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Economy of India 1

Economy of India
Economy of The Republic of India

Modern Indian notes

Rank 11th (nominal) / 4th (PPP)

Currency 1 Indian Rupee (INR) ( ) = 100 Paise

Fixed exchange rates USD = 46.2600 INR
(September 11, 2010)

Fiscal year Calendar year (1 April — 31 March)

Trade organizations WTO, SAFTA, G-20 and others


GDP [2]
$1.250 trillion (nominal: 11th; 2009)
$3.526 trillion (PPP: 4th; 2009)

GDP growth [3]

8.8% (2010, Q1)

GDP per capita [2]

$1,031 (nominal: 139th; 2009)
$2,941 (PPP: 128th; 2009)

GDP by sector agriculture (18%), industry (22%), services (60%) (2009)

Inflation (CPI) [4]

8.5% (August 2010)

Population [5]
37% (2010)
below poverty line

Gini index 36.8 (List of countries)

Labour force 467 million (2nd; 2009)

Labour force agriculture (52%), industry (14%), services (34%) (2009 est.)
by occupation

Unemployment [6]
10.7% (2010 est.)

Main industries telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining,
petroleum, machinery, information technology, pharmaceuticals

Ease of Doing Business [7]



Exports $176.5 billion (18th; 2009)

Economy of India 2

Export goods software, petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather

Main export partners US 12.3%, UAE 9.4%, China 9.3% (2008)

Imports $287.5 billion (15th; 2009)

Import goods crude oil, machinery, gems, fertilizer, chemicals

Main import partners China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2%

FDI stock Home: $161.3 billion (24th; 2009)

Abroad: $77.4 billion (24th; 2009)

Gross external debt $223.9 billion (31 December 2009 est.)

Public finances

Public debt [8]

58% of GDP (2009 est.)

Revenues $129.8 billion (2009 est.)

Expenses $214.6 billion (2009 est.)

Economic aid [9]

$1.724 billion (2005)

Foreign reserves $282.84 billion (6th; Aug 2010)

Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar.
The economy of India is the eleventh largest economy in the world by nominal GDP[2] and the fourth largest by
purchasing power parity (PPP).[11] Following strong economic reforms from the socialist inspired economy of a
post-independence Indian nation, the country began to develop a fast-paced economic growth, as free market
principles were initiated in 1990 for international competition and foreign investment. India is an emerging
economic power with a very large pool of human and natural resources, and a growing large pool of skilled
professionals. Economists predict that by 2020,[12] India will be among the leading economies of the world.
India was under social democratic-based policies from 1947 to 1991. The economy was characterised by extensive
regulation, protectionism, public ownership, pervasive corruption and slow growth.[13] [14] [15] [16] Since 1991,
continuing economic liberalisation has moved the country toward a market-based economy.[14] [15] A revival of
economic reforms and better economic policy in 2000s accelerated India's economic growth rate. In recent years,
Indian cities have continued to liberalize business regulations.[7] By 2008, India had established itself as the world's
second-fastest growing major economy.[17] [18] [19] However, the year 2009 saw a significant slowdown in India's
GDP growth rate to 6.8%[20] as well as the return of a large projected fiscal deficit of 6.8% of GDP which would be
among the highest in the world.[21] [22]
India's large service industry accounts for 55% of the country's Gross Domestic Product (GDP) while the industrial
and agricultural sector contribute 28% and 17% respectively.[23] Agriculture is the predominant occupation in India,
accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around
14%.[23] The labor force totals half a billion workers. Major agricultural products include rice, wheat, oilseed,
cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[24] Major industries include
telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining,
petroleum, machinery, information technology enabled services and pharmaceuticals.[24]
India's per capita income (nominal) is $1,030, ranked 139th in the world,[25] while its per capita (PPP) of US$2,940
is ranked 128th.[26] [27] Previously a closed economy, India's trade has grown fast.[14] India currently accounts for
1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006,
Economy of India 3

India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services
trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering
both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253
billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in

India's economic history can be broadly divided into three eras,
beginning with the pre-colonial period lasting up to the 18th century.
The advent of British colonisation started the colonial period in the
early 19th century, which ended with independence in 1947. The third
period stretches from independence in 1947 until now.

The citizens of the Indus Valley civilisation, a permanent settlement The spice trade between India and Europe was
that flourished between 2800 BC and 1800 BC, practiced agriculture, one of the main drivers of the world economy
and the main catalyst for the Age of
domesticated animals, used uniform weights and measures, made tools [29]
and weapons, and traded with other cities. Evidence of well planned
streets, a drainage system and water supply reveals their knowledge of
urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal

The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided in
villages,[31] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation.
This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as
textiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages
paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at
harvest time for their services.[32]

Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping
economic activities.[33] The caste system functioned much like medieval European guilds, ensuring the division of
labour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrow
specialization. For instance, in certain regions, producing each variety of cloth was the specialty of a particular
Textiles such as muslin, Calicos, shawls, and
agricultural products such as pepper, cinnamon, opium
and indigo were exported to Europe, the Middle East
and South East Asia in return for gold and silver.[35]
Assessment of India's pre-colonial economy is mostly
qualitative, owing to the lack of quantitative
information. One estimate puts the revenue of Akbar's
Mughal Empire in 1600 at £17.5 million, in contrast
Estimates of the per capita income of India (1857–1900) as per
[34] with the total revenue of Great Britain in 1800, which
1948–49 prices.
totalled £16 million.[36] India, by the time of the arrival
of the British, was a largely traditional agrarian
Economy of India 4

economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitively
developed network of commerce, manufacturing and credit. After the decline of the Mughals, western, central and
parts of south and north India were integrated and administered by the Maratha Empire. The Maratha Empire's
budget in 1740s, at its peak, was 100 million. After the loss at Panipat, the Maratha Empire disintegrated into
confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of
30M. However, at this time, British East India company entered the Indian political theatre. Until 1857, when India
was firmly under the British crown, the country remained in a state of political instability due to internecine wars and

Company rule in India brought a major change in the taxation
environment from revenue taxes to property taxes, resulting in mass
impoverishment and destitution of majority of farmers and led to
numerous famines.[38] The economic policies of the British Raj
effectively bankrupted India's large handicrafts industry and caused a
massive drain of India's resources.[39] [40] Indian Nationalists employed
the successful Swadeshi movement, as strategy to diminish British
economic superiority by boycotting British products and the reviving
the market for domestic-made products and production techniques.
An aerial view of Calcutta Port taken in 1945.
India had become a strong market for superior finished European
Calcutta, which was the economic hub of British
goods. This was because of vast gains made by the Industrial India, saw increased industrial activity during
revolution in Europe, the effects of which was deprived to Colonial World War II.

The Nationalists had hoped to revive the domestic industries that were badly effected by policies implemented by
British Raj which had made them uncompetitive to British made goods.
An estimate by Cambridge University historian Angus Maddison reveals that "India's share of the world income fell
from 22.6% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952".[41] It also created an
institutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, and
created a single currency with fixed exchange rates, standardized weights and measures, capital markets. It also
established a well developed system of railways and telegraphs, a civil service that aimed to be free from political
interference, a common-law and an adversarial legal system.[42] India's colonisation by the British coincided with
major changes in the world economy—industrialisation, and significant growth in production and trade. However, at
the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,[43] with
industrial development stalled, agriculture unable to feed a rapidly growing population, India had one of the world's
lowest life expectancies, and low rates for literacy.

The impact of the British rule on India's economy is a controversial topic. Leaders of the Indian independence
movement, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economy
in its aftermath and that financial strength required for Industrial development in Europe was derived from the
wealth taken from Colonies in Asia and Africa. At the same time right-wing historians have countered that India's
low economic performance was due to various sectors being in a state of growth and decline due to changes brought
in by colonialism and a world that was moving towards industrialization and economic integration.[44]
Economy of India 5

Independence to 1991
Indian economic policy after independence was influenced by the
colonial experience (which was seen by Indian leaders as exploitative
in nature) and by those leaders' exposure to Fabian socialism. Policy
tended towards protectionism, with a strong emphasis on import
substitution, industrialization, state intervention in labor and financial
markets, a large public sector, business regulation, and central
planning.[45] Five-Year Plans of India resembled central planning in
the Soviet Union. Steel, mining, machine tools, water, Compare India (orange) with South Korea
telecommunications, insurance, and electrical plants, among other (yellow). Both started from about the same

industries, were effectively nationalized in the mid-1950s.[46]

income level in 1950. The graph shows GDP per
capita of South Asian economies and South
Capitalism and Private sector did not exist before 1991. Elaborate Korea as a percent of the American GDP per
licences, regulations and the accompanying red tape, commonly capita.
referred to as Licence Raj, were required to set up business in India
between 1947 and 1990.[47]

Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by
Indira Gandhi formulated and oversaw economic policy. They expected favorable outcomes from this strategy,
because it involved both public and private sectors and was based on direct and indirect state intervention, rather
than the more extreme Soviet-style central command system.[48] The policy of concentrating simultaneously on
capital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage industries was criticized
by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small
manufacturers.[49] The rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the
unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[42]

The Rockefeller Foundation's research in high-yielding varieties of seeds, their introduction after 1965 and the
increased use of fertilizers and irrigation are known collectively as the Green Revolution in India, which provided
the increase in production needed to make India self-sufficient in food grains, thus improving agriculture in India.
Famine in India, once accepted as inevitable, has not returned since independence.

Since 1991
In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion for incumbents,
removed price controls and reduced corporate taxes. While this increased the rate of growth, it also led to high fiscal
deficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner,
and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, which
found itself facing the prospect of defaulting on its loans.[50] India asked for a $1.8 billion bailout loan from IMF,
which in return demanded reforms.[51]
In response, Prime Minister Narasimha Rao along with his finance
minister and current Prime Minister of India Dr. Manmohan Singh
initiated the economic liberalization of 1991. The reforms did away
with the Licence Raj (investment, industrial and import licensing) and
ended many public monopolies, allowing automatic approval of
foreign direct investment in many sectors.[52] Since then, the overall
direction of liberalisation has remained the same, irrespective of the
ruling party, although no party has tried to take on powerful lobbies
An industrial zone near Mumbai, India.
Economy of India 6

such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agricultural
subsidies.[53] Since 1990 India has a free-market economy and emerged as one of the fastest-growing economies in
the developing world; during this period, the economy has grown constantly, but with a few major setbacks. This has
been accompanied by increases in life expectancy, literacy rates and food security.
While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 by
S&P and Moody's.[54] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France and
Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largest
economy of the world, behind US and China. India is often seen by most economists as a rising economic
superpower and is believed to play a major role in the global economy in the 21st century.[55] [56] In 2009 India
purchased 200 Tons of Gold for $6.7 billion from IMF[57] as a total role reversal from 1991.


Industry and services

Industry accounts for 28% of the GDP and employ 14% of the total
workforce.[23] However, about one-third of the industrial labour force
is engaged in simple household manufacturing only.[63] In absolute
terms, India is 16th in the world in terms of nominal factory output.[64]
Economic reforms brought foreign competition, led to privatisation of
certain public sector industries, opened up sectors hitherto reserved for
the public sector and led to an expansion in the production of
fast-moving consumer goods.[65] Post-liberalisation, the Indian private
The prestigious Tidel Park in Chennai. India has
sector, which was usually run by oligopolies of old family firms and Asia's largest outsourcing industry
and is the
required political connections to prosper was faced with foreign world's second most favorable outsourcing
competition, including the threat of cheaper Chinese imports. It has destination after the United States.

since handled the change by squeezing costs, revamping management,

focusing on designing new products and relying on low labour costs
and technology.[66]

Textile manufacturing is the second largest source for employment

after agriculture and accounts for 26% of manufacturing output.[67]
Ludhiana produces 90% of woolens in India and is also Known as the
Manchester of India. Tirupur has gained universal recognition as the
leading source of hosiery, knitted garments, casual wear and
sportswear.[68] Dharavi slum in Mumbai has gained fame for leather
products. Tata Motors' Nano attempts to be the world's cheapest car.[62]

India is fifteenth in services output. It provides employment to 23% of India has one of the world's fastest growing
[60] [61]
work force, and it is growing fast, growth rate 7.5% in 1991–2000 up automobile industries Shown here is the
Tata Motors' Nano, the world's cheapest car.
from 4.5% in 1951–80. It has the largest share in the GDP, accounting
for 55% in 2007 up from 15% in 1950.[23]
Business services (information technology, information technology enabled services, business process outsourcing)
are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth in
the IT sector is attributed to increased specialization, and an availability of a large pool of low cost, but highly
skilled, educated and fluent English-speaking workers, on the supply side, matched on the demand side by an
increased demand from foreign consumers interested in India's service exports, or those looking to outsource their
operations. The share of India's IT industry to the country's GDP increased from 4.8 % in 2005-06 to 7% in 2008.[69]
Economy of India 7

In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.[71] In
March 2009, annual revenues from outsourcing operations in India amounted to US$60 billion and this is expected
to increase to US$225 billion by 2020.[72]
Organized retail such supermarkets accounts for 24% of the market as of 2008.[73] Regulations prevent most foreign
investment in retailing. Moreover, over thirty regulations such as "signboard licences" and "anti-hoarding measures"
may have to be complied before a store can open doors. There are taxes for moving goods to states, from states, and
even within states.[73]
Tourism in India is relatively undeveloped, but growing at double digits. Some hospitals woo medical tourism.[74]

India ranks second worldwide in farm output. Agriculture and allied
sectors like forestry, logging and fishing accounted for 17% of the
GDP in 2009, employed 52% of the total workforce[23] and despite a
steady decline of its share in the GDP, is still the largest economic
sector and plays a significant role in the overall socio-economic
development of India. Yields per unit area of all crops have grown
since 1950, due to the special emphasis placed on agriculture in the
five-year plans and steady improvements in irrigation, technology,
Farmers work inside a rice field in Andhra
application of modern agricultural practices and provision of
Pradesh. India is the second largest producer of
agricultural credit and subsidies since Green revolution in India. [75]
rice in the world after China and Andhra
However, international comparisons reveal the average yield in India is Pradesh is the 2nd largest rice producing state in
generally 30% to 50% of the highest average yield in the world.[77] India with West Bengal being the largest.

India is the largest producer in the world of milk, cashew nuts,

coconuts, tea, ginger, turmeric and black pepper.[78] It also has the
world's largest cattle population: 193 million.[79] It is the second largest
producer of wheat, rice, sugar, cotton, silk, peanuts and inland fish.[80]
It is the third largest producer of tobacco.[80] India is the largest fruit
producer, accounting for 10% of the world fruit production. It is the
leading producer of bananas, sapotas and mangoes.[80]
Paddy fields at Kanyakumari district in Tamil
India is the second largest producer and the largest consumer of silk in Nadu
the world, with the majority of the 77 million kg (2005) production
taking place in Karnataka State, particularly in Mysore and the North Bangalore regions of Muddenahalli,
Kanivenarayanapura, and Doddaballapura, the upcoming sites of a INR 700 million "Silk City".[82] [83]

Banking and finance

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
(comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies
(NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban
areas, especially for non-productive purposes, like ceremonies and short duration loans.[84]
Economy of India 8

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 like agriculture, small-scale
industry, retail trade, small businesses, etc. to ensure that the banks
fulfill their social and developmental goals. Since then, the number of
bank branches has increased from 10,120 in 1969 to 98,910 in 2003
and the population covered by a branch decreased from 63,800 to
15,000 during the same period. The total deposits increased 32.6 times
Mumbai is the financial and commercial capital between 1971 to 1991 compared to 7 times between 1951 to 1971.
of India. Shown here is the World Trade Centre Despite an increase of rural branches, from 1,860 or 22% of the total
of Mumbai
number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5
lakh (500,000) villages are covered by a scheduled bank.[85] [86]

The 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.[87] Since liberalisation, the government has approved significant banking
reforms. While some of these relate to nationalised banks (like encouraging mergers, reducing government
interference and increasing profitability and competitiveness), other reforms have opened up the banking and
insurance sectors to private and foreign players.[23] [88]
More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[89] Indian
has the highest saving rate in the world at 36 percent.

Natural resources
India's total cultivable area is 1,269,219 km² (56.78% of total land
area), which is decreasing due to constant pressure from an ever
growing population and increased urbanisation. India has a total water
surface area of 314,400 km² and receives an average annual rainfall of
1,100 mm. Irrigation accounts for 92% of the water utilisation, and
India has the world's fifth largest wind power
comprised 380 km² in 1974, and is expected to rise to 1,050 km² by
industry, with an installed wind power capacity of
2025, with the balance accounted for by industrial and domestic 9,587 MW. Shown here is a wind farm in
consumers. India's inland water resources comprising rivers, canals, Muppandal, Tamil Nadu.
ponds and lakes and marine resources comprising the east and west
coasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheries
sector. In 2008, India had the world's third largest fishing industry.[90]

India's major mineral resources include coal, iron, manganese, mica, bauxite, titanium, chromite, limestone and
thorium. India meets most of its domestic energy demand through its 92 billion tonnes of coal reserves (about 10%
of world's coal reserves).[91]
India's huge thorium reserves — about 25% of world's reserves — is expected to fuel the country's ambitious nuclear
energy program in the long-run. India's dwindling uranium reserves stagnated the growth of nuclear energy in the
country for many years.[92] However, the Indo-US nuclear deal has paved the way for India to import uranium from
other countries.[93] India is also believed to be rich in certain renewable sources of energy with significant future
potential such as solar, wind and biofuels (jatropha, sugarcane).
Economy of India 9

Petroleum and Natural gas

India's oil reserves, found in Mumbai High, parts of Gujarat, Rajasthan

and eastern Assam, meet 25% of the country's domestic oil demand.[23]
India's total proven oil reserves stand at 11 billion barrels,[96] of
which Mumbai High is believed to hold 6.1 billion barrels[97] and
Mangala Area in Rajasthan an additional 3.6 billion barrels.[98]
In 2009, India imported 2.56 million barrels of oil per day, making it
one of largest buyers of crude oil in the world.[99] The petroleum
industry in India mostly consists of public sector companies such as ONGC platform at Mumbai High in the Arabian
Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Sea. As of 2010, India is the world's fifth largest
consumer of oil.
Corporation Limited (HPCL) and Indian Oil Corporation Limited
(IOCL). There are some major private Indian companies in oil sector
such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.[100]

India has a self reliant Pharmaceuticals industry. The majority of its medical consumables are produced
domestically. Pharmaceutical Industry in India is dotted with companies like Ranbaxy Pharmaceutical, Dr. Reddy's
Laboratories, Cipla which have created a niche for themselves at world level. India including China, Brazil, Turkey,
Mexico, Russia and South Korea are called “pharmerging” countries. [101]
Today, India is an exporter to countries like the United States and Russia. In terms of the global market, India
currently holds a modest 1-2% share, but it has been growing at approximately 10% per year. India is unable to
capture much of the value as most of the innovation taking place is by non-Indian firms. They are developing
products in their own R&D centres or outsourcing to Indian engineering services firms and getting the stuff
manufactured at either their own factories or through contract manufacturing, as in pharmaceuticals.[102]

External trade and investment

Global trade relations

India's economy is mostly dependent on its large internal market with
external trade accounting for just 20% of the country's GDP.[104] In
2008, India accounted for 1.45% of global merchandise trade and 2.8%
of global commercial services export.[105] Until the liberalization of
1991, India was largely and intentionally isolated from the 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,
In March 2008, India's annual imports and
export obligations and government approvals; these approvals were
exports stood at US$236 and US$155.5 billion
needed for nearly 60% of new FDI in the industrial sector. The respectively.
Shown here is the cargo of a
restrictions ensured that FDI averaged only around US$200 million container ship being unloaded at the Jawaharlal
annually between 1985 and 1991; a large percentage of the capital Nehru Port, Navi Mumbai.

flows consisted of foreign aid, commercial borrowing and deposits of

non-resident Indians.[106] India's exports were stagnant for the first 15 years after independence, due to the
predominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Imports in the same
period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialization.
Economy of India 10

Since liberalization, the value of India's international trade has become more broad-based and has risen to
63,080,109 crores in 2003–04 from 1,250 crores in 1950–51. India's major trading partners are China, the US, the
UAE, the UK, Japan and the EU.[107] The exports during April 2007 were $12.31 billion up by 16% and import were
$17.68 billion with an increase of 18.06% over the previous year.[108] 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.[109]
India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 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 such matters as labour and
environment issues and other non-tariff barriers into the WTO policies.[110]

Balance of payments
Since independence, India's balance of payments on its current account
has been negative. Since liberalisation in the 1990s (precipitated by a
balance of payment crisis), India's exports have been consistently
rising, covering 80.3% of its imports in 2002–03, up from 66.2% in
1990–91. India's growing oil import bill is seen as the main driver
behind the large current account deficit.[111] In 2007-08, India
Cumulative Current Account Balance 1980-2008
imported 120.1 million tonnes of crude oil, more than 3/4th of the based on the IMF data
domestic demand, at a cost of $61.72 billion.[112]

Although India is still a net importer, since 1996–97 its overall balance of payments (i.e., including the capital
account balance) has been positive, largely on account of increased foreign direct investment and deposits from
non-resident Indians; until this time, the overall balance was only occasionally positive on account of external
assistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008.
Due to the global late-2000s recession, both Indian exports and imports declined by 29.2% and 39.2% respectively in
June 2009.[113] The steep decline was because countries hit hardest by the global recession, such as United States
and members of the European Union, account for more than 60% of Indian exports.[114] However, since the decline
in imports was much sharper compared to the decline in exports, India's trade deficit reduced to 252.5 billion
India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03,
it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debt
service ratio to 4.5% in 2007.[115] In India, External Commercial Borrowings (ECBs) are being permitted by the
Government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and
regulates these borrowings (ECBs) through ECB policy guidelines.[116]

Foreign direct investment in India

Economy of India 11

Share of top five investing countries in FDI inflows. (2000–2007)

Rank Country Inflows Inflows (%)

(Million USD)

1  Mauritius 85,178 [118]


2  United States 18,040 9.37%

3  United 15,363 7.98%


4  Netherlands 11,177 5.81%

5  Singapore 9,742 5.06%

6  Cyprus 5,742 3.06%

As the fourth-largest economy in the world in PPP terms, India is a preferred destination for foreign direct
investments (FDI);[119] 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 resulted in a significant hindrance. However, due to some positive economic reforms
aimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of the
front-runners of the rapidly growing Asia Pacific Region.[119] India has a large pool of skilled managerial and
technical expertise. The size of the middle-class population stands at 300 million and represents a growing consumer
The inordinately high investment from Mauritius is due to routing of international funds through the country given
significant capital gains tax advantages; double taxation is avoided due to a tax treaty between India and Mauritius,
and Mauriitus is a capital gains tax haven, effectively creating a zero-taxation FDI channel.
India's recently liberalized FDI policy (2005) allows 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 foreign direct investment FDI. The upward moving growth curve of the real-estate
sector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the government
amended the rules to allow 100 per cent FDI in the construction business.[121] This automatic route has been
permitted in townships, housing, built-up infrastructure and construction development projects including housing,
commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- and
regional-level infrastructure.
A number of changes were approved on the FDI policy to remove the caps in most sectors. Fields which require
relaxation in FDI restrictions include civil aviation, construction development, industrial parks, petroleum and
natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda
of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows
into India reached a record $19.5 billion in fiscal year 2006-07 (April-March), according to the government's
Secretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year.
The FDI inflow for 2007-08 has been reported as $24 billion[122] and for 2008-09, it is expected to be above $35
billion.[123] A critical factor in determining India's continued economic growth and realizing the potential to be an
economic superpower is going to depend on how the government can create incentives for FDI flow across a large
number of sectors in India.[124]
Economy of India 12

The Indian rupee is the only legal tender accepted in India. The
exchange rate as on 23 March 2010 is 45.40 INR the USD,[125] 61.45
to a EUR, and 68.19 to a GBP. The Indian rupee is accepted as legal
tender in the neighboring 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 1,000 rupee note; the
lowest-denomination coin in circulation is the 25 paise coin (it earlier
had 1, 2, 5, 10 and 20 paise coins which have been discontinued by the
Reserve Bank of India).[126]

The Rupee hit a record low during early 2009 on account of global
recession. However, due to a strong domestic market, India managed to
bounce back sooner than the western countries. Since September 2009
there has been a constant appreciation in Rupee versus most Tier 1
currencies. On 11 January 2010 Rupee went as high as 45.50 to a
United states dollar and on 10 January 2010 as high as Rupee 73.93 to
The RBI headquarters in Mumbai
a British Pound. A rising rupee also prompted Government of India to
buy 200 tonnes of Gold from IMF.
The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's monetary authority,
regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBI
is governed by a central board, headed by a governor who is appointed by the Central government of India.

Income and consumption

As of 2005:
• 85.7% of the population lives on less
than $2.50 (PPP) a day, down from
92.5% in 1981. This is much higher than
the 80.5% in Sub-Saharan Africa.[127]
• 75.6% of the population lives on less
than $2 a day (PPP), which is around 20
rupees or $0.5 a day in nominal terms. It
was down from 86.6%, but is still even
more than the 73.0% in Sub-Saharan
Africa.[127] [128] [129] [130] [131]
• 24.3% of the population earned less than
$1 (PPP, around $0.25 in nominal terms)
a day in 2005, down from 42.1% in
Percentage of population living under the poverty line of $1 (PPP) a day, currently
1981.[127] [132] 356.35 rupees a month in rural areas (around $7.4 a month).
• 41.6% of its population is living below
the new international poverty line of $1.25 (PPP) per day, down from 59.8% in 1981.[127] The World Bank further
estimates that a third of the global poor now reside in India.
Housing is modest. According to Times of India, "a majority of Indians have per capita space equivalent to or less
than a 10 feet x 10 feet room for their living, sleeping, cooking, washing and toilet needs." and "one in every three
urban Indians lives in homes too cramped to exceed even the minimum requirements of a prison cell in the US."[133]
Economy of India 13

The average is 103 sq ft (9.6 m2) per person in rural areas and 117 sq ft (10.9 m2) per person in urban areas.[133]
Around half of Indian children are malnourished. The proportion of underweight children is nearly double that of
Sub-Saharan Africa.[134] [135] However, India has not had famines since the Green Revolution in the early 1970s.
While poverty in India has reduced significantly, official figures estimate that 27.5%[136] of Indians still lived below
the national poverty line of $1 (PPP, around 10 rupees in nominal terms) a day in 2004-2005.[137] A 2007 report by
the state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 65% of Indians,
or 750 million people, lived on less than 20 rupees per day[138] with most working in "informal labour sector with no
job or social security, living in abject poverty."[139]
Since the early 1950s, successive governments have implemented various schemes, under planning, to alleviate
poverty, that have met with partial success. All these programmes have relied upon the strategies of the Food for
work programme and National Rural Employment Programme of the 1980s, which attempted to use the unemployed
to generate productive assets and build rural infrastructure.[140] In August 2005, the Indian parliament passed the
Rural Employment Guarantee Bill, the largest programme of this type in terms of cost and coverage, which promises
100 days of minimum wage employment to every rural household in all the India's 600 districts. The question of
whether economic reforms have reduced poverty or not has fuelled debates without generating any clear cut answers
and has also put political pressure on further economic reforms, especially those involving the downsizing of labour
and cutting agricultural subsidies.[141] [142] Recent statistics in 2010 point out that the number of high income
households has crossed lower income households.[143]

Agricultural and allied sectors accounted for about 60% of the total workforce in 2003 same as in 1993–94. While
agriculture has faced stagnation in growth, services have seen a steady growth. Of the total workforce, 8% is in the
organised sector, two-thirds of which are in the public sector. The NSSO survey estimated that in 1999–2000, 106
million, nearly 10% of the population were unemployed and the overall unemployment rate was 7.3%, with rural
areas doing marginally better (7.2%) than urban areas (7.7%). India's labor force is growing by 2.5% annually, but
employment only at 2.3% a year.[144]
Official unemployment exceeds 9%. Regulation and other obstacles have discouraged the emergence of formal
businesses and jobs. Almost 30% of workers are casual workers who work only when they are able to get jobs and
remain unpaid for the rest of the time.[144] Only 10% of the workforce is in regular employment.[144] India's labor
regulations are heavy even by developing country standards and analysts have urged the government to abolish
them.[14] [145]
Unemployment in India is characterized by chronic or disguised unemployment. Government schemes that target
eradication of both poverty and unemployment (which in recent decades has sent millions of poor and unskilled
people into urban areas in search of livelihoods) attempt to solve the problem, by providing financial assistance for
setting up businesses, skill honing, setting up public sector enterprises, reservations in governments, etc. The
decreased role of the public sector after liberalization has further underlined the need for focusing on better
education and has also put political pressure on further reforms.[140] [146]
Child labor is a complex problem that is basically rooted in poverty. The Indian government is implementing the
world's largest child labor elimination program, with primary education targeted for ~250 million. Numerous
non-governmental and voluntary organizations are also involved. Special investigation cells have been set up in
states to enforce existing laws banning employment of children (under 14) in hazardous industries. The allocation of
the Government of India for the eradication of child labor was $10 million in 1995-96 and $16 million in 1996-97.
The allocation for 2007 is $21 million.[147]
In 2006, remittances from Indian migrants overseas made up $27 billion or about 3% of India's GDP.[148]
Economy of India 14

Economic trends
In the revised 2007 figures, based on increased and sustaining growth,
more inflows into foreign direct investment, Goldman Sachs predicts
that "from 2007 to 2020, India’s GDP per capita in US$ terms will
quadruple", and that the Indian economy will surpass the United States
(in US$) by 2043.[16] In spite of the high growth rate, the report stated
that India would continue to remain a low-income country for decades
to come but could be a "motor for the world economy" if it fulfills its India's 300 million strong middle-class
growth potential.[16] Goldman Sachs has outlined 10 things that it population is growing at an annual rate of
needs to do in order to achieve its potential and grow 40 times by 2050. 5%. Shown here is a residential area in
These are

1. Improve Governance
2. Raise Educational Achievement
3. Increase Quality and Quantity of Universities
4. Control Inflation
5. Introduce a Credible Fiscal Policy
6. Liberalize Financial Markets
7. Increase Trade with Neighbours
8. Increase Agricultural Productivity
9. Improve Infrastructure
10. Improve Environmental Quality.[150]



Slow agricultural growth is a concern for policymakers as some

two-thirds of India’s people depend on rural employment for a
living. Current agricultural practices are neither economically
nor environmentally sustainable and India's yields for many
agricultural commodities are low. Poorly maintained irrigation
systems and almost universal lack of good extension services are
among the factors responsible. Farmers' access to markets is
hampered by poor roads, rudimentary market infrastructure, and
excessive regulation.
An Indian farmer
– World Bank: "India Country Overview 2008"[151]
The low productivity in India is a result of the following factors:
• According to "India: Priorities for Agriculture and Rural Development" by World Bank, India's large agricultural
subsidies are hampering productivity-enhancing investment. Overregulation of agriculture has increased costs,
price risks and uncertainty. Government interventions in labor, land, and credit markets are hurting the market.
Infrastructure and services are inadequate.[152]
• Illiteracy, slow progress in implementing land reforms and inadequate or inefficient finance and marketing
services for farm produce.
• The average size of land holdings is very small (less than 20,000 m²) and is subject to fragmentation, due to land
ceiling acts and in some cases, family disputes. Such small holdings are often over-manned, resulting in disguised
unemployment and low productivity of labour.
Economy of India 15

• Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of such
practices, high costs and impracticality in the case of small land holdings.
• World Bank says that the allocation of water is inefficient, unsustainable and inequitable. The irrigation
infrastructure is deteriorating.[152] Irrigation facilities are inadequate, as revealed by the fact that only 52.6% of
the land was irrigated in 2003–04,[153] which result in farmers still being dependent on rainfall, specifically the
Monsoon season. A good monsoon results in a robust growth for the economy as a whole, while a poor monsoon
leads to a sluggish growth.[154] Farm credit is regulated by NABARD, which is the statutory apex agent for rural
development in the subcontinent.
India has many farm insurance companies that insure fruit, rice and rubber farmers in the event of natural disasters or
catastrophic crop failure, under the supervision of the Ministry of Agriculture. One notable company that provides
all of these insurance policies is Agriculture Insurance Company of India and it alone insures almost 20 million
India's population is growing faster than its ability to produce rice and wheat.[155] The most important structural
reform for self-sufficiency is the ITC Limited plan to connect 20,000 villages to the Internet by 2013.[156] This will
provide farmers with up to date crop prices for the first time, which should minimise losses incurred from
neighbouring producers selling early and in turn facilitate investment in rural areas.


Corruption has been one of the pervasive problems affecting India. The
economic reforms of 1991 reduced the red tape, bureaucracy and the
Licence Raj that had strangled private enterprise and was blamed by
Chakravarthi Rajagopalachari for the corruption and inefficiencies.
Yet, a 2005 study by Transparency International (TI) India found that
more than half of those surveyed had firsthand experience of paying Overview of the index of perception of
bribe or peddling influence to get a job done in a public office.[157] corruption, 2007

The Right to Information Act (2005) and equivalent acts in the Indian states, that require government officials to
furnish information requested by citizens or face punitive action, computerisation of services and various central and
state government acts that established vigilance commissions have considerably reduced corruption or at least have
opened up avenues to redress grievances.[157] The 2009 report by Transparency International ranks India at 84th
place and states that significant improvements were made by India in reducing corruption.[158] [159]
Economy of India 16


The current government has concluded

that most spending fails to reach its
intended recipients.[160] Lant Pritchett
calls India's public sector "one of the
world's top ten biggest problems — of
the order of AIDS and climate
change".[160] The Economist's 2008
article about the Indian civil service
stated that the Indian central
government employs around 3 million
people, including "vast armies of
paper-shuffling peons".[160]
The number of people employed in non-agricultural occupations in the public and private
At local level, administration can be sectors. Totals are rounded. Private sector data relates to non-agriculture establishments
worse. It is not unheard of that a with 10 or more employees.
majority of a state's assembly seats can
be held by convicted criminals.[161] One study found that 25% of public sector teachers and 40% of public sector
medical workers could not be found at the workplace. India's absence rates are one of the worst in the world.[162]
[163] [164] [165]

India has made huge progress in terms of increasing primary education attendance rate and expanding literacy to
approximately two thirds of the population.[166] The right to education at elementary level has been made one of the
fundamental rights under the Eighty-Sixth Amendment of 2002.[167] However, the literacy rate of 65% is still lower
than the worldwide average and the country suffers from a high dropout rate.[168]


In the past, development of infrastructure was completely in the hands

of the public sector and was plagued by corruption, bureaucratic
inefficiencies, urban-bias and an inability to scale investment.[169]
India's low spending on power, construction, transportation,
telecommunications and real estate, at $31 billion or 6% of GDP in
2002 had prevented India from sustaining higher growth rates. This has
prompted the government to partially open up infrastructure to the
private sector allowing foreign investment[140] [170] [171] which has
helped in a sustained growth rate of close to 9% for the past six Shown here is the Mumbai Pune expressway in

Some 600 million Indians have no mains electricity at all.[173] While 80% of Indian villages have at least an
electricity line, just 44% of rural households have access to electricity.[174] According to a sample of 97,882
households in 2002, l,,lelectricity was the main source of lighting for 53% of rural households compared to 36% in
1993.[175] Some half of the electricity is stolen, compared with 3% in China. The stolen electricity amounts to 1.5%
GDP.[174] [176]
of Almost all of the
Economy of India 17

electricity in India is produced by the public sector. Power outages are

common.[173] Many buy their own power generators to ensure
electricity supply. As of 2005 the electricity production was at 661.6
billion kWh with oil production standing at 785,000 bbl/day. In 2007,
electricity demand exceeded supply by 15%.[173] Multi Commodity
Exchange has tried to get a permit to offer electricity future

India has the world's third largest road network in the world.[178]
Container traffic is growing at 15% a year.[179] Some 60% of India’s India has built numerous new airports in recent
container traffic is handled by the Jawaharlal Nehru Port Trust in Navi years. Shown here is new Terminal 1D at Indira
Mumbai. Internet use is rare; there were only 7.57 million broadband Gandhi International Airport in Delhi

lines in India in November 2009, however it is still growing at slower

rate and is expected to boom after the launch of 3G and wimax services.[180]

Most urban cities have good water supply water 24 hours a day, while some smaller cities face water shortages in
summer season. A World Bank report says it is an institutional problem in water agencies, or "how the agency is
embedded in the relationships between politics and the citizens who are the consumers."[181]

Labour laws
India’s labor regulations — among the most restrictive and complex in the world — have constrained the
growth of the formal manufacturing sector where these laws have their widest application. Better designed
labor regulations can attract more labor- intensive investment and create jobs for India’s unemployed millions
and those trapped in poor quality jobs. Given the country’s momentum of growth, the window of opportunity
must not be lost for improving the job prospects for the 80 million new entrants who are expected to join the
work force over the next decade.
– World Bank: India Country Overview 2008.[151]
India's restrictive labor regulations hamper the large-scale creation of formal industrial jobs.[14] [168] [182]
India ranked 133th on the Ease of Doing Business Index 2010, behind countries such as China (89th), Pakistan
(85th), and Nigeria (125th). The Constitution provides protection of child labor, slavery, equality of opportunities
and forced labor etc. in form of fundamental rights, but the implementation of provisions cited is a matter of

Economic disparities
Lagging states need to bring more jobs to their people by creating an attractive investment destination.
Reforming cumbersome regulatory procedures, improving rural connectivity, establishing law and order,
creating a stable platform for natural resource investment that balances business interests with social concerns,
and providing rural finance are important.
– World Bank: India Country Overview 2008[151]
Economy of India 18

One of the critical problems facing India's economy is the sharp and
growing regional variations among India's different states and
territories in terms of per capita income, poverty, availability of
infrastructure and socio-economic development.[185] Six low-income
states - Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa and
Uttar Pradesh - are home to more than one third of India's

Between 1999 and 2008, the annualized growth rates for Maharashtra
Slums next to high-rise commercial buildings in (9%),[187] Gujarat (8.8%), Haryana (8.7%), or Delhi (7.4%) were much
Kaloor, Kochi. Hundreds of people, mostly higher than for Bihar (5.1%), Uttar Pradesh (4.4%), or Madhya
comprising migrant labourers who come to the Pradesh (3.5%).[188] However, In 2009-10, Bihar witnessed a growth
city seeking job prospects, reside in such shabby
[184] of about 12.6%, and ended up becoming the 'fastest growing state' ,
followed by Gujarat with a growth of 11.3%.

Poverty rates in rural Orissa (43%) and rural Bihar (40%) are some of the worst in the world.[181] On the other hand,
rural Haryana (5.7%) and rural Punjab (2.4%) compare well with middle-income countries.[181]
The five-year plans have attempted to reduce regional disparities by encouraging industrial development in the
interior regions, but industries still tend to concentrate around urban areas and port cities[189] After liberalization, the
more advanced states are better placed to benefit from them, with infrastructure like well developed ports,
urbanisation and an educated and skilled workforce which attract manufacturing and service sectors. The union and
state governments of backward regions are trying to reduce the disparities by offering tax holidays, cheap land, etc.,
and focusing more on sectors like tourism, which although being geographically and historically determined, can
become a source of growth and is faster to develop than other sectors.[190] [191]

See also
• Below Poverty Line (India)
• Bilateral investment treaty
• Indian Construction Industry
• Indian states ranking by families owning house
• List of companies of India
• Media of India
• Net international investment position
• Economic reforms in India

• Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN 9780415776844.
• Bharadwaj, Krishna (1991). "Regional differentiation in India". in Sathyamurthy, T.V. (ed.). Industry &
agriculture in India since independence. Oxford University Press. pp. 189–199. ISBN 0195643941.
• Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin
• Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1.
• Roy, Tirthankar (2000). The Economic History of India. Oxford University Press. ISBN 0-19-565154-5.
• Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications.
Economy of India 19

• Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms In India [192]. Working paper n. 51.
• Centre for Media Studies (2005) (PDF). India Corruption Study 2005: To Improve Governance Volume – I: Key
Highlights [193]. Transparency International India. Retrieved 2009-06-21.
• Ghosh, Jayati. "Bank Nationalisation: The Record" [194]. Macroscan. Retrieved 2005-08-05.
• Gordon, Jim and Gupta, Poonam (2003) (PDF). Understanding India's Services Revolution [195]. 12 November
2003. Retrieved 2009-06-21.
• Kelegama, Saman and Parikh, Kirit (2000). Political Economy of Growth and Reforms in South Asia [196]. Second
• Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms [197].
• Rodrik, Dani and Subramanian, Arvind (2004) (PDF). From “Hindu Growth” To Productivity Surge: The Mystery
Of The Indian Growth Transition [198]. Retrieved 2009-06-21.
• Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002) (PDF). Understanding Regional Economic
Growth in India [199]. Working paper 88. Archived from the original [200] on 2007-07-01.
• Srinivasan, T.N. (2002) (PDF). Economic Reforms and Global Integration [201]. 17 January 2002. Retrieved
• Williamson, John and Zagha, Roberto (2002) (PDF). From the Hindu Rate of Growth to the Hindu Rate of
Reform [202]. Working Paper No. 144. Center for research on economic development and policy reform.
Government publications
• "Economic Survey 2004–2005" [203]. Retrieved 2005-07-15.
• "History of the Planning Commission" [204]. Retrieved 2005-07-22.
• "India & the World Trade Organization" [205]. Retrieved 2005-07-09.
• "Jawahar gram samriddhi yojana" [206]. Retrieved 2005-07-09.
• Kurian, N.J.. "Regional disparities in india" [207]. Retrieved 2005-08-06.
• Multiple authors (2004) (PDF). Agricultural Statistics at a Glance 2004 [208]. Retrieved 2009-06-21.
• "That old Gandhi magic" [209]. The Economist. 27 November 1997.
• "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax" [210]. Daily Times. 25 March 2005.
• "Economic structure" [211]. The Economist. 6 October 2003.
• "Indian manufacturers learn to compete" [212]. The Economist. 12 February 2004.
• "India’s next 50 years" [213]. The Economist. 14 August 1997.
• "The plot thickens" [214]. The Economist. 31 May 2001.
• "The voters' big surprise" [215]. The Economist. 13 May 2004.
• "Regional stock exchanges – Bulldozed by the Big Two" [216]. Retrieved 2005-08-10.
• "Infrastructure the missing link" [217]. CNN. 2004-10-06. Retrieved 2005-08-14.
• "Of Oxford, economics, empire, and freedom" [218]. The Hindu. 2 October 2005.
• [Media:Economic Development of India.pdf "Economic Development of India"] (PDF). Media:Economic
Development of India.pdf. Retrieved 17 May 2007.
• "Milton Friedman on the Nehru/Mahalanobis Plan" [219]. Retrieved 2005-07-16.
• "Forex reserves up by $88 mn" [220]. Retrieved 2005-08-10.
• "CIA — The World Factbook" [10]. Retrieved 2005-08-02.
• "Infrastructure in India: Requirements and favorable climate for foreign investment" [221]. Retrieved 2005-08-14.
Economy of India 20

External links
Government of India websites
• Finance Ministry of India [222]
• India in Business [223]- Official website for Investment and Trade in India
• Reserve Bank of India's database on the Indian economy [224]
Publications and statistics
• World Bank - India Country Overview [225]
• all Indian companies websites [226]
• Ernst & Young 2006 report on doing Business in India [227]
• CIA - The World Factbook – India [10]
• India Economic Scan [228]
• Will India Become a Superpower? Here are 12 Hints [229]

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Article Sources and Contributors 27

Article Sources and Contributors

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