India - Economic Indicators

Global Outlook: Passing the Peak

Sep 05, 2018

View the Moody's Analytics Global Forecast. The global economic environment remains upbeat, but has likely passed its peak for this cycle. Escalating trade tensions have stressed the economic relationship between the U.S. and China; there are rising adverse implications for the global economy and heightened downside risks to the outlook. Risks stemming from Brexit, emerging markets contagion fears, and oil price swings also remain in the spotlight. Despite...

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GDP Reference Last Previous Units Frequency
Real Private Consumption 2018 Q2 1,852,662 1,898,844 10 Mil. 2011-2012 INR, NSA Quarterly
Private Consumption 2018 Q2 2,589,808 2,621,456 10 Mil. INR, NSA Quarterly
Real Government Consumption 2018 Q2 397,215 331,031 10 Mil. 2011-2012 INR, NSA Quarterly
Government Consumption 2018 Q2 553,398 456,877 10 Mil. INR, NSA Quarterly
Real Gross Domestic Product 2018 Q2 3,373,982 3,476,826 10 Mil. 2011-2012 INR, NSA Quarterly
Nominal Gross Domestic Product 2018 Q2 4,433,364 4,533,638 10 Mil. INR, NSA Quarterly
Investment 2018 Q2 1,164,584 1,203,586 10 Mil. 2011-2012 INR, NSA Quarterly
Real Investment 2017 44,527,145,369,249 40,478,659,197,023 NCU Annual
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Mar 2017 132.64 132.42 Index 2005=100 Monthly
Labor Reference Last Previous Units Frequency
Agriculture Employment 2017 222,315,362 222,765,714 # Annual
Unemployment Rate 2017 3.52 3.51 % of total labor force Annual
Labor Force 2017 520,194,130 512,765,199 # Annual
Tertiary Industries Employment 2017 174,140,196 168,366,448 # Annual
Wage & Salaries 2013 1,519,270,000,000 1,386,820,000,000 NCU Annual
Unemployment 2003 Q3 41,493,000 40,934,000 #, NSA Quarterly
Labor Force Employment 1996 Q1 27,941 27,638 Ths. Quarterly
Trade Reference Last Previous Units Frequency
Exports of Goods Aug 2018 27,840 25,770 Millions of US Dollars, NSA Monthly
Balance of Goods Aug 2018 -17,400 -18,020 Millions of US Dollars, NSA Monthly
Imports of Goods Aug 2018 45,240 43,790 Millions of US Dollars, NSA Monthly
Real Imports of Goods and Services 2018 Q2 834,102 727,508 10 Mil. 2011-2012 INR, NSA Quarterly
Imports of Goods and Services 2018 Q2 1,069,028 916,748 10 Mil. INR, NSA Quarterly
Real Exports of Goods and Services 2018 Q2 720,410 679,159 10 Mil. 2011-2012 INR, NSA Quarterly
Real Net Exports 2018 Q2 -113,692 -48,348 10 Mil. 2011-2012 INR, NSA Quarterly
Net Exports 2018 Q2 -176,993 -88,788 10 Mil. INR, NSA Quarterly
Exports of Goods and Services 2018 Q2 892,034 827,960 10 Mil. INR, NSA Quarterly
Current Account Balance 2018 Q1 -839.52 -887.02 Bil. INR, NSA Quarterly
Government Reference Last Previous Units Frequency
Outstanding Public Debt - Foreign 2018 Q1 126,181 123,314 Millions of US dollars, NSA Quarterly
Gross External Debt 2018 Q1 3,444,449 3,280,327 Crore Rupees, NSA Quarterly
Outstanding Public Debt - Domestic 2008 25,740,000,000 22,910,000,000 INR Annual
Markets Reference Last Previous Units Frequency
Monetary Policy Rate 17 Sep 2018 6.5 6.5 %, NSA Daily
Money Market Rate 17 Sep 2018 6.25 6.25 %, NSA Daily
Stock Market Index 17 Sep 2018 37,585 Index, NSA Daily
Lending Rate 07 Sep 2018 6.75 6.75 %, NSA Friday Weekly
Treasury Bills (over 31 days) 25 Jul 2018 6.97 6.93 % p.a., NSA Wednesday Weekly
Average Long-term Government Bond 25 Jul 2018 7.27 7.21 % p.a., NSA Wednesday Weekly
Consumer Reference Last Previous Units Frequency
Personal Income 31 Mar 2017 11,700,074 10,735,547 10 mil. INR 365 days
Business Reference Last Previous Units Frequency
Industrial Production Jul 2018 125.8 127.5 Index 2011 to 2012=100, NSA Monthly
Capacity Utilization 2018 Q2 21.6 12 %,NSA Quarterly
Business Confidence 2018 Q2 34.6 29.6 %,NSA Quarterly
Change in Inventories 2018 Q2 27,469 29,764 10 Mil. INR, NSA Quarterly
Real Change in Inventories 2018 Q2 23,717 25,872 10 Mil. 2011-2012 INR, NSA Quarterly
Demographics Reference Last Previous Units Frequency
Population 2017 1,339,180,127 1,324,171,354 # Annual
Birth Rate 2016 19.01 19.27 # per Ths. pop. Annual
Death Rate 2016 7.31 7.3 # per Ths. pop. Annual
Net Migration 2012 -2,578,213 # Annual

Factbook

Background

Background:
The Indus Valley civilization, one of the world's oldest, flourished during the 3rd and 2nd millennia B.C. and extended into northwestern India. Aryan tribes from the northwest infiltrated the Indian subcontinent about 1500 B.C.; their merger with the earlier Dravidian inhabitants created the classical Indian culture. The Maurya Empire of the 4th and 3rd centuries B.C. - which reached its zenith under ASHOKA - united much of South Asia. The Golden Age ushered in by the Gupta dynasty (4th to 6th centuries A.D.) saw a flowering of Indian science, art, and culture. Islam spread across the subcontinent over a period of 700 years. In the 10th and 11th centuries, Turks and Afghans invaded India and established the Delhi Sultanate. In the early 16th century, the Emperor BABUR established the Mughal Dynasty, which ruled India for more than three centuries. European explorers began establishing footholds in India during the 16th century.
By the 19th century, Great Britain had become the dominant political power on the subcontinent. The British Indian Army played a vital role in both World Wars. Years of nonviolent resistance to British rule, led by Mohandas GANDHI and Jawaharlal NEHRU, eventually resulted in Indian independence, which was granted in 1947. Large-scale communal violence took place before and after the subcontinent partition into two separate states - India and Pakistan. The neighboring nations have fought three wars since independence, the last of which was in 1971 and resulted in East Pakistan becoming the separate nation of Bangladesh. India's nuclear weapons tests in 1998 emboldened Pakistan to conduct its own tests that same year. In November 2008, terrorists originating from Pakistan conducted a series of coordinated attacks in Mumbai, India's financial capital. Despite pressing problems such as significant overpopulation, environmental degradation, extensive poverty, and widespread corruption, economic growth following the launch of economic reforms in 1991 and a massive youthful population are driving India's emergence as a regional and global power.

Geography

Location:
Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan
Geographic coordinates:
20 00 N, 77 00 E
Map references:
Asia
Area:
total: 3,287,263 sq km
land: 2,973,193 sq km
water: 314,070 sq km
country comparison to the world: 8
Area - comparative:
slightly more than one-third the size of the US
Area comparison map:
Land boundaries:
total: 13,888 km
border countries (6): Bangladesh 4,142 km, Bhutan 659 km, Burma 1,468 km, China 2,659 km, Nepal 1,770 km, Pakistan 3,190 km
Coastline:
7,000 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
varies from tropical monsoon in south to temperate in north
Terrain:
upland plain (Deccan Plateau) in south, flat to rolling plain along the Ganges, deserts in west, Himalayas in north
Elevation:
mean elevation: 160 m
elevation extremes: lowest point: Indian Ocean 0 m
highest point: Kanchenjunga 8,586 m
Natural resources:
coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, rare earth elements, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land
Land use:
agricultural land: 60.5%
arable land 52.8%; permanent crops 4.2%; permanent pasture 3.5%
forest: 23.1%
other: 16.4% (2011 est.)
Irrigated land:
667,000 sq km (2012)
Population - distribution:
with the notable exception of the deserts in the northwest, including the Thar Desert, and the mountain fringe in the north, a very high population density exists throughout most of the country; the core of the population is in the north along the banks of the Ganges, with other river valleys and southern coastal areas also having large population concentrations
Natural hazards:
droughts; flash floods, as well as widespread and destructive flooding from monsoonal rains; severe thunderstorms; earthquakes
volcanism: Barren Island (354 m) in the Andaman Sea has been active in recent years
Environment - current issues:
deforestation; soil erosion; overgrazing; desertification; air pollution from industrial effluents and vehicle emissions; water pollution from raw sewage and runoff of agricultural pesticides; tap water is not potable throughout the country; huge and growing population is overstraining natural resources; preservation and quality of forests; biodiversity loss
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
dominates South Asian subcontinent; near important Indian Ocean trade routes; Kanchenjunga, third tallest mountain in the world, lies on the border with Nepal

People & Society

Population:
1,281,935,911 (July 2017 est.)
country comparison to the world: 2
Nationality:
noun: Indian(s)
adjective: Indian
Ethnic groups:
Indo-Aryan 72%, Dravidian 25%, Mongoloid and other 3% (2000)
Languages:
Hindi 41%, Bengali 8.1%, Telugu 7.2%, Marathi 7%, Tamil 5.9%, Urdu 5%, Gujarati 4.5%, Kannada 3.7%, Malayalam 3.2%, Oriya 3.2%, Punjabi 2.8%, Assamese 1.3%, Maithili 1.2%, other 5.9%
note: English enjoys the status of subsidiary official language but is the most important language for national, political, and commercial communication; Hindi is the most widely spoken language and primary tongue of 41% of the people; there are 14 other official languages: Bengali, Telugu, Marathi, Tamil, Urdu, Gujarati, Malayalam, Kannada, Oriya, Punjabi, Assamese, Kashmiri, Sindhi, and Sanskrit; Hindustani is a popular variant of Hindi/Urdu spoken widely throughout northern India but is not an official language (2001 est.)
Religions:
Hindu 79.8%, Muslim 14.2%, Christian 2.3%, Sikh 1.7%, other and unspecified 2% (2011 est.)
Age structure:
0-14 years: 27.34% (male 186,087,665/female 164,398,204)
15-24 years: 17.9% (male 121,879,786/female 107,583,437)
25-54 years: 41.08% (male 271,744,709/female 254,834,569)
55-64 years: 7.45% (male 47,846,122/female 47,632,532)
65 years and over: 6.24% (male 37,837,801/female 42,091,086) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 52.2
youth dependency ratio: 43.6
elderly dependency ratio: 8.6
potential support ratio: 11.7 (2015 est.)
Median age:
total: 27.9 years
male: 27.2 years
female: 28.6 years (2017 est.)
country comparison to the world: 139
Population growth rate:
1.17% (2017 est.)
country comparison to the world: 96
Birth rate:
19 births/1,000 population (2017 est.)
country comparison to the world: 87
Death rate:
7.3 deaths/1,000 population (2017 est.)
country comparison to the world: 118
Net migration rate:
0 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 85
Population distribution:
with the notable exception of the deserts in the northwest, including the Thar Desert, and the mountain fringe in the north, a very high population density exists throughout most of the country; the core of the population is in the north along the banks of the Ganges, with other river valleys and southern coastal areas also having large population concentrations
Urbanization:
urban population: 33.5% of total population (2017)
rate of urbanization: 2.28% annual rate of change (2015-20 est.)
Major urban areas - population:
NEW DELHI (capital) 25.703 million; Mumbai 21.043 million; Kolkata 11.766 million; Bangalore 10.087 million; Chennai 9.62 million; Hyderabad 8.944 million (2015)
Sex ratio:
at birth: 1.12 male(s)/female
0-14 years: 1.13 male(s)/female
15-24 years: 1.13 male(s)/female
25-54 years: 1.06 male(s)/female
55-64 years: 1.01 male(s)/female
65 years and over: 0.9 male(s)/female
total population: 1.08 male(s)/female (2017 est.)
Maternal mortality ratio:
174 deaths/100,000 live births (2015 est.)
country comparison to the world: 56
Infant mortality rate:
total: 39.1 deaths/1,000 live births
male: 38 deaths/1,000 live births
female: 40.4 deaths/1,000 live births (2017 est.)
country comparison to the world: 47
Life expectancy at birth:
total population: 68.8 years
male: 67.6 years
female: 70.1 years (2017 est.)
country comparison to the world: 164
Total fertility rate:
2.43 children born/woman (2017 est.)
country comparison to the world: 81
Contraceptive prevalence rate:
53.5% (2015/16)
Health expenditures:
4.7% of GDP (2014)
country comparison to the world: 149
Physicians density:
0.76 physicians/1,000 population (2016)
Hospital bed density:
0.7 beds/1,000 population (2011)
Drinking water source:
improved:
urban: 97.1% of population
rural: 92.6% of population
total: 94.1% of population
unimproved:
urban: 2.9% of population
rural: 7.4% of population
total: 5.9% of population (2015 est.)
Sanitation facility access:
improved:
urban: 62.6% of population
rural: 28.5% of population
total: 39.6% of population
unimproved:
urban: 37.4% of population
rural: 71.5% of population
total: 60.4% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.3% (2016 est.)
country comparison to the world: 80
HIV/AIDS - people living with HIV/AIDS:
2.1 million (2016 est.)
country comparison to the world: 3
HIV/AIDS - deaths:
62,000 (2016 est.)
country comparison to the world: 3
Major infectious diseases:
degree of risk: very high
food or waterborne diseases: bacterial diarrhea, hepatitis A and E, and typhoid fever
vectorborne diseases: dengue fever, Japanese encephalitis, and malaria
water contact disease: leptospirosis
animal contact disease: rabies (2016)
Obesity - adult prevalence rate:
3.9% (2016)
country comparison to the world: 189
Children under the age of 5 years underweight:
35.7% (2015)
country comparison to the world: 2
Education expenditures:
3.8% of GDP (2013)
country comparison to the world: 134
Literacy:
definition: age 15 and over can read and write
total population: 71.2%
male: 81.3%
female: 60.6% (2015 est.)
School life expectancy (primary to tertiary education):
total: 12 years
male: 12 years
female: 12 years (2014)
Unemployment, youth ages 15-24:
total: 10.7%
male: 10.4%
female: 11.6% (2012 est.)
country comparison to the world: 122

Government

Country name:
conventional long form: Republic of India
conventional short form: India
local long form: Republic of India/Bharatiya Ganarajya
local short form: India/Bharat
etymology: the English name derives from the Indus River; the Indian name "Bharat" may derive from the "Bharatas" tribe mentioned in the Vedas of the second millennium B.C.; the name is also associated with Emperor Bharata, the legendary conqueror of all of India
Government type:
federal parliamentary republic
Capital:
name: New Delhi
geographic coordinates: 28 36 N, 77 12 E
time difference: UTC+5.5 (10.5 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
29 states and 7 union territories*; Andaman and Nicobar Islands*, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chandigarh*, Chhattisgarh, Dadra and Nagar Haveli*, Daman and Diu*, Delhi*, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Kerala, Lakshadweep*, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry*, Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal
note: although its status is that of a union territory, the official name of Delhi is National Capital Territory of Delhi
Independence:
15 August 1947 (from the UK)
National holiday:
Republic Day, 26 January (1950)
Constitution:
history: previous 1935 (preindependence); latest draft completed 4 November 1949, adopted 26 November 1949, effective 26 January 1950
amendments: proposed by either the Council of States or the House of the People; passage requires majority participation of the total membership in each house and at least two-thirds majority of voting members of each house, followed by assent of the president of India; proposed amendments to the constitutional amendment procedures also must be ratified by at least one-half of the India state legislatures before presidential assent; amended many times, last in 2016 (2017)
Legal system:
common law system based on the English model; separate personal law codes apply to Muslims, Christians, and Hindus; judicial review of legislative acts
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of India
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Ram Nath KOVIND (since 25 July 2017); Vice President M. Venkaiah NAIDU (since 11 August 2017)
head of government: Prime Minister Narendra MODI (since 26 May 2014)
cabinet: Union Council of Ministers recommended by the prime minister, appointed by the president
elections/appointments: president indirectly elected by an electoral college consisting of elected members of both houses of Parliament and state legislatures for a 5-year term (no term limits); election last held on 17 July 2017 (next to be held in July 2022); vice president indirectly elected by an electoral college consisting of elected members of both houses of Parliament and state legislatures for a 5-year term (no term limits); election last held on 5 August 2017 (next to be held in August 2022); following legislative elections, the prime minister is elected by parliamentary members of the majority party
election results: Ram Nath KOVIND elected president; percent of electoral college vote - Ram Nath KOVIND (BJP) 65.7% Meira KUMAR (INC) 34.3%; Mohammad Hamid ANSARI reelected vice president (2012 election); electoral college vote - Mohammad Hamid ANSARI 490, Jaswant SINGH 238
Legislative branch:
description: bicameral Parliament or Sansad consists of the Council of States or Rajya Sabha (245 seats; 233 members indirectly elected by state and territorial assemblies by proportional representation vote, and 12 members appointed by the president; members serve 6-year terms) and the House of the People or Lok Sabha (545 seats; 543 members directly elected in single-seat constituencies by simple majority vote and 2 appointed by the president; members serve 5-year terms)
elections: House of the People - last held April-May 2014 in 9 phases; (next must be held by May 2019)
election results: House of the People - percent of vote by party - BJP 31.0%, INC 19.3%, AITC 3.8%, SP 3.4%, AIADMK 3.3%, CPI(M) 3.3%, TDP 2.6%, YSRC 2.5%, AAP 2.1%, SAD 1.8%, BJD 1.7%, SS 1.7%, NCP 1.6%, RJD 1.3%, TRS 1.3%, LJP 0.4%, other 15.9%, independent 3.0%; seats by party - BJP 282, INC 44, AIADMK 37, AITC 34, BJD 20, SS 18, TDP 16, TRS 11, CPI(M) 9, YSRC 9, LJP 6, NCP 6, SP 5, AAP 4, RJD 4, SAD 4, other 33, independent 3
Judicial branch:
highest court(s): Supreme Court (the chief justice and 25 associate justices)
judge selection and term of office: justices appointed by the president to serve until age 65
subordinate courts: High Courts; District Courts; Labour Court
note: in mid-2011, India’s Cabinet approved the "National Mission for Justice Delivery and Legal Reform" to eliminate judicial corruption and reduce the backlog of cases
Political parties and leaders:
Aam Aadmi Party or AAP [Arvind KEJRIWAL]
All India Anna Dravida Munnetra Kazhagam or AIADMK [Edappadi PALANISWAMY, Occhaathevar PANNEERSELVAM]
All India Trinamool Congress or AITC [Mamata BANERJEE]
Bahujan Samaj Party or BSP [MAYAWATI]
Bharatiya Janata Party or BJP [Amit SHAH]
Biju Janata Dal or BJD [Naveen PATNAIK]
Communist Party of India-Marxist or CPI(M) [Prakash KARAT]
Indian National Congress or INC [Rahul GANDHI]
Lok Janshakti Party (LJP) [Ram Vilas PASWAN]
Nationalist Congress Party or NCP [Sharad PAWAR]
Rashtriya Janata Dal or RJD [Lalu Prasad YADAV]
Samajwadi Party or SP [Akhilesh YADAV]
Shiromani Akali Dal or SAD [Parkash Singh BADAL]
Shiv Sena or SS [Uddhav THACKERAY]
Telegana Rashtra Samithi or TRS [K. Chandrashekar RAO]
Telugu Desam Party or TDP [Chandrababu NAIDU]
YSR Congress or YSRC [Jagan Mohan REDDY]
note: India has dozens of national and regional political parties
Political pressure groups and leaders:
All Parties Hurriyat Conference in the Kashmir Valley (separatist group)
Bajrang Dal (militant religious organization)
Jamiat Ulema-e Hind [Mahmood MADANI] (religious organization)
Rashtriya Swayamsevak Sangh or RSS [Mohan BHAGWAT] (nationalist organization)
Vishwa Hindu Parishad [Pravin TOGADIA] (militant religious organization)
other: hundreds of social reform, anti-corruption, and environmental groups at state and local level; numerous religious or militant/chauvinistic organizations; various separatist groups seeking greater communal and/or regional autonomy
International organization participation:
ADB, AfDB (nonregional member), Arctic Council (observer), ARF, ASEAN (dialogue partner), BIMSTEC, BIS, BRICS, C, CD, CERN (observer), CICA, CP, EAS, FAO, FATF, G-15, G-20, G-24, G-5, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAS (observer), MIGA, MINURSO, MONUSCO, NAM, OAS (observer), OECD, OPCW, Pacific Alliance (observer), PCA, PIF (partner), SAARC, SACEP, SCO (observer), UN, UNCTAD, UNDOF, UNESCO, UNHCR, UNIDO, UNIFIL, UNISFA, UNITAR, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Navtej Singh SARNA (since 18 January 2017)
chancery: 2107 Massachusetts Avenue NW, Washington, DC 20008; note - Consular Wing located at 2536 Massachusetts Avenue NW, Washington, DC 20008; telephone: [1](202) 939-7000
telephone: [1] (202) 939-7000
FAX: [1] (202) 265-4351
consulate(s) general: Atlanta, Chicago, Houston, New York, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador Kenneth I. JUSTER (since 23 November 2017)
embassy: Shantipath, Chanakyapuri, New Delhi 110021
mailing address: use embassy street address
telephone: [91] (11) 2419-8000
FAX: [91] (11) 2419-0017
consulate(s) general: Chennai (Madras), Hyderabad, Kolkata (Calcutta), Mumbai (Bombay)
Flag description:
three equal horizontal bands of saffron (subdued orange) (top), white, and green, with a blue chakra (24-spoked wheel) centered in the white band; saffron represents courage, sacrifice, and the spirit of renunciation; white signifies purity and truth; green stands for faith and fertility; the blue chakra symbolizes the wheel of life in movement and death in stagnation
note: similar to the flag of Niger, which has a small orange disk centered in the white band
National symbol(s):
the Lion Capital of Ashoka, which depicts four Asiatic lions standing back to back mounted on a circular abacus, is the official emblem; Bengal tiger; lotus flower; national colors: saffron, white, green
National anthem:
name: "Jana-Gana-Mana" (Thou Art the Ruler of the Minds of All People)
lyrics/music: Rabindranath TAGORE
note: adopted 1950; Rabindranath TAGORE, a Nobel laureate, also wrote Bangladesh's national anthem

Economy

Economy - overview:
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 workforce is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output but employing 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. Nevertheless, per capita income remains below the world average.
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 nearly 7% per year from 1997 to 2017. India's economic growth slowed 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 slow world growth. 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 through 2016.
Growth rebounded in 2014 through 2016, exceeding 7% each year, but slowed in 2017. 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. Since the election, the government has passed an important goods and services tax bill and raised foreign direct investment caps in some sectors, but most economic reforms have focused on administrative and governance changes largely because the ruling party remains a minority in India’s upper house of Parliament, which must approve most bills. Despite a high growth rate compared to the rest of the world, India’s government-owned banks faced mounting bad debt in 2015 and 2016, resulting in low credit growth and restrained economic growth.
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, long-term challenges remain significant, including: India's 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.
GDP (purchasing power parity):
$9.447 trillion (2017 est.)
$8.852 trillion (2016 est.)
$8.265 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 4
GDP (official exchange rate):
$2.439 trillion (2017 est.)
GDP - real growth rate:
6.7% (2017 est.)
7.1% (2016 est.)
8% (2015 est.)
country comparison to the world: 15
GDP - per capita (PPP):
$7,200 (2017 est.)
$6,800 (2016 est.)
$6,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 156
Gross national saving:
28.6% of GDP (2017 est.)
29.7% of GDP (2016 est.)
31.8% of GDP (2015 est.)
country comparison to the world: 32
GDP - composition, by end use:
household consumption: 58.7%
government consumption: 11.6%
investment in fixed capital: 27.5%
investment in inventories: 4%
exports of goods and services: 18.4%
imports of goods and services: -20.2% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 16.8%
industry: 28.9%
services: 46.6% (2016 est.)
Agriculture - products:
rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish
Industries:
textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals
Industrial production growth rate:
7.5% (2017 est.)
country comparison to the world: 21
Labor force:
521.9 million (2017 est.)
country comparison to the world: 2
Labor force - by occupation:
agriculture: 47%
industry: 22%
services: 31% (FY 2014 est.)
Unemployment rate:
8.8% (2017 est.)
8% (2016 est.)
country comparison to the world: 122
Population below poverty line:
21.9% (2011 est.)
Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 29.8% (2011 est.)
Distribution of family income - Gini index:
35.2 (2011 est.)
37.8 (1997 est.)
country comparison to the world: 97
Budget:
revenues: $248.7 billion
expenditures: $330.3 billion (2017 est.)
Taxes and other revenues:
10.2% of GDP (2017 est.)
country comparison to the world: 213
Budget surplus (+) or deficit (-):
-3.3% of GDP (2017 est.)
country comparison to the world: 125
Public debt:
50.1% of GDP (2017 est.)
50.3% of GDP (2016 est.)
note: data cover central government debt, and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 104
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
3.8% (2017 est.)
4.5% (2016 est.)
country comparison to the world: 151
Central bank discount rate:
6.25% (31 December 2017 est.)
7.75% (31 December 2016 est.)
note: this is the Indian central bank's policy rate - the repurchase rate
country comparison to the world: 69
Commercial bank prime lending rate:
9.6% (31 December 2017 est.)
9.67% (31 December 2016 est.)
country comparison to the world: 86
Stock of narrow money:
$429.3 billion (31 December 2017 est.)
$294.4 billion (31 December 2016 est.)
country comparison to the world: 14
Stock of broad money:
$2.063 trillion (31 December 2017 est.)
$1.773 trillion (31 December 2016 est.)
country comparison to the world: 9
Stock of domestic credit:
$1.795 trillion (30 September 2017 est.)
$1.622 trillion (31 December 2016 est.)
country comparison to the world: 14
Market value of publicly traded shares:
$1.516 trillion (31 December 2015 est.)
$1.558 trillion (31 December 2014 est.)
$1.139 trillion (31 December 2013 est.)
country comparison to the world: 11
Current account balance:
$-33.68 billion (2017 est.)
$-15.23 billion (2016 est.)
country comparison to the world: 197
Exports:
$299.3 billion (2017 est.)
$268.6 billion (2016 est.)
country comparison to the world: 21
Exports - commodities:
petroleum products, precious stones, vehicles, machinery, iron and steel, chemicals, pharmaceutical products, cereals, apparel
Exports - partners:
US 16%, UAE 11.7%, Hong Kong 5.1% (2016)
Imports:
$426.8 billion (2017 est.)
$376.1 billion (2016 est.)
country comparison to the world: 12
Imports - commodities:
crude oil, precious stones, machinery, chemicals, fertilizer, plastics, iron and steel
Imports - partners:
China 17%, US 5.8%, UAE 5.4%, Saudi Arabia 5.2%, Switzerland 4.2% (2016)
Reserves of foreign exchange and gold:
$407.2 billion (31 December 2017 est.)
$359.7 billion (31 December 2016 est.)
country comparison to the world: 8
Debt - external:
$483.4 billion (31 December 2017 est.)
$456.4 billion (31 December 2016 est.)
country comparison to the world: 25
Stock of direct foreign investment - at home:
$367.5 billion (31 December 2017 est.)
$318.5 billion (31 December 2016 est.)
country comparison to the world: 21
Stock of direct foreign investment - abroad:
$156.1 billion (31 December 2017 est.)
$144.1 billion (31 December 2016 est.)
country comparison to the world: 31
Exchange rates:
Indian rupees (INR) per US dollar -
65.17 (2017 est.)
67.2 (2016 est.)
67.2 (2015 est.)
64.15 (2014 est.)
61.03 (2013 est.)

Energy

Electricity access:
population without electricity: 237,400,000
electrification - total population: 79%
electrification - urban areas: 98%
electrification - rural areas: 70% (2013)
Electricity - production:
1.289 trillion kWh (2015 est.)
country comparison to the world: 4
Electricity - consumption:
1.048 trillion kWh (2015 est.)
country comparison to the world: 4
Electricity - exports:
5.15 billion kWh (2015 est.)
country comparison to the world: 37
Electricity - imports:
5.244 billion kWh (2015 est.)
country comparison to the world: 38
Electricity - installed generating capacity:
308.8 million kW (30 November 2016 )
country comparison to the world: 5
Electricity - from fossil fuels:
71.5% of total installed capacity (2015 est.)
country comparison to the world: 101
Electricity - from nuclear fuels:
1.6% of total installed capacity (2015 est.)
country comparison to the world: 29
Electricity - from hydroelectric plants:
14.4% of total installed capacity (2015 est.)
country comparison to the world: 104
Electricity - from other renewable sources:
14.6% of total installed capacity (2015 est.)
country comparison to the world: 49
Crude oil - production:
734,500 bbl/day (2017 est.)
country comparison to the world: 25
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 140
Crude oil - imports:
3.789 million bbl/day (2016 est.)
country comparison to the world: 3
Crude oil - proved reserves:
4.621 billion bbl (2016 est.)
country comparison to the world: 25
Refined petroleum products - production:
4.793 million bbl/day (2016 est.)
country comparison to the world: 5
Refined petroleum products - consumption:
4.142 million bbl/day (2016 est.)
country comparison to the world: 4
Refined petroleum products - exports:
1.371 million bbl/day (2016 est.)
country comparison to the world: 7
Refined petroleum products - imports:
481,900 bbl/day (2016 est.)
country comparison to the world: 18
Natural gas - production:
31.24 billion cu m (2016 est.)
country comparison to the world: 25
Natural gas - consumption:
102.3 billion cu m (2016 est.)
country comparison to the world: 14
Natural gas - exports:
270 million cu m (2015 est.)
country comparison to the world: 46
Natural gas - imports:
18.67 billion cu m (2016 est.)
country comparison to the world: 19
Natural gas - proved reserves:
1.227 trillion cu m (1 January 2017 est.)
country comparison to the world: 24
Carbon dioxide emissions from consumption of energy:
1.887 billion Mt (2016 est.)
country comparison to the world: 4

Communications

Telephones - fixed lines:
total subscriptions: 24.404 million
subscriptions per 100 inhabitants: 2 (July 2016 est.)
country comparison to the world: 12
Telephones - mobile cellular:
total: 1,127.809 million
subscriptions per 100 inhabitants: 88 (July 2016 est.)
country comparison to the world: 2
Telephone system:
general assessment: supported by recent deregulation and liberalization of telecommunications laws and policies, India has emerged as one of the fastest-growing telecom markets in the world; total telephone subscribership base exceeded 1 billion in 2015, an overall teledensity of roughly 80%, and subscribership is currently growing at roughly 5 million per month; urban teledensity now exceeds 100%, and rural teledensity has reached 50%
domestic: mobile cellular service introduced in 1994 and organized nationwide into four metropolitan areas and 19 telecom circles, each with multiple private service providers and one or more state-owned service providers; in recent years significant trunk capacity added in the form of fiber-optic cable and one of the world's largest domestic satellite systems, the Indian National Satellite system (INSAT), with 6 satellites supporting 33,000 very small aperture terminals (VSAT)
international: country code - 91; a number of major international submarine cable systems, including SEA-ME-WE-3 with landing sites at Cochin and Mumbai (Bombay), SEA-ME-WE-4 with a landing site at Chennai, Fiber-Optic Link Around the Globe (FLAG) with a landing site at Mumbai (Bombay), South Africa - Far East (SAFE) with a landing site at Cochin, the i2i cable network linking to Singapore with landing sites at Mumbai (Bombay) and Chennai (Madras), and Tata Indicom linking Singapore and Chennai (Madras), provide a significant increase in the bandwidth available for both voice and data traffic; satellite earth stations - 8 Intelsat (Indian Ocean) and 1 Inmarsat (Indian Ocean region); 9 gateway exchanges operating from Mumbai (Bombay), New Delhi, Kolkata (Calcutta), Chennai (Madras), Jalandhar, Kanpur, Gandhinagar, Hyderabad, and Ernakulam (2015)
Broadcast media:
Doordarshan, India's public TV network, operates about 20 national, regional, and local services; a large and increasing number of privately owned TV stations are distributed by cable and satellite service providers; in 2015, more than 230 million homes had access to cable and satellite TV offering more than 700 TV channels; government controls AM radio with All India Radio operating domestic and external networks; news broadcasts via radio are limited to the All India Radio Network; since 2000, privately owned FM stations have been permitted and their numbers have increased rapidly (2015)
Internet country code:
.in
Internet users:
total: 374,328,160
percent of population: 29.5% (July 2016 est.)
country comparison to the world: 3

Transportation

National air transport system:
number of registered air carriers: 20
inventory of registered aircraft operated by air carriers: 485
annual passenger traffic on registered air carriers: 98,927,860
annual freight traffic on registered air carriers: 1,833,847,614 mt-km (2015)
Civil aircraft registration country code prefix:
VT (2016)
Airports:
346 (2013)
country comparison to the world: 21
Airports - with paved runways:
total: 253
over 3,047 m: 22
2,438 to 3,047 m: 59
1,524 to 2,437 m: 76
914 to 1,523 m: 82
under 914 m: 14 (2017)
Airports - with unpaved runways:
total: 93
over 3,047 m: 1
2,438 to 3,047 m: 3
1,524 to 2,437 m: 6
914 to 1,523 m: 38
under 914 m: 45 (2013)
Heliports:
45 (2013)
Pipelines:
condensate/gas 9 km; gas 13,581 km; liquid petroleum gas 2,054 km; oil 8,943 km; oil/gas/water 20 km; refined products 11,069 km (2013)
Railways:
total: 68,525 km
broad gauge: 58,404 km 1.676-m gauge (23,654 electrified)
narrow gauge: 9,499 km 1.000-m gauge; 622 km 0.762-m gauge (2014)
country comparison to the world: 5
Roadways:
total: 4,699,024 km
note: includes 96,214 km of national highways and expressways, 147,800 km of state highways, and 4,455,010 km of other roads (2015)
country comparison to the world: 2
Waterways:
14,500 km (5,200 km on major rivers and 485 km on canals suitable for mechanized vessels) (2012)
country comparison to the world: 9
Merchant marine:
total: 1,674
by type: bulk carrier 74, container ship 20, general cargo 571, oil tanker 126, other 883 (2017)
country comparison to the world: 15
Ports and terminals:
major seaport(s): Chennai, Jawaharal Nehru Port, Kandla, Kolkata (Calcutta), Mumbai (Bombay), Sikka, Vishakhapatnam
container port(s) (TEUs): Chennai (1,571,000), Jawaharal Nehru Port (4,492,000) (2015)
LNG terminal(s) (import): Dabhol, Dahej, Hazira

Military & Security

Military expenditures:
2.47% of GDP (2016)
2.41% of GDP (2015)
2.5% of GDP (2014)
2.47% of GDP (2013)
2.54% of GDP (2012)
country comparison to the world: 37
Military branches:
Army, Navy (includes naval air arm), Air Force, Coast Guard (2011)
Military service age and obligation:
16-18 years of age for voluntary military service (Army 17 1/2, Air Force 17, Navy 16 1/2); no conscription; women may join as officers, currently serve in combat roles as pilots, and will soon be allowed in all combat roles (2016)

Transnational Issues

Disputes - international:
since China and India launched a security and foreign policy dialogue in 2005, consolidated discussions related to the dispute over most of their rugged, militarized boundary, regional nuclear proliferation, Indian claims that China transferred missiles to Pakistan, and other matters continue
Kashmir remains the site of the world's largest and most militarized territorial dispute with portions under the de facto administration of China (Aksai Chin), India (Jammu and Kashmir), and Pakistan (Azad Kashmir and Northern Areas)
India and Pakistan resumed bilateral dialogue in February 2011 after a two-year hiatus, have maintained the 2003 cease-fire in Kashmir, and continue to have disputes over water sharing of the Indus River and its tributaries
UN Military Observer Group in India and Pakistan has maintained a small group of peacekeepers since 1949; India does not recognize Pakistan's ceding historic Kashmir lands to China in 1964; to defuse tensions and prepare for discussions on a maritime boundary, India and Pakistan seek technical resolution of the disputed boundary in Sir Creek estuary at the mouth of the Rann of Kutch in the Arabian Sea; Pakistani maps continue to show its Junagadh claim in Indian Gujarat State; Prime Minister Singh's September 2011 visit to Bangladesh resulted in the signing of a Protocol to the 1974 Land Boundary Agreement between India and Bangladesh, which had called for the settlement of longstanding boundary disputes over undemarcated areas and the exchange of territorial enclaves, but which had never been implemented; Bangladesh referred its maritime boundary claims with Burma and India to the International Tribunal on the Law of the Sea; Joint Border Committee with Nepal continues to examine contested boundary sections, including the 400 sq km dispute over the source of the Kalapani River; India maintains a strict border regime to keep out Maoist insurgents and control illegal cross-border activities from Nepal
Refugees and internally displaced persons:
refugees (country of origin): 110,098 (Tibet/China); 63,162 (Sri Lanka); 15,561 (Burma); 7,693 (Afghanistan) (2015)
IDPs: 806,000 (armed conflict and intercommunal violence) (2017)
Illicit drugs:
world's largest producer of licit opium for the pharmaceutical trade, but an undetermined quantity of opium is diverted to illicit international drug markets; transit point for illicit narcotics produced in neighboring countries and throughout Southwest Asia; illicit producer of methaqualone; vulnerable to narcotics money laundering through the hawala system; licit ketamine and precursor production

Economic Indicators for India including actual values, historical data, and latest data updates for the India economy.