영향을 미쳤고 인도는 세계 14위의 수입국이자 21위의 수출국이었다.인도는 1995년 1월 1일부터 세계무역기구의 회원국이 되었다.Easy of Doing Business Index에서는 63위, Global Competitivity Report에서는 68위입니다.극심한 루피/달러 환율 변동으로 인해 인도의 명목 GDP도 크게 변동한다.인도의 노동 인구는 50억 명으로 세계 2위입니다.인도는 세계에서 가장 많은 억만장자 수와 극심한 소득 불평등을 가지고 있다.몇 가지 면제로 인해 인도인의 2%만이 소득세를 낸다.
2008년 글로벌 금융위기 때 경제는 완만한 둔화에 직면했다.인도는 성장을 촉진하고 수요를 창출하기 위해 경기부양책(재정 및 통화)을 실시했다.그 후 몇 년 동안 경제 성장이 되살아났다.세계은행에 따르면 인도는 지속가능한 경제발전을 달성하기 위해 공공부문 개혁, 인프라, 농업 및 농촌개발, 토지 및 노동규제 철폐, 금융포섭, 민간투자 및 수출 촉진, 교육 및 공중위생에 주력해야 한다.
2020년 인도의 10대 교역국은 미국, 중국, 아랍에미리트(UAE), 사우디아라비아, 스위스, 독일, 홍콩, 인도네시아, 한국, 말레이시아였다.2019-20년에 인도에 대한 외국인 직접투자(FDI)는 744억 달러였다.FDI 유입의 주요 부문은 서비스 부문, 컴퓨터 산업 및 통신 산업이었습니다.인도는 아세안, SAFTA, 메르코수르, 한국, 일본, 그리고 현재 발효 중이거나 협상 단계에 있는 다른 여러 국가들과 자유무역협정을 맺고 있다.
서비스 부문은 GDP의 50%를 차지하며 가장 빠르게 성장하고 있는 부문이며, 산업 부문과 농업 부문은 노동력의 대다수를 차지한다.봄베이 증권거래소와 국립 증권거래소는 시가총액 기준으로 세계에서 가장 큰 증권거래소 중 하나이다.인도는 세계 제조업 생산량의 2.6%를 차지하는 세계 6위의 제조업체입니다.인도 인구의 거의 66%가 시골이고, 인도 GDP의 약 50%를 차지한다. 인도는 5883억1400만 달러에 달하는 세계 4위의 외환 보유고를 보유하고 있다.인도는 국내총생산(GDP) 대비 86%의 높은 공공부채를 안고 있으며 재정적자는 GDP 대비 6.7%에 달하고 있으며, 인도 국유은행의 부실채권 증가도 저조한 것으로 나타났다.동시에 NBFC 부문은 유동성 위기에 휩싸였다.인도는 중간 정도의 실업률, 증가하는 소득 불평등, 그리고 총수요의 감소에 직면해 있다.인도의 국내 총저축률은 2020 회계연도에 GDP의 31.38이었다.최근 몇 년 동안, 독립 경제학자들과 금융 기관들은 정부가 다양한 경제 자료, 특히 GDP 성장을 조작하고 있다고 비난했다.
인도는 세계에서 가장 큰 제네릭 의약품 제조업체이며, 제약 부문이 백신에 대한 전 세계 수요의 50% 이상을 충족합니다.인도의 IT산업은 1,960억달러의 매출을 올리는 주요 IT서비스 수출국으로 447만명 이상의 직원을 고용하고 있습니다.인도의 화학 산업은 매우 다양하며 1,780억 달러로 추산된다.관광 산업은 인도 GDP의 약 9.2%를 차지하며, 4.2 크로어(4200만명) 이상의 직원을 고용하고 있습니다.인도는 식량과 농업 생산에서 세계 2위이며, 농산물 수출은 350억 9천만 달러이다.건설 및 부동산 부문은 경제 전 부문에서 직접, 간접, 유도 효과 면에서 14대 주요 부문 중 3위를 차지하고 있다.인도의 섬유 산업은 1,000억달러로 추정되며 산업 생산의 13%, 인도 GDP의 2.3%를 차지하며 4.5크로어(4500만명) 이상의 직원을 직접 고용하고 있습니다.인도의 통신 산업은 휴대폰, 스마트폰, 인터넷 사용자 수에서 세계 2위이다.세계 24위의 석유 생산국이자 3위의 석유 소비국이다.인도 자동차 산업은 생산량 면에서 세계 5위이다.인도에는 1조1700억달러의 소매시장이 있으며, 이는 인도 GDP의 10% 이상을 차지하고 있으며, 세계에서 가장 빠르게 성장하고 있는 전자상거래 시장 중 하나입니다.인도는 세계 4위의 천연자원을 보유하고 있으며, 광업은 산업 GDP의 11%, 총 GDP의 2.5%를 차지하고 있으며, 세계 2위의 석탄 생산국, 2위의 시멘트 생산국, 2위의 철강 생산국, 3위의 전력 생산국이다.
서기 1년부터 약 1700년 동안 인도는 세계 GDP의 35~40%를 차지하는 가장 높은 경제대국이었다.보호주의, 수입 대체, 파비안 사회주의, 그리고 사회 민주주의에 영감을 받은 정책들의 조합은 영국 통치가 끝난 후 한동안 인도를 지배했다.당시 경제는 디리그리즘으로 특징지어졌으며, 광범위한 규제, 보호무역주의, 대규모 독점의 공공 소유권, 만연한 부패와 느린 성장을 가지고 있었다.1991년 이후, 지속적인 경제 자유화는 그 나라를 시장 기반 경제로 이동시켰다.2008년까지 인도는 세계에서 가장 빠르게 성장하는 경제국 중 하나로 자리매김했다.
고대 및 중세 시대
남인도와 동남아시아 및 서아시아 간의 해상 무역은 초기부터 14세기 경까지 광범위하게 이루어졌다.말라바르와 코로만델 해안 둘 다 기원전 1세기부터 지중해 지역과 동남아시아 사이의 수출입에 사용된 중요한 무역 중심지였다.시간이 흐르면서, 무역업자들은 국가의 후원을 받는 협회들로 조직되었다.역사학자 Tapan Raychaudhuri와 Irfan Habib은 해외 무역에 대한 이러한 국가 후원금이 서기 13세기까지 끝났다고 주장합니다.이 때, 처음에는 말라바르 강에서, 그리고 나중에는 코로만델 해안에서 지역 파르시, 유대인, 기독교, 이슬람 공동체에 의해 대부분 점령되었습니다.
북쪽의 Saurashtra와 벵골 해안은 해상 무역에 중요한 역할을 했고, 갠지트 평원과 인더스 계곡에는 여러 개의 강 매개 상업 중심지가 있었다.대부분의 육로 무역은 펀자브 지역과 아프가니스탄, 그리고 중동과 중앙아시아를 연결하는 카이버 패스를 통해 이루어졌다.비록 많은 왕국과 통치자들이 동전을 발행했지만, 물물교환은 성행했다.마을들은 그들의 농산물의 일부를 통치자들에게 수입으로 지불했고, 그들의 장인들은 그들의 봉사를 위해 수확기에 농작물의 일부를 받았다.
무굴 시대/라즈푸트 시대/마라타 시대(1526–1820)
인도 경제는 18세기까지 무굴 제국 치하에서 크고 번영했다.션 하킨은 중국과 인도가 17세기에 세계 GDP의 60~70%를 차지했을 것으로 추정한다.무굴 경제는 조어 화폐, 토지 수입, 무역의 정교한 시스템에서 기능했다.금화, 은화, 구리 동전은 무료 주화를 기반으로 하는 왕실 조폐국에서 발행되었다.잘 발달된 내부 무역망과 함께 무굴 치하의 중앙집권적 행정에서 비롯된 정치적 안정과 통일된 세입정책은 영국이 도착하기 전에 인도가 하위의 우위에 의해 특징지어지는 전통적인 농업 경제를 가지고 있음에도 불구하고 경제적으로 크게 통일되었음을 보장했다.근면한 농업농업 생산 무할 농경 reforms,에 인도 농업으로 증가했다는 것 고급과 비교해 유럽에서의 시간, 같은 광범위한 사용의 파종 중 인도 농민들 전에 그것의 채택에서 유럽 agriculture,고 더 높은 1인당 농산물 생산과 관리 수준이 소비한 다음 17%였다.유로 urype.
무굴 제국은 1750년까지 세계 산업 생산량의 25%를 생산하여 국제 무역에서 가장 중요한 제조업 중심지가 되는 등 산업 제조 경제가 번성했다.무굴제국의 공산품과 현금 작물은 전 세계에 판매되었다.주요 산업은 섬유, 조선, 철강이었고, 가공 수출은 면직물, 실, 실크, 황마 제품, 금속 제품, 설탕, 기름, 버터 등의 식품이 포함되었다.도시화가 비교적 고도였던 무굴제국의 시대에 도시화가 이루어지면서 인구의 15%가 도시 중심지에 거주했으며, 이는 당시 유럽의 도시 인구 비율보다 높았고 19세기 영국령 인도보다 높았다.
초기 근대 유럽에서는 향신료, 고추, 인디고, 비단, 그리고 (무기 제조에 사용되는) 소금과 같은 상품뿐만 아니라, 특히 면직물인 무갈인도의 제품에 대한 수요가 상당했다.예를 들어, 유럽의 패션은 무굴 인디언의 섬유와 실크에 점점 더 의존하게 되었다.17세기 후반부터 18세기 초까지 무굴 인도가 아시아에서 영국 수입의 95%를 차지했고, 벵골 수바 주만 해도 네덜란드 수입의 40%를 차지했다.반면 인도 무굴에서는 유럽 상품에 대한 수요가 거의 없어 자급자족했다.인도 상품들, 특히 벵골 상품들은 인도네시아와 일본 같은 다른 아시아 시장에도 대량으로 수출되었다.그 당시, 무굴 벵골은 면직물 생산의 가장 중요한 중심지였다.
18세기 초에 무굴 제국은 서부와 중부, 그리고 남부와 북인도의 일부를 마라타 제국에 빼앗기면서 쇠퇴했고, 마라타 제국은 이들 지역을 통합하고 계속 통치했다.무굴 제국의 쇠퇴는 농업 생산성의 저하로 이어졌고, 이는 다시 섬유 산업에 부정적인 영향을 미쳤다.무굴 시대 이후 아대륙의 지배적인 경제력은 동부의 벵골 수바였다.그곳은 섬유 산업의 번영과 비교적 높은 실질 임금을 계속 유지하고 있었다.하지만, 전자는 마라타의 벵골 침공과 18세기 중반 영국의 식민지화로 황폐해졌다.제3차 파니팟 전투에서 패배한 후 마라타 제국은 여러 남부 연합 국가로 분해되었고, 그 결과 발생한 정치적 불안정과 무력 충돌은 새로운 지방 왕국의 국지적인 번영으로 완화되었지만, 국가의 여러 지역의 경제 생활에 심각한 영향을 미쳤다.18세기 후반, 영국 동인도 회사는 인도 정치 무대에 진출하여 다른 유럽 강대국들에 대한 지배력을 확립했다.이는 인도 무역의 결정적 변화를 의미했고, 나머지 경제에 미치는 영향은 덜했다.
대영제국에 대한 우리의 불만이 건전한 근거가 있었다는 것에는 의심의 여지가 없다.케임브리지 역사학자 앵거스 매디슨의 고된 통계 작업이 보여주듯, 세계 소득에서 인도의 비율은 1700년 22.6%에서 그 당시 유럽의 23.3%와 거의 같은 수준인 1952년 3.8%로 떨어졌다.실제로 20세기 초, "영국 왕실에서 가장 빛나는 보석"은 1인당 소득 면에서 세계에서 가장 가난한 나라였다.--
19세기 초부터, 영국 동인도 회사의 점진적인 확장과 힘의 강화는 세금과 농업 정책에 큰 변화를 가져왔다. 그것은 무역에 초점을 맞춘 농업의 상업화를 촉진하는 경향이 있었고, 결과적으로 식량 작물의 생산 감소, 대량 빈곤과 fa의 빈곤을 초래했다.단기간에 수많은 기근으로 이어졌습니다.영국 라지의 경제 정책은 수요 감소와 고용 감소로 수공예품과 수공예품 부문의 심각한 감소를 초래했다.1813년 헌장에 의해 국제적인 제한이 철폐된 후, 인도의 무역은 꾸준한 성장과 함께 크게 확대되었다.그 결과 인도에서 영국으로 자본이 상당히 이전되었고, 영국의 식민지 정책으로 인해 국내 경제의 현대화를 위한 조직적인 노력보다는 막대한 세입이 유출되었다.
영국의 지배 아래, 세계 경제에서 인도의 점유율은 1700년 24.4%에서 1950년 4.2%로 떨어졌다.인도의 1인당 국내총생산(PPP)은 무굴제국 시절 정체됐다가 영국 통치가 시작되기 전에 감소하기 시작했다.인도의 세계 산업 생산량 점유율은 1750년 25%에서 1900년 2%로 떨어졌다.동시에 세계 경제에서 영국의 점유율은 1700년 2.9%에서 1870년 9%로 높아졌다.영국 동인도 회사는 1757년 벵갈을 정복한 후, 무거운 세금을 부과받은 현지 인도 생산자들에 비해 인도에서 팔 수 있는 영국 상품에 인도 시장을 강제로 개방했다. 반면 영국에서는 금지와 높은 관세와 같은 보호주의 정책이 시행되었다.ndian 직물은 그곳에서 팔리지 않는 반면, 원 면화는 인도 목화로 직물을 제조하고 인도 시장에 되파는 영국 공장으로 관세 없이 수입되었다.영국의 경제 정책은 그들에게 인도의 큰 시장과 면화 자원을 독점하게 했다.인도는 영국 제조업자들에게 중요한 원자재 공급원이자 영국 공산품의 큰 포로가 되는 시장 역할을 했다.
19세기 내내 영국의 인도 영토 확장은 서류상 식민지 지배자들 사이의 재산권을 보장하고 자유무역을 장려하며, 고정 환율, 표준화된 도량형 및 자본 시장을 가진 단일 통화를 만드는 제도적 환경을 만들었다.그것은 또한 철도와 전신 시스템, 정치적 간섭으로부터 자유로워지는 것을 목표로 하는 공무원, 관습법, 그리고 적대적인 법 체계를 확립했다.이것은 세계 경제의 큰 변화, 즉 산업화와 생산과 무역의 현저한 성장과 동시에 일어났다.그러나 식민통치 말기에 인도는 개발도상국에서 가장 가난한 나라 중 하나인 경제를 물려받았고, 산업발전이 정체되고, 농업은 빠르게 증가하는 인구를 먹여 살릴 수 없었고, 문맹과 비숙련 노동력, 그리고 매우 불충분한 사회기반시설이었다.
1872년 인구조사에 따르면 현재 인도를 구성하는 이 지역 인구의 91.3%가 마을에 거주하고 있는 것으로 나타났다.이는 인구 85%가 마을에, 15%가 1600년 아크바르 치하의 도심에 거주했던 초기 무굴 시대보다 줄어든 것이다.영국령 인도의 도시화는 산업화의 부족과 적절한 교통수단의 부재 때문에 1920년대까지 부진했다.그 후, 보호(특정 중요 산업이 국가에 의해 재정 보호를 받는 곳)를 차별하는 정책은 제2차 세계 대전과 함께 산업의 발전과 분산을 가져왔고, 농촌과 도시의 이주를 장려했으며, 특히 봄베이, 캘커타, 마드라스라는 큰 항구 도시들이 급속히 성장하였다.그럼에도 불구하고 1951년까지 인도 인구의 6분의 1만이 도시에 살았다.
영국 통치가 인도 경제에 미치는 영향은 논란의 여지가 있는 주제이다.인도 독립운동 지도자들과 경제사학자들은 식민지배를 그 여파로 인도 경제가 암울해졌다고 비난하고 영국의 산업 발전에 필요한 재정력이 인도에서 얻은 부에서 나온 것이라고 주장했다.이와 함께 우익 역사학자들은 인도의 저조한 경제 실적은 식민주의로 인한 변화와 산업화와 경제 통합으로 나아가는 세계에 의해 여러 부문이 성장 및 쇠퇴 상태에 있었기 때문이라고 반박했다.
몇몇 경제사학자들은 실질 임금 하락이 19세기 초에 일어났거나 아마도 18세기 후반에 시작되었을 것이라고 주장했는데, 이는 주로 영국 제국주의의 결과였다.Prasannan Parthasarathi와 Sashi Sivramkrishna에 따르면, 인도 직공의 곡물 임금은 영국 직공과 비슷했고 그들의 평균 소득은 유럽의 선진 지역에 버금가는 생활 수준의 약 5배였다.그러나 데이터 부족으로 인해 명확한 결론을 도출하기 어려우며 더 많은 연구가 필요하다고 결론지었다.인도는 18세기 후반 무굴 제국의 붕괴에 따른 간접적인 결과로 탈공업화 시기를 거쳤다는 주장도 있다.
자유화 이전 기간(1947-1991)
독립 이후의 인도 경제 정책은 영국의 사회 민주주의와 소련의 계획 경제에 노출된 인도 지도자들에 의해 착취적인 것으로 보여진 식민지 경험의 영향을 받았다.국내 정책은 수입대체산업화, 경제개입주의, 대형 공공부문, 사업규제, 중앙계획 등을 중시하는 보호무역주의 성향이 강한 반면 무역·외국인 투자정책은 비교적 자유롭다.인도 5개년 계획은 소련의 중앙 계획과 유사했다.철강, 광업, 공작기계, 통신, 보험 및 발전소는 1950년대 중반에 사실상 국유화되었습니다.이 시기의 인도 경제는 디리그리즘으로 특징지어진다.
이익에 대해서는 절대 말하지 마, 제. 더러운 단어야.--
인도의 초대 총리인 자와할랄 네루는 통계학자 프라산타 찬드라 마할라노비스와 함께 인도의 독립 초기 경제 정책을 수립하고 감독했다.그들은 공공부문과 민간부문 모두에 의한 중공업의 급속한 발전과 더 극단적인 소련식 중앙지휘체제가 아닌 직간접적인 국가개입에 기초한 전략에서 유리한 결과를 기대했다.자본집약적 중공업과 기술집약적 중공업에 동시에 집중하고 기술이 낮은 수동 주택산업에 보조금을 지급하는 정책은 자본과 노동력을 낭비하고 소규모 제조업의 발전을 지연시킬 것이라고 생각한 경제학자 밀턴 프리드먼에 의해 비판받았다.
얼마를 빌려야 할지, 어떤 주식을 발행해야 할지, 어떤 가격에 지불해야 할지, 어떤 임금과 보너스를 줘야 할지, 그리고 어떤 배당금을 줘야 할지 결정하지 못한다.고위 임원에게 지급하는 급여에 대해서는 정부의 허가도 필요합니다.--
1965년 이후 고수익 종자, 비료, 관개시설 등의 사용이 인도의 녹색혁명에 총체적으로 기여하여 농작물 생산성의 향상, 작물 패턴의 개선, 농업과 유도 간의 전후 연계 강화 등을 통해 농업 상황을 개선하였다.하지만, 그것은 또한 지속 불가능한 노력이라는 비판을 받아왔고, 결과적으로 자본주의적 농업의 성장을 초래했고, 제도 개혁은 무시되었고 소득 격차는 확대되었다.
자유화 이후 기간(1991년 이후)
이 문서는 갱신할 필요가 있습니다.(2022년 6월)
이에 맞서 만모한 싱 재무장관을 포함한 나라심하 라오 정부는 1991년 경제개혁을 시작했다.이 개혁으로 라이선스 라지가 폐지되고 관세와 금리가 인하되며 많은 공공독점이 종식되어 많은 분야에서 외국인 직접투자가 자동적으로 승인되었다.노동법 개혁이나 농업보조금 삭감 등 쟁점이 되고 있는 문제에 대해 노동조합이나 농민 등 강력한 로비를 시도하고 있는 정부는 없지만, 그 후 자유화의 전체적인 추진력은 변하지 않았다.21세기 초에 인도는 경제에 대한 국가 통제가 대폭 축소되고 금융 자유화가 확대되면서 자유 시장 경제로 발전했다.도시 주민들이 시골 주민들보다 더 많은 혜택을 받았지만, 기대 수명, 문맹률 및 식량 안보의 증가를 동반했다.
인도는 GDP 성장률이 전년의 5.5%에서 6.4%로 가속화된 2013-14년에 회복을 시작했다.2014-15년과 2015-16년까지 가속화가 지속되어 각각 7.5%, 8.0%의 성장률을 보였다.인도는 1990년 이후 처음으로 2015년 [needs update]6.9%의 성장률을 기록한 중국보다 빠르게 성장했다.그러나 2016년 인도 지폐 디메네트화와 상품 및 서비스세(인도)의 파괴적 효과로 인해 2016-17년과 2017-18년에는 각각 7.1%, 6.6%로 성장률이 둔화되었다.
인도는 세계은행의 2020년 기업형편리성지수 190개국 중 63위로 지난해 100보다 14포인트 상승했고 불과 2년 만에 37포인트 상승했다.건축허가 처리와 계약 집행에 있어서는 세계 10위권 안에 들며 소수 투자자를 보호하거나 신용을 얻는 데 있어서는 비교적 유리한 순위를 차지하고 있다.산업정책촉진부(DiPP)가 국가 차원에서 기업 순위를 올리기 위한 강력한 노력이 인도의 전체 순위에 영향을 미치는 것으로 알려졌다.
COVID-19 대유행 및 여파 (2020–현재)
이 섹션은 업데이트해야 합니다.. (2022년 4월)할 수 , 이
COVID-19 대유행 기간 동안, 수많은 평가 기관들은 FY21에 대한 인도의 GDP 예측을 부정적인 수치로 하향 조정했고, 이는 1979년 이후 가장 심각한 경기 침체를 암시했다.Dun & Bradstreet 보고서에 따르면, COVID-19 확산을 억제하기 위해 2개월 이상 전국적으로 시행된 폐쇄 조치의 결과로, 국가는 2020 회계연도 3분기에 경기 침체를 겪을 것으로 보인다.
이 문서는 갱신할 필요가 있습니다.(2022년 7월)
|1인당 GDP |
(빌. 공칭 US$)
|1인당 GDP |
|GDP 성장 |
역사적으로 인도는 경제와 GDP를 농업, 산업, 서비스 등 3개 부문으로 분류하고 추적해 왔습니다.농업은 농작물, 원예, 우유 및 축산업, 양식업, 어업, 양잠업, 조류 사육, 임업 및 관련 활동을 포함한다.산업에는 다양한 제조 부문이 포함됩니다.인도의 서비스 부문 정의에는 건설, 소매, 소프트웨어, IT, 통신, 접대, 인프라 운영, 교육, 의료, 은행 및 보험 및 기타 많은 경제 활동이 포함됩니다.
인도의 경제 분야별 노동 고용 비율(2010년).
농업과 임업, 벌목, 어업 등 관련 분야가 GDP의 17%를 차지했으며 2014년에는 전체 노동력의 49%를 고용했다.농업은 GDP의 23%를 차지했고 2016년에는 국가 전체 노동력의 59%를 고용했다.인도 경제가 다양화·성장함에 따라 1951년부터 2011년까지 농업의 GDP에 대한 기여는 꾸준히 감소해 왔지만 여전히 인도의 최대 고용원이자 사회경제 발전의 중요한 부분을 차지하고 있다.인도 녹색혁명 이후 관개, 기술, 현대 농업 관행 적용, 농업 신용 및 보조금 제공의 꾸준한 개선으로 1950년 이후 모든 작물의 단위 면적당 수확량이 증가했다.그러나 국제 비교 결과 인도의 평균 생산량은 일반적으로 세계 최고 평균 생산량의 30~50%인 것으로 나타났습니다.우타르 프라데시 주, 펀자브 주, 하리아나 주, 마디아 프라데시 주, 안드라 프라데시 주, 텔랑가나 주, 비하르 주, 웨스트 벵골 주, 구자라트 주 및 마하라슈트라 주는 인도 농업에 중요한 공헌자이다.
인도에는 연평균 1,208mm(47.6인치)의 강우량, 연간 총 4라크크로어(4,000억)의 강수량이 있으며 지표수와 지하수를 포함한 총 이용 가능한 수자원은 1,123라크크로어(1,123억)입방미터에 달한다.전체 경작 면적의 약 39%인 546,820km2(211,130평방마일)가 관개된다.인도의 내륙 수자원 및 해양자원은 어업 부문에서 약 60만 라크(600만 명)의 사람들에게 일자리를 제공한다.2010년에 인도는 세계 6위의 어업 산업을 가졌다.
인도는 우유, 황마, 맥박을 가장 많이 생산하고 있으며, 2011년에는 17마리의 크로어(1억7000만 마리)의 가축으로 세계에서 두 번째로 많은 소 개체 수를 가지고 있다.쌀, 밀, 사탕수수, 면화, 견과류 생산량 2위, 청과물 생산량 2위로 세계 청과물 생산량의 10.9%, 8.6%를 차지하고 있다.인도는 또한 2005년에 77,000톤을 생산하면서 두 번째로 큰 생산국이자 가장 큰 실크 소비국이다.인도는 캐슈 알맹이와 캐슈넛 쉘 액체(CNSL)의 최대 수출국이다.캐슈 알맹이 수출로 얻은 2011-12년의 외환은, 인도 캐슈 수출 촉진 위원회(CEPCI)의 통계에 근거해 4,390엔(2020년에는 700억엔, 8억 8,000만달러에 상당)에 달하고, 2011-12년에는 131,000톤의 알맹이가 수출되었다.케랄라주 콜람에는 약 600개의 캐슈 가공 장치가 있습니다.인도의 식량 곡물 생산량은 2015-16년과 2014-6월 모두 약 25.2크로어(2억5200만 t)로 정체됐다.인도는 바스마티 쌀, 밀, 시리얼, 향신료, 신선한 과일, 건과일, 버팔로 쇠고기 고기, 면화, 차, 커피, 그리고 다른 현금 작물들을 중동, 동남아시아 국가들에 수출하고 있다.수출 수입의 약 10퍼센트는 이 무역에서 나온다.
인도는 약 153만 평방 킬로미터(590,000 평방 마일)로 미국에 이어 두 번째로 많은 경작지를 보유하고 있으며, 전체 경작지의 52%가 경작되고 있다.국토 총면적이 중국이나 미국의 3분의 1을 조금 넘는 수준이지만 인도의 경작면적은 미국에 비해 약간 좁고 중국보다 약간 크다.그러나 농업 생산량은 잠재력보다 훨씬 뒤떨어져 있다.인도의 낮은 생산성은 몇 가지 요인에 기인한다.세계은행에 따르면 인도의 대규모 농업 보조금은 농부들이 재배하는 것을 왜곡하고 생산성을 높이는 투자를 방해하고 있다.농업에 대한 과도한 규제는 비용, 가격 위험과 불확실성을 증가시켰고 노동, 토지, 신용에 대한 정부의 개입은 시장에 타격을 주고 있다.지방 도로, 전기, 항만, 식품 저장고, 소매 시장 및 서비스와 같은 기반 시설은 여전히 불충분합니다.평균적인 토지 보유 규모는 매우 작으며, 보유량의 70%가 1헥타르(2.5에이커) 미만이다.2016년 [update]현재 전체 경작 가능지의 46%만이 관개되었고, 이로 인해 농민들은 여전히 우기, 특히 장마철에 의존하고 있으며, 이는 종종 일관되지 않고 고르게 분포되어 있다.2000만 헥타르(4900만 헥타르)의 토지를 추가로 관개하기 위해 연방 예산으로 8000억엔(2020년 9800억엔 상당)을 제공한 가속관개급여프로그램(AIBP)을 포함한 다양한 계획이 시도되고 있다.농업 수입 또한 식량 저장과 유통 인프라의 부족으로 인해 어려움을 겪고 있다; 인도 농업 생산의 3분의 1이 부패로 인해 손실되고 있다.
Manufacturing and industry
Industry accounts for 26% of GDP and employs 22% of the total workforce. According to the World Bank, India's industrial manufacturing GDP output in 2015 was 6th largest in the world on current US dollar basis ($559 billion), and 9th largest on inflation-adjusted constant 2005 US dollar basis ($197.1 billion). The industrial sector underwent significant changes due to the 1991 economic reforms, which removed import restrictions, brought in foreign competition, led to the privatisation of certain government-owned public-sector industries, liberalised the foreign direct investment (FDI) regime, improved infrastructure and led to an expansion in the production of fast-moving consumer goods. Post-liberalisation, the Indian private sector was faced with increasing domestic and foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, and relying on cheap labour and new technology. However, this has also reduced employment generation, even among smaller manufacturers who previously relied on labour-intensive processes. Manufacturing and tech industries are geographically located in industrial regions in India,
With strength of over 13 lakh (1.3 million) active personnel, India has the third-largest military force and the largest volunteer army. The total budget sanctioned for the Indian military for the financial year 2019–20 was ₹3.01 trillion (US$38 billion). Defence spending is expected to rise to US$62 billion by 2022.
Primary energy consumption of India is the third-largest after China and US with 5.3% global share in the year 2015. Coal and crude oil together account for 85% of the primary energy consumption of India. India's oil reserves meet 25% of the country's domestic oil demand. As of April 2015,[update] India's total proven crude oil reserves are 76.34 crore (763.476 million) metric tons, while gas reserves stood at 1,490 billion cubic metres (53 trillion cubic feet). Oil and natural gas fields are located offshore at Bombay High, Krishna Godavari Basin and the Cauvery Delta, and onshore mainly in the states of Assam, Gujarat and Rajasthan. India is the fourth-largest consumer of oil and net oil imports were nearly ₹8,200 billion (US$100 billion) in 2014–15, which had an adverse effect on the country's current account deficit. The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL). There are some major private Indian companies in the oil sector such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.
India became the world's third-largest producer of electricity in 2013 with a 4.8% global share in electricity generation, surpassing Japan and Russia. By the end of calendar year 2015, India had an electricity surplus with many power stations idling for want of demand. The utility electricity sector had an installed capacity of 303 GW as of May 2016[update] of which thermal power contributed 69.8%, hydroelectricity 15.2%, other sources of renewable energy 13.0%, and nuclear power 2.1%. India meets most of its domestic electricity demand through its 10,600 crore (106 billion) tonnes of proven coal reserves. India is also rich in certain alternative sources of energy with significant future potential such as solar, wind and biofuels (jatropha, sugarcane). India's dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years. Recent discoveries in the Tummalapalle belt may be among the top 20 natural uranium reserves worldwide,[needs update] and an estimated reserve of 846,477 metric tons (933,081 short tons) of thorium – about 25% of world's reserves – are expected to fuel the country's ambitious nuclear energy program in the long-run. The Indo-US nuclear deal has also paved the way for India to import uranium from other countries.
Engineering is the largest sub-sector of India's industrial sector, by GDP, and the third-largest by exports. It includes transport equipment, machine tools, capital goods, transformers, switchgear, furnaces, and cast and forged parts for turbines, automobiles, and railways. The industry employs about forty lakh (4 million) workers. On a value-added basis, India's engineering subsector exported $67 billion worth of engineering goods in the 2013–14 fiscal year, and served part of the domestic demand for engineering goods.
The engineering industry of India includes its growing car, motorcycle and scooters industry, and productivity machinery such as tractors. India manufactured and assembled about 1.8 crore (18 million) passenger and utility vehicles in 2011, of which 23 lakh (2.3 million) were exported. India is the largest producer and the largest market for tractors, accounting for 29% of global tractor production in 2013. India is the 12th-largest producer and 7th-largest consumer of machine tools.
The automotive manufacturing industry contributed $79 billion (4% of GDP) and employed 67.6 lakh (6.76 million) people (2% of the workforce) in 2016.
Gems and jewellery
India is one of the largest centres for polishing diamonds and gems and manufacturing jewellery; it is also one of the two largest consumers of gold. After crude oil and petroleum products, the export and import of gold, precious metals, precious stones, gems and jewellery accounts for the largest portion of India's global trade. The industry contributes about 7% of India's GDP, employs lakhs, and is a major source of its foreign-exchange earnings. The gems and jewellery industry created $60 billion in economic output on value-added basis in 2017, and is projected to grow to $110 billion by 2022.
The gems and jewellery industry has been economically active in India for several thousand years. Until the 18th century, India was the only major reliable source of diamonds. Now, South Africa and Australia are the major sources of diamonds and precious metals, but along with Antwerp, New York City, and Ramat Gan, Indian cities such as Surat and Mumbai are the hubs of world's jewellery polishing, cutting, precision finishing, supply and trade. Unlike other centres, the gems and jewellery industry in India is primarily artisan-driven; the sector is manual, highly fragmented, and almost entirely served by family-owned operations.
The particular strength of this sub-sector is in precision cutting, polishing and processing small diamonds (below one carat). India is also a hub for processing of larger diamonds, pearls, and other precious stones. Statistically, 11 out of 12 diamonds set in any jewellery in the world are cut and polished in India.
India's infrastructure and transport sector contributes about 5% of its GDP. India has a road network of over 5,472,144 kilometres (3,400,233 mi) as of 31 March 2015,[update] the second-largest road network in the world only behind United States. At 1.66 km of roads per square kilometre of land (2.68 miles per square mile), the quantitative density of India's road network is higher than that of Japan (0.91) and United States (0.67), and far higher than that of China (0.46), Brazil (0.18) or Russia (0.08). Qualitatively, India's roads are a mix of modern highways and narrow, unpaved roads, and are being improved. As of 31 March 2015,[update] 87.05% of Indian roads were paved. India has the lowest kilometre-lane road density per 100,000 people among G-27 countries, leading to traffic congestion. It is upgrading its infrastructure. As of May 2014,[update] India had completed over 22,600 kilometres (14,000 mi) of 4- or 6-lane highways, connecting most of its major manufacturing, commercial and cultural centres. India's road infrastructure carries 60% of freight and 87% of passenger traffic.
The Indian railway network is the fourth-largest rail network in the world, with a track length of 114,500 kilometres (71,100 mi) and 7,172 stations. This government-owned-and-operated railway network carried an average of 2.3 crore (23 million) passengers a day, and over 100 crore (1 billion) tonnes of freight in 2013. India has a coastline of 7,500 kilometres (4,700 mi) with 13 major ports and 60 operational non-major ports, which together handle 95% of the country's external trade by volume and 70% by value (most of the remainder handled by air). Nhava Sheva, Mumbai is the largest public port, while Mundra is the largest private sea port. The airport infrastructure of India includes 125 airports, of which 66 airports are licensed to handle both passengers and cargo.
Petroleum products and chemicals
Petroleum products and chemicals are a major contributor to India's industrial GDP, and together they contribute over 34% of its export earnings. India hosts many oil refinery and petrochemical operations, including the world's largest refinery complex in Jamnagar that processes 12.4 lakh (1.24 million) barrels of crude per day. By volume, the Indian chemical industry was the third-largest producer in Asia, and contributed 5% of the country's GDP. India is one of the five-largest producers of agrochemicals, polymers and plastics, dyes and various organic and inorganic chemicals. Despite being a large producer and exporter, India is a net importer of chemicals due to domestic demands.
The chemical industry contributed $163 billion to the economy in FY18 and is expected to reach $300–400 billion by 2025. The industry employed 1.7 crore (17.33 million) people (4% of the workforce) in 2016.
The Indian pharmaceutical industry has grown in recent years to become a major manufacturer of health care products for the world. India holds a 20% market share in the global supply of generics by volume. The Indian pharmaceutical sector also supplies over 62% of the global demand for various vaccines. India's pharmaceutical exports stood at $17.27 billion in 2017–18 and are expected to reach $20 billion by 2020. The industry grew from $6 billion in 2005 to $36.7 billion in 2016, a compound annual growth rate (CAGR) of 17.46%. It is expected to grow at a CAGR of 15.92% to reach $55 billion in 2020. India is expected to become the sixth-largest pharmaceutical market in the world by 2020. It is one of the fastest-growing industrial sub-sectors and a significant contributor to India's export earnings. The state of Gujarat has become a hub for the manufacture and export of pharmaceuticals and active pharmaceutical ingredients (APIs).
The textile and apparel market in India was estimated to be $108.5 billion in 2015. It is expected to reach a size of $226 billion by 2023. The industry employees over 3.5 crore (35 million) people. By value, the textile industry accounts for 7% of India's industrial, 2% of GDP and 15% of the country's export earnings. India exported $39.2 billion worth of textiles in the 2017–18 fiscal year.
India's textile industry has transformed in recent years from a declining sector to a rapidly developing one. After freeing the industry in 2004–2005 from a number of limitations, primarily financial, the government permitted massive investment inflows, both domestic and foreign. From 2004 to 2008, total investment into the textile sector increased by $27 billion. Ludhiana produces 90% of woollens in India and is known as the Manchester of India. Tirupur has gained universal recognition as the leading source of hosiery, knitted garments, casual wear, and sportswear. Expanding textile centres such as Ichalkaranji enjoy one of the highest per-capita incomes in the country. India's cotton farms, fibre and textile industry provides employment to 4.5 crore (45 million) people in India, including some child labour (1%). The sector is estimated to employ around 400,000 children under the age of 18.
Pulp and paper
The pulp and paper industry in India is one of the major producers of paper in the world and has adopted new manufacturing technology. The paper market in India was estimated to be worth ₹600 billion (US$7.5 billion) in 2017–18 recording a CAGR of 6–7%. Domestic demand for paper almost doubled from around 90 lakh (9 million) tonnes in the 2007–08 fiscal to over 1.7 crore (17 million) tonnes in 2017–18. The per capita consumption of paper in India is around 13–14 kg annually, lower than the global average of 57 kg.
Mining contributed $63 billion (3% of GDP) and employed 2 crore (20.14 million) people (5% of the workforce) in 2016. India's mining industry was the fourth-largest producer of minerals in the world by volume, and eighth-largest producer by value in 2009. In 2013, it mined and processed 89 minerals, of which four were fuel, three were atomic energy minerals, and 80 non-fuel. The government-owned public sector accounted for 68% of mineral production by volume in 2011–12.
Nearly 50% of India's mining industry, by output value, is concentrated in eight states: Odisha, Rajasthan, Chhattisgarh, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25% of the output by value comes from offshore oil and gas resources. India operated about 3,000 mines in 2010, half of which were coal, limestone and iron ore. On output-value basis, India was one of the five largest producers of mica, chromite, coal, lignite, iron ore, bauxite, barite, zinc and manganese; while being one of the ten largest global producers of many other minerals. India was the fourth-largest producer of steel in 2013, and the seventh-largest producer of aluminium.
India's mineral resources are vast. However, its mining industry has declined – contributing 2.3% of its GDP in 2010 compared to 3% in 2000, and employed 29 lakh (2.9 million) people – a decreasing percentage of its total labour. India is a net importer of many minerals including coal. India's mining sector decline is because of complex permit, regulatory and administrative procedures, inadequate infrastructure, shortage of capital resources, and slow adoption of environmentally sustainable technologies.
Iron and steel
In fiscal year 2014–15, India was the third-largest producer of raw steel and the largest producer of sponge iron. The industry produced 9.1 crore (91.46 million) tons of finished steel and 97 lakh (9.7 million) tons of pig iron. Most iron and steel in India is produced from iron ore.
The construction industry contributed $288 billion (13% of GDP) and employed 6 crore (60.42 million) people (14% of the workforce) in 2016.
The services sector has the largest share of India's GDP, accounting for 57% in 2012, up from 15% in 1950. It is the seventh-largest services sector by nominal GDP, and third largest when purchasing power is taken into account. The services sector provides employment to 27% of the workforce. Information technology and business process outsourcing are among the fastest-growing sectors, having a cumulative growth rate of revenue 33.6% between fiscal years 1997–98 and 2002–03, and contributing to 25% of the country's total exports in 2007–08.[needs update]
India is the fourth-largest civil aviation market in the world recording an air traffic of 15.8 crore (158 million) passengers in 2017. The market is estimated to have 800 aircraft by 2020, which would account for 4.3% of global volumes, and is expected to record annual passenger traffic of 52 crore (520 million) by 2037. IATA estimated that aviation contributed $30 billion to India's GDP in 2017, and supported 75 lakh (7.5 million) jobs – 3,90,000 directly, 5,70,000 in the value chain, and 62 lakh (6.2 million) through tourism.
Civil aviation in India traces its beginnings to 18 February 1911, when Henri Pequet, a French aviator, carried 6,500 pieces of mail on a Humber biplane from Allahabad (present-day Prayagraj) to Naini. Later on 15 October 1932, J.R.D. Tata flew a consignment of mail from Karachi to Juhu Airport. His airline later became Air India and was the first Asian airline to cross the Atlantic Ocean as well as first Asian airline to fly jets.
In March 1953, the Indian Parliament passed the Air Corporations Act to streamline and nationalise the then existing privately owned eight domestic airlines into Indian Airlines for domestic services and the Tata group-owned Air India for international services. The International Airports Authority of India (IAAI) was constituted in 1972 while the National Airports Authority was constituted in 1986. The Bureau of Civil Aviation Security was established in 1987 following the crash of Air India Flight 182.
The government de-regularised the civil aviation sector in 1991 when the government allowed private airlines to operate charter and non-scheduled services under the 'Air Taxi' Scheme until 1994, when the Air Corporation Act was repealed and private airlines could now operate scheduled services. Private airlines including Jet Airways, Air Sahara, Modiluft, Damania Airways and NEPC Airlines commenced domestic operations during this period.
The aviation industry experienced a rapid transformation following deregulation. Several low-cost carriers entered the Indian market in 2004–05. Major new entrants included Air Deccan, Air Sahara, Kingfisher Airlines, SpiceJet, GoAir, Paramount Airways and IndiGo. Kingfisher Airlines became the first Indian air carrier on 15 June 2005 to order Airbus A380 aircraft worth US$3 billion. However, Indian aviation would struggle due to an economic slowdown and rising fuel and operation costs. This led to consolidation, buyouts and discontinuations. In 2007, Air Sahara and Air Deccan were acquired by Jet Airways and Kingfisher Airlines respectively. Paramount Airways ceased operations in 2010 and Kingfisher shut down in 2012. Etihad Airways agreed to acquire a 24% stake in Jet Airways in 2013. AirAsia India, a low-cost carrier operating as a joint venture between Air Asia and Tata Sons launched in 2014. As of 2013[update]–14, only IndiGo and GoAir were generating profits.[needs update] The average domestic passenger air fare dropped by 70% between 2005 and 2017, after adjusting for inflation.
Banking and financial services
The financial services industry contributed $809 billion (37% of GDP) and employed 1.4 crore (14.17 million) people (3% of the workforce) in 2016, and the banking sector contributed $407 billion (19% of GDP) and employed 55 lakh (5.5 million) people (1% of the workforce) in 2016. The Indian money market is classified into the organised sector, comprising private, public and foreign-owned commercial banks and cooperative banks, together known as 'scheduled banks'; and the unorganised sector, which includes individual or family-owned indigenous bankers or money lenders and non-banking financial companies. The unorganised sector and microcredit are preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes such as short-term loans for ceremonies.
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors including agriculture, small-scale industry, retail trade and small business, to ensure that the banks fulfilled their social and developmental goals. Since then, the number of bank branches has increased from 8,260 in 1969 to 72,170 in 2007 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total bank deposits increased from ₹59.1 billion (equivalent to ₹2.4 trillion or US$30 billion in 2020) in 1970–71 to ₹38,309 billion (equivalent to ₹82 trillion or US$1.0 trillion in 2020) in 2008–09. Despite an increase of rural branches – from 1,860 or 22% of the total in 1969 to 30,590 or 42% in 2007 – only 32,270 of 500,000 villages are served by a scheduled bank.
India's gross domestic savings in 2006–07 as a percentage of GDP stood at a high 32.8%. More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold. The government-owned public-sector banks hold over 75% of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively. Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks – such as reforms encouraging mergers, reducing government interference and increasing profitability and competitiveness – other reforms have opened the banking and insurance sectors to private and foreign companies.
According to the report of The National Association of Software and Services Companies (NASSCOM), India has a presence of around 400 companies in the fintech space, with an investment of about $420 million in 2015. The NASSCOM report also estimated the fintech software and services market to grow 1.7 times by 2020, making it worth $8 billion. The Indian fintech landscape is segmented as follows – 34% in payment processing, followed by 32% in banking and 12% in the trading, public and private markets.
The information technology (IT) industry in India consists of two major components: IT Services and business process outsourcing (BPO). The sector has increased its contribution to India's GDP from 1.2% in 1998 to 7.5% in 2012. According to NASSCOM, the sector aggregated revenues of US$147 billion in 2015, where export revenue stood at US$99 billion and domestic at US$48 billion, growing by over 13%.
The growth in the IT sector is attributed to increased specialisation, and an availability of a large pool of low-cost, highly skilled, fluent English-speaking workers – matched by increased demand from foreign consumers interested in India's service exports, or looking to outsource their operations. The share of the Indian IT industry in the country's GDP increased from 4.8% in 2005–06 to 7% in 2008. In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.
The business process outsourcing services in the outsourcing industry in India caters mainly to Western operations of multinational corporations. As of 2012,[update] around 28 lakh (2.8 million) people work in the outsourcing sector. Annual revenues are around $11 billion, around 1% of GDP. Around 25 lakh (2.5 million) people graduate in India every year. Wages are rising by 10–15 percent as a result of skill shortages.
India became the tenth-largest insurance market in the world in 2013, rising from 15th in 2011. At a total market size of US$66.4 billion in 2013, it remains small compared to world's major economies, and the Indian insurance market accounted for just 2% of the world's insurance business in 2017. India's life and non-life insurance industry collected ₹6.10 lakh crore (US$76 billion) in total gross insurance premiums in 2018. Life insurance accounts for 75.41% of the insurance market and the rest is general insurance. Of the 52 insurance companies in India, 24 are active in life-insurance business.
Specialised insurers Export Credit Guarantee Corporation and Agriculture Insurance Company (AIC) offer credit guarantee and crop insurance. It has introduced several innovative products such as weather insurance and insurance related to specific crops. The premium underwritten by the non-life insurers during 2010–11 was ₹42,500 crore (equivalent to ₹740 billion or US$9.3 billion in 2020) against ₹34,600 crore (equivalent to ₹660 billion or US$8.3 billion in 2020) in 2009–10. The growth was satisfactory,[according to whom?] particularly given across-the-broad cuts in the tariff rates. The private insurers underwrote premiums of ₹17,400 crore (equivalent to ₹300 billion or US$3.8 billion in 2020) against ₹14,000 crore (equivalent to ₹270 billion or US$3.3 billion in 2020) in 2009–10.
The Indian insurance business had been under-developed with low levels of insurance penetration.
The retail industry, excluding wholesale, contributed $793 billion (10% of GDP) and employed 3.5 crore (35 million) people (8% of the workforce) in 2020. The industry is the second largest employer in India, after agriculture. The Indian retail market is estimated to be US$600 billion and one of the top-five retail markets in the world by economic value. India has one of the fastest-growing retail markets in the world, and is projected to reach $1.3 trillion by 2020. The e-commerce retail market in India was valued at $32.7 billion in 2018, and is expected to reach $71.9 billion by 2022.
India's retail industry mostly consists of local mom-and-pop stores, owner-manned shops and street vendors. Retail supermarkets are expanding, with a market share of 4% in 2008. In 2012, the government permitted 51% FDI in multi-brand retail and 100% FDI in single-brand retail. However, a lack of back-end warehouse infrastructure and state-level permits and red tape continue to limit growth of organised retail. Compliance with over thirty regulations such as "signboard licences" and "anti-hoarding measures" must be made before a store can open for business. There are taxes for moving goods from state to state, and even within states. According to The Wall Street Journal, the lack of infrastructure and efficient retail networks cause a third of India's agriculture produce to be lost from spoilage.
The World Travel & Tourism Council calculated that tourism generated ₹15.24 lakh crore (US$190 billion) or 9.4% of the nation's GDP in 2017 and supported 4.16 crore ( 41.622 million) jobs, 8% of its total employment. The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 lakh crore (US$400 billion) by 2028 (9.9% of GDP). Over 1 crore (10 million) foreign tourists arrived in India in 2017 compared to 88.9 lakh (8.89 million) in 2016, recording a growth of 15.6%. India earned $21.07 billion in foreign exchange from tourism receipts in 2015. International tourism to India has seen a steady growth from 23.7 lakh (2.37 million) arrivals in 1997 to 80.3 lakh (8.03 million) arrivals in 2015. United States is the largest source of international tourists to India, while European Union nations and Japan are other major sources of international tourists. Less than 10% of international tourists visit the Taj Mahal, with the majority visiting other cultural, thematic and holiday circuits. Over 1.2 crore (12 million) Indian citizens take international trips each year for tourism, while domestic tourism within India adds about 74 crore (740 million) Indian travellers.
India has a fast-growing medical tourism sector of its health care economy, offering low-cost health services and long-term care. In October 2015, the medical tourism sector was estimated to be worth US$3 billion. It is projected to grow to $7–8 billion by 2020. In 2014, 184,298 foreign patients traveled to India to seek medical treatment.
Media and entertainment industry
An ASSOCHAM-PwC joint study projected that the Indian media and entertainment industry would grow from a size of $30.364 billion in 2017 to $52.683 billion by 2022, recording a CAGR of 11.7%. The study also predicted that television, cinema and over-the-top services would account for nearly half of the overall industry growth during the period.
India's healthcare sector is expected to grow at a CAGR of 29% between 2015 and 2020, to reach US$280 billion, buoyed by rising incomes, greater health awareness, increased precedence of lifestyle diseases, and improved access to health insurance.
The ayurveda industry in India recorded a market size of $4.4 billion in 2018. The Confederation of Indian Industry estimates that the industry will grow at a CAGR 16% until 2025. Nearly 75% of the market comprises over-the-counter personal care and beauty products, while ayurvedic well-being or ayurvedic tourism services accounted for 15% of the market.
The logistics industry in India was worth over $160 billion in 2016, and grew at a CAGR of 7.8% in the previous five-year period. The industry employs about 2.2 crore (22 million) people. It is expected to reach of a size of $215 billion by 2020. India was ranked 35th out of 160 countries in the World Bank's 2016 Logistics Performance Index.
The telecommunication sector generated ₹2.20 lakh crore (US$28 billion) in revenue in 2014–15, accounting for 1.94% of total GDP. India is the second-largest market in the world by number of telephone users (both fixed and mobile phones) with 105.3 crore (1.053 billion) subscribers as of 31 August 2016.[update] It has one of the lowest call-tariffs in the world, due to fierce competition among telecom operators. India has the world's third-largest Internet user-base. As of 31 March 2016,[update] there were 34.2 crore (342.65 million) Internet subscribers in the country.
Industry estimates indicate that there are over 55.4 crore (554 million) TV consumers in India as of 2012.[update] India is the largest direct-to-home (DTH) television market in the world by number of subscribers. As of May 2016,[update] there were 8.48 crore (84.80 million) DTH subscribers in the country.
Foreign trade and investment
Until the liberalisation of 1991, India was largely and intentionally isolated from world markets, to protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around $200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians. India's exports were stagnant for the first 15 years after independence, due to general neglect of trade policy by the government of that period; imports in the same period, with early industrialisation, consisted predominantly of machinery, raw materials and consumer goods. Since liberalisation, the value of India's international trade has increased sharply, with the contribution of total trade in goods and services to the GDP rising from 16% in 1990–91 to 47% in 2009–10. Foreign trade accounted for 48.8% of India's GDP in 2015. Globally, India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade. India's major trading partners are the European Union, China, United States and United Arab Emirates. In 2006–07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver. In November 2010, exports increased 22.3% year-on-year to ₹85,100 crore (equivalent to ₹1.6 trillion or US$20 billion in 2020), while imports were up 7.5% at ₹125,100 crore (equivalent to ₹2.4 trillion or US$30 billion in 2020). The trade deficit for the same month dropped from ₹46,900 crore (equivalent to ₹1.0 trillion or US$13 billion in 2020) in 2009 to ₹40,100 crore (equivalent to ₹760 billion or US$9.6 billion in 2020) in 2010.
India is a founding-member of General Agreement on Tariffs and Trade (GATT) and its successor, the WTO. While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world. For instance, India has continued its opposition to the inclusion of labour, environmental issues and other non-tariff barriers to trade in WTO policies.
Balance of payments
Since independence, India's balance of payments on its current account has been negative. Since economic liberalisation in the 1990s, precipitated by a balance-of-payment crisis, India's exports rose consistently, covering 80.3% of its imports in 2002–03, up from 66.2% in 1990–91. However, the global economic slump followed by a general deceleration in world trade saw the exports as a percentage of imports drop to 61.4% in 2008–09. India's growing oil import bill is seen as the main driver behind the large current account deficit, which rose to $118.7 billion, or 11.11% of GDP, in 2008–09. Between January and October 2010, India imported $82.1 billion worth of crude oil. The Indian economy has run a trade deficit every year from 2002 to 2012, with a merchandise trade deficit of US$189 billion in 2011–12. Its trade with China has the largest deficit, about $31 billion in 2013.
India's reliance on external assistance and concessional debt has decreased since liberalisation of the economy, and the debt service ratio decreased from 35.3% in 1990–91 to 4.4% in 2008–09. In India, external commercial borrowings (ECBs), or commercial loans from non-resident lenders, are being permitted by the government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates them through ECB policy guidelines issued by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act of 1999. India's foreign exchange reserves have steadily risen from $5.8 billion in March 1991 to ₹38,832.21 billion (US$540 billion) in July 2020. In 2012, United Kingdom announced an end to all financial aid to India, citing the growth and robustness of Indian economy.
India's current account deficit reached an all-time high in 2013. India has historically funded its current account deficit through borrowings by companies in the overseas markets or remittances by non-resident Indians and portfolio inflows. From April 2016 to January 2017, RBI data showed that, for the first time since 1991, India was funding its deficit through foreign direct investment inflows. The Economic Times noted that the development was "a sign of rising confidence among long-term investors in Prime Minister Narendra Modi's ability to strengthen the country's economic foundation for sustained growth".
Foreign direct investment
This section needs to be updated.(October 2015)
As the third-largest economy in the world in PPP terms, India has attracted foreign direct investment (FDI). During the year 2011, FDI inflow into India stood at $36.5 billion, 51.1% higher than the 2010 figure of $24.15 billion. India has strengths in telecommunication, information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies were a significant hindrance. Over time, India has adopted a number of FDI reforms. India has a large pool of skilled managerial and technical expertise. The size of the middle-class population stands at 30 crore (300 million) and represents a growing consumer market.
India liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and investment. The upward growth curve of the real-estate sector owes some credit to a booming economy and liberalised FDI regime. In March 2005, the government amended the rules to allow 100% FDI in the construction sector, including built-up infrastructure and construction development projects comprising housing, commercial premises, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure. Between 2012 and 2014, India extended these reforms to defence, telecom, oil, retail, aviation, and other sectors.
From 2000 to 2010, the country attracted $178 billion as FDI. The inordinately high investment from Mauritius is due to routing of international funds through the country given significant tax advantages – double taxation is avoided due to a tax treaty between India and Mauritius, and Mauritius is a capital gains tax haven, effectively creating a zero-taxation FDI channel. FDI accounted for 2.1% of India's GDP in 2015.
Since 2000, Indian companies have expanded overseas, investing FDI and creating jobs outside India. From 2006 to 2010, FDI by Indian companies outside India amounted to 1.34 per cent of its GDP. Indian companies have deployed FDI and started operations in United States, Europe and Africa. The Indian company Tata is United Kingdom's largest manufacturer and private-sector employer.
In 2015, a total of US$68.91 billion was made in remittances to India from other countries, and a total of US$8.476 billion was made in remittances by foreign workers in India to their home countries. UAE, US, and Saudi Arabia were the top sources of remittances to India, while Bangladesh, Pakistan, and Nepal were the top recipients of remittances from India. Remittances to India accounted for 3.32% of the country's GDP in 2015.
Mergers and acquisitions
Between 1985 and 2018 20,846 deals have been announced in, into (inbound) and out of (outbound) India. This cumulates to a value of US$618 billion. In terms of value, 2010 has been the most active year with deals worth almost 60 bil. USD. Most deals have been conducted in 2007 (1,510).
Here is a list of the top 10 deals with Indian companies participating:
|Acquiror Name||Acquiror Mid Industry||Acquiror Nation||Target Name||Target Mid Industry||Target Nation||Value of Transaction ($mil)|
|Petrol Complex Pte Ltd||Oil & Gas||Singapore||Essar Oil Ltd||Oil & Gas||India||12,907.25|
|Vodafone Grp Plc||Wireless||United Kingdom||Hutchison Essar Ltd||Telecommunications Services||India||12,748.00|
|Vodafone Grp PLC-Vodafone Asts||Wireless||India||Idea Cellular Ltd-Mobile Bus||Wireless||India||11,627.32|
|Bharti Airtel Ltd||Wireless||India||MTN Group Ltd||Wireless||South Africa||11,387.52|
|Bharti Airtel Ltd||Wireless||India||Zain Africa BV||Wireless||Nigeria||10,700.00|
|BP PLC||Oil & Gas||United Kingdom||Reliance Industries Ltd-21 Oil||Oil & Gas||India||9,000.00|
|MTN Group Ltd||Wireless||South Africa||Bharti Airtel Ltd||Wireless||India||8,775.09|
|Shareholders||Other Financials||India||Reliance Inds Ltd-Telecom Bus||Telecommunications Services||India||8,063.01|
|Oil & Natural Gas Corp Ltd||Oil & Gas||India||Hindustan Petro Corp Ltd||Petrochemicals||India||5,784.20|
|Reliance Commun Ventures Ltd||Telecommunications Services||India||Reliance Infocomm Ltd||Telecommunications Services||India||5,577.18|
|Year||INR₹ per US$ |
|INR₹ per Pound(£)|
The Indian rupee (₹) is the only legal tender in India, and is also accepted as legal tender in neighbouring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-denomination banknote is the ₹2,000 note; the lowest-denomination coin in circulation is the 50 paise coin. Since 30 June 2011, all denominations below 50 paise have ceased to be legal currency. India's monetary system is managed by the Reserve Bank of India (RBI), the country's central bank. Established on 1 April 1935 and nationalised in 1949, the RBI serves as the nation's monetary authority, regulator and supervisor of the monetary system, banker to the government, custodian of foreign exchange reserves, and as an issuer of currency. It is governed by a central board of directors, headed by a governor who is appointed by the Government of India. The benchmark interest rates are set by the Monetary Policy Committee.
The rupee was linked to the British pound from 1927 to 1946, and then to US dollar until 1975 through a fixed exchange rate. It was devalued in September 1975 and the system of fixed par rate was replaced with a basket of four major international currencies: the British pound, US dollar, the Japanese yen and the Deutsche Mark. In 1991, after the collapse of its largest trading partner, the Soviet Union, India faced the major foreign exchange crisis and the rupee was devalued by around 19% in two stages on 1 and 2 July. In 1992, a Liberalized Exchange Rate Mechanism (LERMS) was introduced. Under LERMS, exporters had to surrender 40 percent of their foreign exchange earnings to the RBI at the RBI-determined exchange rate; the remaining 60% could be converted at the market-determined exchange rate. In 1994, the rupee was convertible on the current account, with some capital controls.
After the sharp devaluation in 1991 and transition to current account convertibility in 1994, the value of the rupee has been largely determined by market forces. The rupee has been fairly stable during the decade 2000–2010. In October 2018, rupee touched an all-time low 74.90 to US dollar.
Income and consumption
This article needs to be updated.(March 2022)
India's gross national income per capita had experienced high growth rates since 2002. It tripled from ₹19,040 in 2002–03 to ₹53,331 in 2010–11, averaging 13.7% growth each of these eight years, with peak growth of 15.6% in 2010–11 and, growth in the inflation-adjusted per-capita income of the nation slowed to 5.6% in 2010–11, down from 6.4% in the previous year. These consumption levels are on an individual basis. The average family income in India was $6,671 per household in 2011.
According to 2011 census data, India has about 33 crore (330 million) houses and 24.7 crore (247 million) households. The household size in India has dropped in recent years, the 2011 census reporting 50% of households have four or fewer members, with an average of 4.8 members per household including surviving grandparents. These households produced a GDP of about $1.7 trillion. Consumption patterns note: approximately 67% of households use firewood, crop residue, or cow-dung cakes for cooking purposes; 53% do not have sanitation or drainage facilities on premises; 83% have water supply within their premises or 100 metres (330 ft) from their house in urban areas and 500 metres (1,600 ft) from the house in rural areas; 67% of the households have access to electricity; 63% of households have landline or mobile telephone service; 43% have a television; 26% have either a two- or four-wheel motor vehicle. Compared to 2001, these income and consumption trends represent moderate to significant improvements. One report in 2010 claimed that high-income households outnumber low-income households.
New World Wealth publishes reports tracking the total wealth of countries, which is measured as the private wealth held by all residents of a country. According to New World Wealth, India's total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a growth rate of 160%. India's total wealth decreased by 1% from $8.23 trillion in 2017 to $8.148 trillion in 2018, making it the sixth wealthiest nation in the world. There are 20,730 multimillionaires (7th largest in the world) and 118 billionaires in India (3rd largest in the world). With 327,100 high net-worth individuals (HNWI), India is home to the 9th highest number of HNWIs in the world. Mumbai is the wealthiest Indian city and the 12th wealthiest in the world, with a total net worth of $941 billion in 2018. Twenty-eight billionaires reside in the city, ranked ninth worldwide. As of December 2016,[update] the next wealthiest cities in India were Delhi ($450 billion), Bengaluru ($320 billion), Hyderabad ($310 billion), Kolkata ($290 billion), Chennai ($150 billion), and Gurugram ($110 billion).
The Global Wealth Migration Review 2019 report, published by New World Wealth, found that 5,000 HNWI's emigrated from India in 2018, or about 2% of all HNWIs in the country. Australia, Canada, and United States were among the top destination countries. The report also projected that private wealth in India would grow by around 180% to reach $22,814 billion by 2028.
In May 2014, the World Bank reviewed and proposed revisions to its poverty calculation methodology of 2005 and purchasing-power-parity basis for measuring poverty. According to the revised methodology, the world had 87.23 crore (872.3 million) people below the new poverty line, of which 17.96 crore (179.6 million) lived in India. With 17.5% of the total world's population, India had a 20.6% share of the world's poorest in 2013. According to a 2005–2006 survey, India had about 6.1 crore (61 million) children under the age of 5 who were chronically malnourished. A 2011 UNICEF report stated that between 1990 and 2010, India achieved a 45 percent reduction in mortality rates under the age of 5, and now ranks 46th of 188 countries on this metric.
Since the early 1960s, successive governments have implemented various schemes to alleviate poverty, under central planning, that have met with partial success. In 2005, the government enacted the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), guaranteeing 100 days of minimum wage employment to every rural household in all the districts of India. In 2011, it was widely criticised and beset with controversy for corrupt officials, deficit financing as the source of funds, poor quality of infrastructure built under the programme, and unintended destructive effects. Other studies suggest that the programme has helped reduce rural poverty in some cases. Yet other studies report that India's economic growth has been the driver of sustainable employment and poverty reduction, though a sizeable population remains in poverty. India lifted 27.1 crore (271 million) people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as assets, cooking fuel, sanitation, and nutrition.
Agricultural and allied sectors accounted for about 52% of the total workforce in 2009–10. While agriculture employment has fallen over time in percentage of labour employed, services which include construction and infrastructure have seen a steady growth accounting for 20.3% of employment in 2012–13. Of the total workforce, 7% is in the organised sector, two-thirds of which are in the government-controlled public sector. About 51.2% of the workforce in India is self-employed. According to a 2005–06 survey, there is a gender gap in employment and salaries. In rural areas, both men and women are primarily self-employed, mostly in agriculture. In urban areas, salaried work was the largest source of employment for both men and women in 2006.
Unemployment in India is characterised by chronic (disguised) unemployment. Government schemes that target eradication of both poverty and unemployment – which in recent decades has sent crores of poor and unskilled people into urban areas in search of livelihoods – attempt to solve the problem by providing financial assistance for starting businesses, honing skills, setting up public sector enterprises, reservations in governments, etc. The decline in organised employment, due to the decreased role of the public sector after liberalisation, has further underlined the need for focusing on better education and created political pressure for further reforms. India's labour regulations are heavy, even by developing country standards, and analysts have urged the government to abolish or modify them to make the environment more conducive for employment generation. The 11th five-year plan has also identified the need for a congenial environment to be created for employment generation, by reducing the number of permissions and other bureaucratic clearances required. Inequalities and inadequacies in the education system have been identified as an obstacle, which prevents the benefits of increased employment opportunities from reaching all sectors of society.
Child labour is a complex problem that is rooted in poverty. Since the 1990s, the government has implemented a variety of programs to eliminate child labour. These have included setting up schools, launching free school lunch programs, creating special investigation cells, etc. Author Sonalde Desai stated that recent studies on child labour in India have found some pockets of industries in which children are employed, but overall, relatively few Indian children are employed. Child labour below the age of 10 is now rare. In the 10–14 age group, the latest surveys find only 2% of children working for wage, while another 9% work within their home or rural farms assisting their parents in times of high work demand such as sowing and harvesting of crops.
India has the largest diaspora around the world, an estimated 1.6 crore (16 million) people, many of whom work overseas and remit funds back to their families. The Middle East region is the largest source of employment for expat Indians. The crude oil production and infrastructure industry of Saudi Arabia employs over 20 lakh (2 million) expat Indians. Cities such as Dubai and Abu Dhabi in United Arab Emirates have employed another 20 lakh (2 million) Indians during the construction boom in recent decades. In 2009–10, remittances from Indian migrants overseas stood at ₹250,000 crore (equivalent to ₹4.8 trillion or US$60 billion in 2020), the highest in the world, but their share in FDI remained low at around 1%.
In India, the Trade Union movement is generally divided on political lines. According to provisional statistics from the Ministry of Labour, trade unions had a combined membership of 24,601,589 in 2002. As of 2008, there are 12 Central Trade Union Organisations (CTUO) recognized by the Ministry of Labour. The forming of these unions was a big deal in India. It led to a big push for more regulatory laws which gave workers a lot more power.
AITUC is the oldest trade union in India. It is a left supported organization. A trade union with nearly 2,000,000 members is the Self Employed Women's Association (SEWA) which protects the rights of Indian women working in the informal economy. In addition to the protection of rights, SEWA educates, mobilizes, finances, and exalts their members' trades. Multiple other organizations represent workers. These organizations are formed upon different political groups. These different groups allow different groups of people with different political views to join a Union.
Corruption has been a pervasive problem in India. A 2005 study by Transparency International (TI) found that more than half of those surveyed had first-hand experience of paying a bribe or peddling influence to get a job done in a public office in the previous year. A follow-up study in 2008 found this rate to be 40 percent. In 2011, TI ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption. By 2016, India saw a reduction in corruption, and its ranking improved to 79th place.
In 1996, red tape, bureaucracy, and the Licence Raj were suggested as a cause for the institutionalised corruption and inefficiency. More recent reports suggest the causes of corruption include excessive regulations and approval requirements, mandated spending programs, monopoly of certain goods and service providers by government-controlled institutions, bureaucracy with discretionary powers, and lack of transparent laws and processes.
Computerisation of services, various central and state vigilance commissions, and the 2005 Right to Information Act – which requires government officials to furnish information requested by citizens or face punitive action – have considerably reduced corruption and opened avenues to redress grievances.
In 2011, the Indian government concluded that most spending fails to reach its intended recipients, as the large and inefficient bureaucracy consumes budgets. India's absence rates are among the worst in the world; one study found that 25% of public sector teachers and 40% of government-owned public-sector medical workers could not be found at the workplace. Similarly, many issues are facing Indian scientists, with demands for transparency, a meritocratic system, and an overhaul of the bureaucratic agencies that oversee science and technology.
India has an underground economy, with a 2006 report alleging that India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks. This would amount to 13 times the country's total external debt. These allegations have been denied by the Swiss Banking Association. James Nason, the Head of International Communications for the Swiss Banking Association, suggested "The (black money) figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated as gospel truth. However, this story was a complete fabrication. The Swiss Bankers Association never published such a report. Anyone claiming to have such figures (for India) should be forced to identify their source and explain the methodology used to produce them." A Step was taken by Prime Minister Modi, on 8 November 2016, involved the demonetization of all 500 and 1000 rupee bank notes (replaced by new 500 and 2000 rupee notes) to return black money into the economy followed by criticism that the measure was deemed ineffective by economists and negatively affected the poorest people of India. This demonetisation together with the introduction of The goods and services tax(GST) is believed to be responsible for the slowdown in growth.
India has made progress in increasing the primary education attendance rate and expanding literacy to approximately three-fourths of the population. India's literacy rate had grown from 52.2% in 1991 to 74.04% in 2011. The right to education at the elementary level has been made one of the fundamental rights under the Eighty-Sixth Amendment of 2002, and legislation has been enacted to further the objective of providing free education to all children. However, the literacy rate of 74% is lower than the worldwide average, and the country suffers from a high drop-out rate. Literacy rates and educational opportunities vary by region, gender, urban and rural areas, and among different social groups.
Poverty rates in India's poorest states are three to four times higher than those in the more advanced states. While India's average annual per capita income was $1,410 in 2011 – placing it among the poorest of the world's middle-income countries – it was just $436 in Uttar Pradesh (which has more people than Brazil) and only $294 in Bihar, one of India's poorest states.— World Bank: India Country Overview 2013
A critical problem facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of poverty, availability of infrastructure, and socio-economic development. Six low-income states – Assam, Chhattisgarh, Nagaland, Madhya Pradesh, Odisha, and Uttar Pradesh – are home to more than one-third of India's population. Severe disparities exist among states in terms of income, literacy rates, life expectancy, and living conditions.
The five-year plans, especially in the pre-liberalisation era, attempted to reduce regional disparities by encouraging industrial development in the interior regions and distributing industries across states. The results have been discouraging as these measures increased inefficiency and hampered effective industrial growth. The more advanced states have been better placed to benefit from liberalisation, with well-developed infrastructure and an educated and skilled workforce, which attract the manufacturing and service sectors. Governments of less-advanced states have tried to reduce disparities by offering tax holidays and cheap land and focused on sectors like tourism, which can develop faster than other sectors. India's income Gini coefficient is 33.9, according to the United Nations Development Program (UNDP), indicating overall income distribution to be more uniform than East Asia, Latin America, and Africa. The Global Wealth Migration Review 2019 report, published by New World Wealth, estimated that 48% of India's total wealth was held by high-net-worth individuals.
There is a continuing debate on whether India's economic expansion has been pro-poor or anti-poor. Studies suggest that economic growth has been pro-poor and has reduced poverty in India.
The development of Indian security markets began with the launch of the Bombay Stock Exchange (BSE) in July 1875 and the Ahmedabad Stock exchange in 1894. Since then, 22 other exchanges have traded in Indian cities. In 2014, India's stock exchange market became the 10th largest in the world by market capitalisation, just above those of South Korea and Australia. India's two major stock exchanges, BSE and the National Stock Exchange of India, had a market capitalisation of US$1.71 trillion and US$1.68 trillion as of February 2015,[update] according to the World Federation of Exchanges, which grew to $3.36 trillion and $3.31 trillion respectively by September 2021.
The initial public offering (IPO) market in India has been small compared to NYSE and NASDAQ, raising US$300 million in 2013 and US$1.4 billion in 2012. Ernst & Young stated that the low IPO activity reflects market conditions, slow government approval processes, and complex regulations. Before 2013, Indian companies were not allowed to list their securities internationally without first completing an IPO in India. In 2013, these security laws were reformed and Indian companies can now choose where they want to list first: overseas, domestically, or both concurrently. Further, security laws have been revised to ease overseas listings of already-listed companies, to increase liquidity for private equity and international investors in Indian companies.
- Economic Advisory Council
- Economic development in India
- List of megaprojects in India
- Make in India – a government program to encourage manufacturing in India
- NITI Aayog
- Startup India
- Taxation in medieval India
- Great Recession
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- Economic impact of the COVID-19 pandemic in India
- List of companies of India
- List of largest companies in India
- List of the largest trading partners of India
- Trade unions in India
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