About India and Key Financial Statistics

About India and Key Financial Statistics

Overview of Economy:

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and served to accelerate the country's growth, which averaged under 7% per year from 1997 to 2011. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly less than half of the work force is in agriculture, but, services are the major source of economic growth, accounting for nearly two-thirds of India's output with less than one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. India's economic growth began slowing in 2011 because of a decline in investment caused by high interest rates, rising inflation, and investor pessimism about the government's commitment to further economic reforms and about the global situation. The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, high spending and poorly-targeted subsidies, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration. Growth in 2014 fell to a decade low, as India's economic leaders struggled to improve the country's wide fiscal and current account deficits. Rising macroeconomic imbalances in India, and improving economic conditions in Western countries, led investors to shift capital away from India, prompting a sharp depreciation of the rupee. However, investors' perceptions of India improved in early 2014, due to a reduction of the current account deficit and expectations of post-election economic reform, resulting in a surge of inbound capital flows and stabilization of the rupee.

Gross Domestic Product (In USD):

$7.411 trillion (2014 est.)

$6.908 trillion (2013 est.)

$6.462 trillion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 17

% Industry: 30

% Services: 53

Composition of Labor Force by Occupation:

% Agriculture: 49

% Industry: 20

% Services: 31

Per Capita Income:

$5,800 (2014 est.)

$5,400 (2013 est.)

$5,100 (2012 est.)


$329.6 billion (2014 est.)

$319.7 billion (2013 est.)

Key Export Commodities:

petroleum products, precious stones, vehicles, machinery, iron and steel, chemicals, pharmaceutical products, cereals, apparel

Export Partners:

US 13.4%, UAE 10.4%, Hong Kong 4.3%, China 4.2%, Saudi Arabia 4% (2014)


$472.8 billion (2014 est.)

$482.3 billion (2013 est.)

Key Import Commodities:

crude oil, precious stones, machinery, chemicals, fertilizer, plastics, iron and steel

Import Partners:

China 12.7%, Saudi Arabia 7.1%, UAE 5.9%, US 4.6%, Switzerland 4.6% (2014)

Inflation Rate (Consumer Price Index):

5.9% (2014 est.)

10% (2013 est.)

Exchange Rate to USD:

ndian rupees (INR) per US dollar -

61.03 (2014 est.)

61.03 (2013 est.)

53.44 (2012 est.)

46.671 (2011 est.)

45.726 (2010 est.)

Unemployment Rate:

7.3% (2014 est.)

8.2% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings