Economy of India - Wikipedia, The Free Encyclopedia

9/13/2014 Economy of India - Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Economy_of_India 1/46
Economy of India
Mumbai, Maharashtra is considered the trade and commerce capital of India
[1][2]
Rank 10th (nominal) / 3rd (PPP)
Currency Indian rupee (INR) ( ) = 100 Paise
Fiscal year 1 April 31 March
Trade
organizations
WTO, SAFTA, BRIC, G-20 and others
Statistics
GDP
$1.87 trillion (nominal: 10th; 2013)
[3]
$5.07 trillion (PPP:
3rd
; 2013)[3]
GDP growth 5.7% (2014)[4]
GDP per
capita $1,504 (nominal: 130th; 2013)
[3]
$4,077(PPP:
127th
; 2013)[3]
GDP by sector agriculture: 13.7%, industry: 21.5%, services: 64.8% (2013)[5][6]
Inflation (CPI)
CPI: 8.79%, WPI: 5.05% (January 2014)[7]
Population
below
poverty line
29.5% (2012, Rangarajan panel)[8]
22% (2012, Reserve Bank of India),[9]
14.3% or 179.6 million people (2014, World Bank)[10]
Gini coefficient 33.9[11]
Labour force 487.3 million (2013 est.)[12]
Labour force
by occupation
agriculture: 49%, industry: 20%, services: 31% (2012 est.)
Unemployment 3% Urban, 2% Rural, 10.8 million Total
(2013, NSSO method)[13]
Economy of India
From Wikipedia, the free encyclopedia
The
economy
of India is
the tenth-
largest in
the world
by nominal
GDP and
the third-
largest by
purchasing
power
parity
(PPP).
[3]
The
country is
one of the
G-20 major
economies,
a member
of BRICS
and a
developing
economy
that is
among the
top 20
global
traders
according
to the
WTO.
[28]
India was
the 19th-
largest
Average gross
salary
$1.46 per hour ($3,036.8 yearly in 2010);[14]
GNI per capita: $1,570 yearly per person (2013);[15]
Average household income: $6,671 yearly (2011)[16]
Main
industries
agriculture, petroleum products, chemicals, pharmaceuticals, software, textiles, steel,
transportation equipment,
machinery
, cement, mining, construction[17][18]
Ease-of-doing-
business rank
134th[19] (2014)
External
Exports $296.8 billion: merchandize exports,
$145.6 billion: services exports,
$442.4 billion: total (2012)[20]
Export goods
software
,
petrochemicals
,
agriculture
products,
jewelry
, engineering goods,[21]
pharmaceuticals, textiles, chemicals, transportation parts, ores and other
commodities[18]
Main export
partners
European Union
16.8%(2012[20])
United States 12.8%
United Arab Emirates 12.4%
China 5.1%
Singapore 4.7%
Imports $488.6 billion: merchandize imports,
$128.1 billion: services imports,
$616.7 billion: total (2012)[20]
Import goods
crude oil
, gold and
precious stones
, electronics, engineering goods,[21]
chemicals
,
plastics
,
coal
and ores, iron and steel,
vegetable oil
and other commodities[18]
Main import
partners
China
11.1% (2012[20])
European Union 11.1%
United Arab Emirates 7.7%
Saudi Arabia 6.7%
Switzerland 5.9%
FDI stock Inflows: $151.7 billion,
Outflows: $54.6 billion (2009-2013)[22]
Public finances
Public debt 66.7% of GDP (2013.)[23]
Budget deficit 4.8% of GDP (201213)[24]
Revenues $181.3 billion billion (2013 est.)
Expenses $281.6 billion billion (2013 est.)
Economic aid $2.107 billion (2008)[25]
Credit rating BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
(
Standard & Poor's
)[26]
Foreign
reserves
$316.39 billion[27]
Main data source:
CIA World Fact Book (https://www.cia.gov/library/publications/the-world-factbook/geos/in.html)
All values, unless otherwise stated, are in US dollars.
merchandise and the 6th largest services exporter in the world in 2013; it imported a total of $616.7 billion
worth of merchandise and services in 2013, as the 12th-largest merchandise and 7th largest services
importer.
[29]
India's economic growth slowed to 4.7% for the 201314 fiscal year, in contrast to higher
economic growth rates in 2000s.
[30]
IMF projects India's GDP to grow at 5.4% over 2014-15.
[31]
Agriculture sector is the largest employer in India's economy but contributes a declining share of its GDP
(13.7% in 2012-13).
[5]
Its manufacturing industry has held a constant share of its economic contribution,
while the fastest-growing part of the economy has been its services sector - which includes construction,
telecom, software and information technologies, infrastructure, tourism, education, health care, travel, trade,
banking and others components of its economy.
[6]
The post independence-era Indian economy (from 1947 to 1991) was a mixed economy with an inward-
looking, centrally planned, interventionist policies and import-substituting economic model that failed to
take advantage of the post-war expansion of trade and that nationalized many sectors of its economy.
[32]
India's share of global trade fell from 1.3% in 1953 to 0.5% in 1983.
[33]
This model contributed to
widespread inefficiencies and corruption, and it was poorly implemented.
[34]
After a fiscal crisis in 1991, India has increasingly adopted free-market principles and liberalised its
economy to international trade. These reforms were started by former Finance minister Manmohan Singh
under the Prime Ministership of P.V.Narasimha Rao. They eliminated much of Licence Raj, a pre- and
post-British era mechanism of strict government controls on setting up new industry. Following these
economic reforms, and a strong focus on developing national infrastructure such as the Golden
Quadrilateral project by former Prime Minister Atal Bihari Vajpayee, the country's economic growth
progressed at a rapid pace, with relatively large increases in per-capita incomes.
[35]
The south western state
of Maharashtra contributes the highest towards India's GDP among all states, while Bihar is among its
poorest states in terms of GNI per capita. Mumbai is known as the trade and financial capital of
India.
[1][2][36]
Contents
1 Overview
2 History
2.1 Pre-colonial period (up to 1773)
2.2 Colonial period (17731947)
2.3 Pre-liberalisation period (19471991)
2.4 Post-liberalisation period (since 1991)
3 Sectors
3.1 Agriculture
3.2 Industry
3.2.1 Petroleum products and chemicals
3.2.2 Pharmaceuticals
3.2.3 Engineering
3.2.4 Gems and jewelry
3.2.5 Textile
3.2.6 Mining
3.3 Services
3.3.1 Energy and power
3.3.2 Infrastructure
3.3.3 Retail
3.3.4 Tourism
3.3.5 Banking and finance
4 External trade and investment
4.1 Global trade relations
4.2 Balance of payments
4.3 Foreign direct investment
5 Currency
6 Income and consumption
7 Employment
8 Economic trends and issues
8.1 Agriculture
8.2 Corruption
8.3 Education
8.4 Economic disparities
9 Insurance
10 Security Markets
11 See also
12 Notes
The spice trade between India and
Europe was the main catalyst for the
Age of Discovery.
[42]
13 References
14 Further reading
15 External links
Overview
The combination of protectionist, import-substitution, and Fabian socialism, social democratic-inspired
policies governed India for sometime after the end of British occupation. The economy was then
characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive
corruption and slow growth.
[37][38]
Since 1991, continuing economic liberalisation has moved the country
towards a market-based economy.
[37][38]
By 2008, India had established itself as one of the world's faster-
growing economies. Growth significantly slowed to 6.8% in 200809, but subsequently recovered to 7.4%
in 200910, while the fiscal deficit rose from 5.9% to a high 6.5% during the same period.
[39]
India's
current account deficit surged to 4.1% of GDP during Q2 FY11 against 3.2% the previous quarter. The
unemployment rate for 201213, according to Government of India's Labour Bureau, was 4.7% nationwide,
by UPS method;
[12]
and 3% by NSSO method.
[13]
India's consumer price inflation has ranged between 8.9
to 12% over the 2009-2013 period.
[40]
History
Pre-colonial period (up to 1773)
The citizens of the Indus Valley civilisation, a permanent settlement that flourished between 2800 BC and
1800 BC, practiced agriculture, domesticated animals, used uniform weights and measures, made tools 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 government.
[41]
Maritime trade was carried out extensively between South India and
southeast and West Asia from early times until around the
fourteenth century AD. Both the Malabar and Coromandel Coasts
were the sites of important trading centres from as early as the first
century BC, used for import and export as well as transit points
between the Mediterranean region and southeast Asia.
[43]
Over
time, traders organised themselves into associations which received
state patronage. Raychaudhuri and Habib claim this state patronage
for overseas trade came to an end by the thirteenth century AD,
when it was largely taken over by the local Parsi, Jewish and
Muslim communities, initially on the Malabar and subsequently on
the Coromandel coast.
[44]
Atashgah is a temple built by
Indian traders before 1745.
The temple is west of
Caspian Sea, between West
Asia and Eastern Europe.
The inscription shown is in
Sanskrit (above) and Persian.
Silver coin of the
Maurya Empire, 3rd
century BC.
Silver coin of the
Gupta dynasty, 5th
century AD.
Other scholars suggest trading from India to West Asia and Eastern Europe was active between 14th and
18th century.
[45][46][47]
During this period, Indian traders had settled in Surakhani, a suburb of greater
Baku, Azerbaijan. These traders had built a Hindu temple, now preserved by
the government of Azerbaijan. French Jesuit Villotte, who lived in
Azerbaijan in late 1600s, wrote this Indian temple was revered by
Hindus;
[48]
the temple has numerous carvings in Sanskrit or Punjabi, dated
to be between 1500 and 1745 AD. The Atashgah temple built by the Baku-
resident traders from India suggests commerce was active and prosperous
for Indians by the 17th century.
[49][50][51][52]
Further north, the Saurashtra and Bengal coasts played an important role in
maritime trade, and the Gangetic plains and the Indus valley housed several
centres of river-borne commerce. Most overland trade was carried out via
the Khyber Pass connecting the Punjab region with Afghanistan and onward
to the Middle East and Central Asia.
[53]
Although many kingdoms and
rulers issued coins, barter was prevalent. Villages paid a portion of their
agricultural produce as revenue to the rulers, while their craftsmen received
a part of the crops at harvest time for their services.
[54]
Sean Harkin estimates China
and India may have accounted for 60 to 70 percent of world
GDP in the 17th century.
[55]
Assessment of India's pre-colonial economy is mostly
qualitative, owing to the lack of quantitative information. The
Mughal economy functioned on an elaborate system of coined
currency, land revenue and trade. Gold, silver and copper coins
were issued by the royal mints which functioned on the basis of free coinage.
[56]
The political stability and
uniform revenue policy resulting from a centralised administration under the Mughals, coupled with a well-
developed internal trade network, ensured that India, before the arrival of the British, was to a large extent
economically unified, despite having a traditional agrarian economy characterised by a predominance of
subsistence agriculture dependent on primitive technology.
[57]
After the decline of the Mughals, western,
central and parts of south and north India were integrated and administered by the Maratha Empire. After
the loss at the Third Battle of Panipat, the Maratha Empire disintegrated into several confederate states, and
the resulting political instability and armed conflict severely affected economic life in several parts of the
country, although this was compensated for to some extent by localised prosperity in the new provincial
kingdoms.
[58]
By the end of the eighteenth century, the British East India Company entered the Indian
political theatre and established its dominance over other European powers. This marked a determinative
shift in India's trade, and a less powerful impact on the rest of the economy.
[59]
Colonial period (17731947)
An aerial view of Calcutta Port taken
in 1945. Calcutta, which was the
economic hub of British India, saw
increased industrial activity during
World War II.
There is no doubt that our grievances against the British Empire had a sound basis. As the
painstaking statistical work of the Cambridge historian Angus Maddison has shown,
India's share of world income collapsed from 22.6% in 1700, almost equal to Europe's
share of 23.3% at that time, to as low as 3.8% in 1952. Indeed, at the beginning of the 20th
century, "the brightest jewel in the British Crown" was the poorest country in the world in
terms of per capita income.
Manmohan Singh
[60]
Company rule in India brought a major change in the taxation and agricultural policies, which tended to
promote commercialisation of agriculture with a focus on trade, resulting in decreased production of food
crops, mass impoverishment and destitution of farmers, and in the short term, led to numerous famines.
[61]
The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors,
due to reduced demand and dipping employment.
[62]
After the removal of international restrictions by the
Charter of 1813, Indian trade expanded substantially and over the long term showed an upward trend.
[63]
The result was a significant transfer of capital from India to England, which, due to the colonial policies of
the British, led to a massive drain of revenue rather than any systematic effort at modernisation of the
domestic economy.
[64]
India's colonisation by the British created an institutional environment that, on paper, guaranteed property
rights among the colonisers, encouraged free trade, and created a single currency with fixed exchange rates,
standardised weights and measures and capital markets. It also established a system of railways and
telegraphs, a civil service that aimed to be free from political interference, a common-law and an
adversarial legal system.
[67]
This coincided with major changes in the world economy industrialisation,
Estimated per capita GDP of India and United
Kingdom from 1700 to 1950, inflation adjusted
to 1990 US$.
[65]
Other estimates
[66]
suggest a
similar stagnation in India's per capita GDP and
income during the colonial era.
Never talk to me
about profit, Jeh, it is
a dirty word.

Nehru, India's Fabian Socialism
inspired first prime minister to
industrialist J.R.D. Tata, when Tata
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,
[68]
with industrial development stalled,
agriculture unable to feed a rapidly growing population, a largely illiterate and unskilled labour force, and
extremely inadequate infrastructure.
[69]
The 1872 census revealed that 91.3% of the population of
the region constituting present-day India resided in
villages,
[70]
and urbanisation generally remained sluggish
until the 1920s, due to the lack of industrialisation and
absence of adequate transportation. Subsequently, the
policy of discriminating protection (where certain
important industries were given financial protection by the
state), coupled with the Second World War, saw the
development and dispersal of industries, encouraging
rural-urban migration, and in particular the large port cities
of Bombay, Calcutta and Madras grew rapidly. Despite
this, only one-sixth of India's population lived in cities by
1951.
[71]
The impact of British occupation on India's economy is a
controversial topic. Leaders of the Indian independence
movement and economic historians have blamed colonial
occupation for the dismal state of India's economy in its aftermath and argued 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 industrialisation and economic integration.
[72]
Pre-liberalisation period (19471991)
Indian economic policy after independence was influenced by the colonial experience, which was seen by
Indian leaders as exploitative, and by those leaders' exposure to British social democracy as well as the
planned economy of the Soviet Union.
[69]
Domestic policy tended towards protectionism, with a strong
emphasis on import substitution industrialisation, economic interventionism, a large government run public
sector, business regulation, and central planning,
[73]
while trade and foreign investment policies were
relatively liberal.
[74]
Five-Year Plans of India resembled central planning in the Soviet Union. Steel,
mining, machine tools, telecommunications, insurance, and power plants, among other industries, were
effectively nationalised in the mid-1950s.
[75]
Jawaharlal Nehru, the first prime minister of India, along with the
statistician Prasanta Chandra Mahalanobis, formulated and oversaw
economic policy during the initial years of the country's
independence. They expected favourable outcomes from their
strategy, involving the rapid development of heavy industry by both
public and private sectors, and based on direct and indirect state
intervention, rather than the more extreme Soviet-style central
suggested state-owned companies should
be profitable,
[76]
(In the current Indian

regulatory system, ) I
cannot decide how
much to borrow, what
shares to issue, at
what price, what
wages and bonus to
pay, and what
dividend to give. I
even need the
government's
permission for the
salary I pay to a senior
executive.

J. R. D. Tata in 1969,
[76]
GDP of India has risen rapidly since 1991.
command system.
[77][78]
The policy of concentrating simultaneously
on capital- and technology-intensive heavy industry and subsidising
manual, low-skill cottage industries was criticised by economist
Milton Friedman, who thought it would waste capital and labour, and retard the development of small
manufacturers.
[79]
The rate of growth of the Indian economy in the first three decades after independence
was derisively referred to as the Hindu rate of growth by economists, because of the unfavourable
comparison with growth rates in other Asian countries.
[80][81]
Since 1965, the use of high-yielding varieties of seeds, increased
fertilisers and improved irrigation facilities collectively contributed
to the Green Revolution in India, which improved the condition of
agriculture by increasing crop productivity, improving crop patterns
and strengthening forward and backward linkages between
agriculture and industry.
[82]
However, it has also been criticised as
an unsustainable effort, resulting in the growth of capitalistic
farming, ignoring institutional reforms and widening income
disparities.
[83]
Subsequently the Emergency and Garibi Hatao concept under which
income tax levels at one point rose to a maximum of 97.5%, a
record in the world for non-communist economies, started diluting
the earlier efforts.
Post-liberalisation period (since 1991)
In the late 1970s, the government led by Morarji Desai
eased restrictions on capacity expansion for incumbent
companies, removed price controls, reduced corporate
taxes and promoted the creation of small scale
industries in large numbers. However, the subsequent
government policy of Fabian socialism hampered the
benefits of the economy, leading to high fiscal deficits
and a worsening current account. The collapse of the
Soviet Union, which was India's major trading partner,
and the Gulf War, which caused a spike in oil prices,
resulted in a major balance-of-payments crisis for India,
which found itself facing the prospect of defaulting on
its loans.
[84]
India asked for a $1.8 billion bailout loan
from the International Monetary Fund (IMF), which in return demanded de-regulation.
[85]
In response, Prime Minister Narasimha Rao, along with his finance minister Manmohan Singh, initiated the
economic liberalisation of 1991. The reforms did away with the Licence Raj, reduced tariffs and interest
rates and ended many public monopolies, allowing automatic approval of foreign direct investment in many
sectors.
[86]
Since then, the overall thrust of liberalisation has remained the same, although no government
has tried to take on powerful lobbies such as trade unions and farmers, on contentious issues such as
reforming labour laws and reducing agricultural subsidies.
[87]
By the turn of the 21st century, India had
Percent labor employment in India by its economic
sectors (2010).
[96]
progressed towards a free-market economy, with a substantial reduction in state control of the economy and
increased financial liberalisation.
[88]
This has been accompanied by increases in life expectancy, literacy
rates and food security, although urban residents have benefited more than agricultural residents.
[89]
While the credit rating of India was hit by its nuclear weapons tests in 1998, it has since been raised to
investment level in 2003 by S&P and Moody's.
[90]
India enjoyed high growth rates for a period from 2003
to 2007 with growth averaging 9% during this period.
[91]
Growth then moderated due to the global financial
crisis starting in 2008. In 2003, Goldman Sachs predicted that India's GDP in current prices would overtake
France and Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035, making it the third largest
economy of the world, behind the 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.
[92][93]
Starting in 2012, India entered a period of more anaemic growth, with growth slowing down to 4.4%.
[94]
Other economic problems also became apparent: a plunging Indian rupee, a persistent high current account
deficit and slow industrial growth. Hit by the U.S. Federal Reserve's decision to taper quantitative easing,
foreign investors had been rapidly pulling out money from India though this has now reversed with the
Stock market at near all time high and the current account deficit narrowing substantially.
India is ranked at 134 out of 189, overall, in World Bank's 2013 ease of doing business index. However,
this score masks the underlying data: in terms of starting a business, dealing with bureaucratic permits and
enforcing contracts, it is ranked among the 10 worst in the world; while in terms of protecting investors,
general operations and other measures, India ranks very favorably among 189 countries.
[95]
Sectors
Historically, India has classified and tracked its
economy and GDP as three sectors - agriculture,
industry and services. Agriculture includes crops,
horticulture, milk and animal husbandry, aquaculture,
fishing, sericulture, aviculture, forestry and related
activities. Industry includes various manufacturing sub-
sectors. India's definition of services sector includes its
construction, retail, software, IT, communications,
hospitality, infrastructure operations, education, health
care, banking and insurance, and many other economic
activities.
[97][98]
Agriculture
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and
fishing accounted for 17% of the GDP and employed 51% of the total workforce in 2012. As Indian
economy has diversified and grown, agriculture's contribution to GDP has steadily declined from 1951 to
2011, yet it is still the largest employment source and a significant piece of the overall socio-economic
development of India.
[99]
Crop yield 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,
application of modern agricultural practices and provision of agricultural credit and subsidies since the
The GDP contribution of various sectors of Indian
economy have evolved between 1951 to 2013, as its
economy has diversified and developed.
Green Revolution in India. However, international comparisons reveal the average yield in India is
generally 30% to 50% of the highest average yield in the world.
[100]
Indian states Uttar Pradesh, Punjab,
Haryana, Madhya Pradesh, Andhra Pradesh, Bihar, West Bengal, Gujarat and Maharashtra are key
agricultural contributing states of India.
India receives an average annual rainfall of 1,208 millimetres (47.6 in) and a total annual precipitation of
4000 billion cubic metres, with the total utilisable water resources, including surface and groundwater,
amounting to 1123 billion cubic metres.
[101]
546,820
square kilometres (211,130 sq mi) of the land area, or
about 39% of the total cultivated area, is irrigated.
[102]
India's inland water resources including rivers, canals,
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 six million
people in the fisheries sector. In 2008, India had the
world's third largest fishing industry.
[103]
India is the largest producer in the world of milk, jute
and pulses, and also has the world's second largest
cattle population with 175 million animals in 2008.
[104]
It is the second largest producer of rice, wheat,
sugarcane, cotton and groundnuts, as well as the second largest fruit and vegetable producer, accounting for
10.9% and 8.6% of the world fruit and vegetable production respectively.
[104]
India is also the second
largest producer and the largest consumer of silk in the world, producing 77,000 tons in 2005.
[105]
India exports several agriculture products, such as Basmati rice, wheat, cereals, spices, fresh fruits, dry
fruits, buffalo beef meat, cotton, tea, coffee and other cash crops particularly to the Middle East, Southeast
and East Asian countries. It earns about 10 percent of its export earnings from this trade.
[18]
Industry
Industry accounts for 26% of GDP and employs 22% of the total workforce.
[106]
According to the World
Bank, India's industrial manufacturing GDP output in 2012 was 10th largest in the world on current US
dollar basis ($239.5 billion),
[107]
and 9th largest on inflation adjusted constant 2005 US dollar basis ($197.1
billion).
[108]
The Indian industrial sector underwent significant changes as a result of the economic
liberalisation in India economic reforms of 1991, which removed import restrictions, brought in foreign
competition, led to the privatisation of certain government owned public sector industries, liberalised the
FDI regime, improved infrastructure and led to an expansion in the production of fast moving consumer
goods.
[109]
Post-liberalisation, the Indian private sector was faced with increasing domestic as well as
foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by
squeezing costs, revamping management, and relying on cheap labour and new technology. However, this
has also reduced employment generation even by smaller manufacturers who earlier relied on relatively
labour-intensive processes.
[110]
Petroleum products and chemicals
Petroleum products and chemicals are a major contributor to India's industrial GDP, and together they
contribute over 34% of its export earnings. India hosts many oil refinery and petrochemical operations,
including the world's largest refinery complex in Jamnagar that processes 1.24 million barrels of crude per
day.
[111]
By volume, Indian chemical industry was the third largest producer in Asia, and it alone
contributed 5% of its GDP. India is one of the top 5 world producers of agrochemicals, polymers and
plastics, dyes and various organic and inorganic chemicals.
[112]
Despite being a large producer and exporter
of chemicals, India is a net importer of chemicals given its domestic demand for products.
[113]
Pharmaceuticals
The Indian pharmaceutical industry has grown in recent years to become a major manufacturer of health
care products to the world. India produced about 8 per cent of global pharmaceutical supply in 2011 by
value, that included over 60,000 generic brands of medicines sold around the world.
[114]
It is one of the
fastest-growing sub-sectors of its industry and significant contributor of India's export earnings. The state of
Gujarat has become a hub for the manufacture and export of pharmaceuticals and APIs.
[115]
The industry is
expected to double from its 2012 levels to US$55 billion by 2020, according to a McKinsey report.
[116]
Engineering
Engineering industry of India is the largest sub-sector of its industry GDP and is one of three largest foreign
exchange earning sectors for the country.
[117]
It includes transport equipment, machine tools, capital goods,
transformers, switchgears, furnaces, cast and forged simple to precision parts for turbines, automobiles and
railways. The industry employs about four million workers. On value added basis, India's engineering
industry sector exported $67 billion worth of engineering goods in 2013-14 fiscal year, as well served part
of the domestic demand for engineering goods.
[118]
The engineering industry of India includes its growing car, motorcycle and scooters industry, as well as
productivity machinery such as tractors. India manufactured and assembled about 18 million passenger and
utility vehicles in 2011, of which 2.3 million were exported.
[119]
India is the world's largest producer of and
the largest market for tractors, accounting for 29% of world's tractor production in 2013.
[119][120]
India is
the 12th largest producer and 7th largest consumer of machine tools in the world.
[119]
Gems and jewelry
India is one of the world's largest diamonds and gem polishing and jewelry manufacturing center; it is also
one of the two largest consumers of gold.
[123][124]
After crude oil and petroleum products, the export and
import of gold, precious metals, precious stones, gems and jewelry accounts for the largest portion of
India's global trade. The industry contributes about 7% of India's GDP, employs millions, and is a major
source of its foreign exchange earnings.
[125]
The gems and jewellery industry, in 2013, created
251000 crore (US$42 billion) in economic output on value added basis. It is growing sector of Indian
economy, and A.T. Kearney projects it to grow to 500000 crore (US$83 billion) by 2018.
[126]
Gems and jewelry industry is an
ancient and continuing major sub-
sectors of Indian economy. Many
famous stones such as the Koh-i-noor
and Hope Diamond (above), now at
the Smithsonian, came from
India.
[121][122]
The gems and jewelry industry has been an ancient art and
continuous economic activity in India, traced over several thousand
years.
[127]
Till 18th century, India was the world's only known
major reliable source of diamond mining and its processing.
[123]
Now, South Africa and Australia are the major sources of diamonds
and precious metals, but along with Antwerp, New York, and Ramat
Gan, Indian cities such as Surat and Mumbai are the hubs of world's
jewelry polishing, cutting, precision finishing, supply and trade.
Unlike other centers, the gems and jewelry economic activity in
India is primarily artisans driven, is manual, the sector is highly
fragmented, and 96% of the industry is served by family owned
operations.
Indian gem and jewelry economy's particular strength is in precision
cutting, polishing and processing small diamonds (below one
carat).
[123]
Yet, India is also a hub for processing of larger
diamonds, pearls and other precious stones. About 11 out of 12
diamonds set in any jewellery in the world are cut and polished in
India.
[128]
It is also a major hub of gold and other precious metal-based precision jewelry industry. Its
domestic demand for gold and jewelry products is another driver of India's GDP.
[126]
Textile
Textile industry contributes about 4 per cent to the countrys GDP, 14 per cent of the industrial production,
and 17 per cent to export earnings.
[129]
India's textile industry has transformed from a declining sector to a
rapidly developing one in recent years. After freeing the industry in 20042005 from a number of
limitations, primarily financial, the government gave a green light to massive investment inflows both
domestic and foreign. During the period from 2004 to 2008, total investment into textile sector increased by
27 billion dollars. Ludhiana produces 90% of woollens in India and is known as the Manchester of India.
Tirupur has gained universal recognition as the leading source of hosiery, knitted garments, casual wear and
sportswear. Expanding textile centers such as Ichalkaranji enjoy one of the highest per capita incomes in the
country.
[130]
India's cotton farms, fiber and textile industry provides employment to 45 million people in
India,
[129]
including some child labour (1%). The sector is estimated to employ around 400,000 children
under the age of 18.
[131]
Mining
India's mining industry was the 4th largest producer of minerals in the world by volume, and 8th largest
producer by value in 2009.
[132]
In 2013, it mined and processed 89 minerals, of which 4 were fuel, 3 were
atomic energy minerals, and 80 non-fuel.
[133]
The government owned public sector accounted for 68% of
mineral produced by volume, in 2011-12.
[134]
Nearly 50% of India's mining industry, by output value, is concentrated in eight states - Odisha, Rajasthan,
Chhattisgarh, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25% of the
output by value comes from its offshore oil and gas resources.
[134]
India operated about 3,000 mines in
As of 2010, India imported about
70% of its crude oil
requirements.
[143]
Shown here is an
ONGC platform at Mumbai High in
the Arabian Sea, one of the sites of
domestic production.
2010, half of which were coal, limestone and iron ore.
[135]
On output value basis, India's was one of five
largest producers of mica, chromite, coal, lignite, iron ore, bauxite, barites, zinc, manganese; while being
one of the 10 largest global producers of many other minerals.
[132][134]
India was fourth largest producer of
steel in the world in 2013,
[136]
and seventh largest producer of aluminum.
[137]
India's mineral resources are vast.
[138]
However, its mining industry has declined - contributing 2.3% of its
GDP in 2010 compared to 3% in 2000, and employed 2.9 million people - a decreasing percentage of its
total labor. India is a net importer of many minerals including coal. India's mining sector decline is because
of complex permit, regulatory and administrative procedures that take 6 to 20 fold more time than other
mining countries such as Australia and South Africa, inadequate infrastructure, shortage of capital
resources, and slow adoption of ecologically and environmentally sustainable technologies.
[134][139]
Services
India's services sector has the largest share in the GDP, accounting for 57% in 2012, up from 15% in
1950.
[106]
It is the 12th largest in the world by nominal GDP, and fourth largest when purchasing power is
taken into account. The services sector provides employment to 27% of the work force. Information
technology and business process outsourcing are among the fastest-growing sectors, having a cumulative
growth rate of revenue 33.6% between 1997 and 1998 and 200203 and contributing to 25% of the
country's total exports in 200708.
[140]
The growth in the IT sector is attributed to increased specialisation,
and an availability of a large pool of low cost, highly skilled, educated and fluent English-speaking
workers, on the supply side, matched on the demand side by increased demand from foreign consumers
interested in India's service exports, or those looking to outsource their operations. The share of the Indian
IT industry in the country's GDP increased from 4.8% in 200506 to 7% in 2008.
[141]
In 2009, seven Indian
firms were listed among the top 15 technology outsourcing companies in the world.
[142]
Energy and power
As of 2009, India is the fourth largest producer of electricity and oil
products and the fourth largest importer of coal and crude-oil in the
world.
[144]
Coal and oil together account for 66% of the energy
consumption of India.
[145]
India's oil reserves meet 25% of the country's domestic oil
demand.
[146][147]
As of 2012, India's total proven oil reserves of
5.5 million barrels (870 million litres), while gas reserves stood at
43,800 million cubic feet (1,240 million cubic metres).
[148]
Oil and
natural gas fields are located offshore at Mumbai High, Krishna
Godavari Basin and the Cauvery Delta, and onshore mainly in the
states of Assam, Gujarat and Rajasthan.
[149]
India is the fourth
largest consumer of oil in the world and imported 726386 crore
(US$120 billion) worth of oil in 2011-12,
[150]
which had an adverse
effect on its current account deficit. The petroleum industry in India
mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan
Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil
Corporation Limited (IOCL). There are some major private Indian companies in the oil sector such as
Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.
[151]
As of December 2011, India had an installed power generation capacity of 233.929 GW as of December
2013, of which thermal power contributed 68.31%, hydroelectricity 17.05%, other sources of renewable
energy 12.59%, and nuclear power 2.04%.
[152][153]
India meets most of its domestic energy demand
through its 106 billion tonnes of coal reserves.
[154]
India is also rich in certain alternative sources of energy
with significant future potential such as solar, wind and biofuels (jatropha, sugarcane). India's dwindling
uranium reserves stagnated the growth of nuclear energy in the country for many years.
[155]
Recent
discoveries of natural uranium in Tummalapalle belt, which promises to be one of the top 20 of the world's
reserves,
[156][157][158]
and an estimated reserve of 846,477 metric tons (933,081 short tons) of
thorium
[159]
about 25% of world's reserves are expected to fuel the country's ambitious nuclear energy
program in the long-run. The Indo-US nuclear deal has also paved the way for India to import uranium
from other countries.
[160]
Infrastructure
India's infrastructure and transport sector contributes about 5% of its GDP. India has the world's second
largest road network in quantitative terms,
[161]
covering more than 4.3 million kilometers. Qualitatively,
India's roads are a mix of modern highways and narrow, unpaved roads. India also has the lowest kilometer
lane road density per 100,000 people among G-27 countries - leading to traffic congestion. It is upgrading
its infrastructure. As of May 2014, India had completed and placed in use over 22,600 kilometres of
recently built 4 or 6-lane highways connecting most of its major manufacturing, commercial and cultural
centers.
[162]
India's road infrastructure carries 60% of freight and 87% of passenger traffic.
[163]
Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers
and 7,172 stations. This government owned and operated railway network carried an average of 23 million
passengers a day, and over a billion tonnes of freight a year.
[164]
India has a coastline of 7,500 kilometers
with 13 major ports and 60 operational non-major ports, which together handle 95% of the countrys
external trade by volume and 70% by value (rest handled by air).
[165]
Nhava Sheva, Mumbai is the largest
public port, while Mundra is the largest private sea port.
[166]
The airport infrastructure of India includes 125
airports,
[167]
of which 66 airports are licensed to handle both passengers and logistics.
[168]
About 74 people out of 100 have land or wireless telephones in India, or about 927 million telephone
subscribers, two-thirds of them in urban areas.
[169]
Internet use has been growing rapidly in India, with an
estimated 243 million users in June 2014.
[170]
This is projected to grow to 330370 million users by
2016.
[171]
Retail
Retail industry contributes between 1415%
[172][173]
to 20% of India's GDP.
[174]
The Indian retail market
is estimated to be US$450 billion and one of the top five retail markets in the world by economic value.
India is one of the fastest-growing retail market in the world,
[175][176]
and is projected to reach $1.3 trillion
by 2020.
[174][177]
India's retailing industry mostly consists of the local mom and pop store, owner manned shops and street
vendors. Organised retail supermarkets are growing but small, with a market share of 4% as of 2008.
[178]
In
2012 government permitted 51% FDI in multi brand retail and 100% FDI in single brand retail. However, a
lack of back end warehouse retail infrastructure, as well as state level permits and red tape continues to
limit organized retail's growth in Indian economy.
[179]
Over thirty regulations such as "signboard licences"
and "anti-hoarding measures" have to be complied before a store can open doors. There are taxes for
moving goods from state to state, and even within states.
[178]
The lack of infrastructure and efficient retail
network, according to The Wall Street Journal, causes a third of India's agriculture produce to be lost from
spoilage.
[180]
Tourism
International and domestic tourism industry contributes more to India's GDP than its textile sector. India
attracted 6.85 million international tourist arrivals and $18.4 billion in foreign exchange earnings from
tourism receipts in 2013.
[181]
Tourism to India has seen a steady growth, year on year, from 4.45 million
arrivals in 2006 to nearly 7 million arrivals in 2013. The United States is the largest source of international
tourists to India, while European Union nations and Japan are other major sources of international
tourists.
[182][183]
Less than 10% of international tourists visit the Taj Mahal, with majority visiting other
cultural, thematic and holiday circuits.
[184]
Over 12 million Indian citizens take international trips each year
for tourism, while domestic tourism within India adds about 740 million Indian travelers.
[182]
The
combined international and domestic tourism contributed 5.92% of India's GDP, and 9.3% to its
employment in 2011.
[182][185]
India has a fast-growing medical tourism sector of its health care economy
offering low cost health and long term care.
[186][187]
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, which includes individual or family owned indigenous bankers or money lenders and non-banking
financial companies.
[188]
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.
[189]
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 8,260 in 1969 to 72,170 in 2007 and the
population covered by a branch decreased from 63,800 to 15,000 during the same period. The total bank
deposits increased from 59.1 billion (US$980 million) in 197071 to 38309.22 billion (US$640 billion)
in 200809. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in
1969 to 30,590 or 42% in 2007, only 32,270 out of 500,000 villages are covered by a scheduled
bank.
[190][191]
A map showing the global distribution of Indian exports in
2006 as a percentage of the top market (USA $20.9
billion).
India's gross domestic saving in 200607 as a percentage of GDP stood at a high 32.8%.
[192]
More than half
of personal savings are invested in physical assets such as land, houses, cattle, and gold.
[193]
The
government owned public sector banks hold over 75% of total assets of the banking industry, with the
private and foreign banks holding 18.2% and 6.5% respectively.
[194]
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.
[146][195]
External trade and investment
Global trade relations
Until the liberalisation 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, export obligations and government
approvals; these approvals were needed for
nearly 60% of new FDI in the industrial sector.
The restrictions ensured that FDI averaged only
around $200 million annually between 1985 and
1991; a large percentage of the capital flows
consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.
[196]
India's exports
were stagnant for the first 15 years after independence, due to general neglect of trade policy by the
government of that period. Imports in the same period, due to industrialisation being nascent, consisted
predominantly of machinery, raw materials and consumer goods.
[197]
Since liberalisation, the value of India's international trade has increased sharply,
[198]
with the contribution
of total trade in goods and services to the GDP rising from 16% in 199091 to 47% in 200810.
[199][200]
India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and
3.31% of imports for commercial services trade worldwide.
[200]
India's major trading partners are the
European Union, China, the United States of America and the United Arab Emirates.
[201]
In 200607,
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.
[202]
In
November 2010, exports increased 22.3% year-on-year to 850.63 billion (US$14 billion), while imports
were up 7.5% at 1251.33 billion (US$21 billion). Trade deficit for the same month dropped from
468.65 billion (US$7.8 billion) in 2009 to 400.7 billion (US$6.7 billion) in 2010.
[203]
India's exports (top) and imports, by value, in
2013-2014.
Cumulative Current Account Balance
19802008 based on IMF data
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
to trade into the WTO policies.
[204]
Balance of payments
Since
independence,
India's balance of
payments on its
current account has
been negative.
Since economic
liberalisation in the
1990s, precipitated
by a balance of
payment crisis, India's exports rose consistently, covering
80.3% of its imports in 200203, up from 66.2% in 1990
91.
[205]
However, the global economic slump followed by
a general deceleration in world trade saw the exports as a percentage of imports drop to 61.4% in 2008
09.
[206]
India's growing oil import bill is seen as the main driver behind the large current account
deficit,
[143]
which rose to $118.7 billion, or 11.11% of GDP, in 200809.
[207]
Between January and
October 2010, India imported $82.1 billion worth of crude oil.
[143]
Indian economy has run a trade deficit every year over 2002-2012 period, with a merchandise trade deficit
of US$189 billion in 2011-12.
[208]
Its trade with China has the largest deficit, about $31 billion in
2013.
[209]
India's reliance on external assistance and concessional debt has decreased since liberalisation of the
economy, and the debt service ratio decreased from 35.3% in 199091 to 4.4% in 200809.
[210]
In India,
External Commercial Borrowings (ECBs), or commercial loans from non-resident lenders, are being
permitted by the Government for providing an additional source of funds to Indian corporates. The Ministry
of Finance monitors and regulates them through ECB policy guidelines issued by the Reserve Bank of India
under the Foreign Exchange Management Act of 1999.
[211]
India's foreign exchange reserves have steadily
risen from $5.8 billion in March 1991 to $318.6 billion in December 2009.
[212]
In 2012, the United
Kingdom announced an end to all financial aid to India, citing the growth and robustness of Indian
economy.
[213][214]
Foreign direct investment
See also Foreign direct investment, India section.
Share of top five investing countries in FDI
inflows. (20002010)
[215]
Rank Country
Inflows
(million USD)
Inflows (%)
1 Mauritius 50,164 42.00
2 Singapore 11,275 9.00
3 USA 8,914 7.00
4 UK 6,158 5.00
5 Netherlands 4,968 4.00
Into India
As the third-largest economy in the world in PPP terms,
India has attracted foreign direct investment;
[216]
During the
year 2011, FDI inflow into India stood at $36.5 billion,
51.1% higher than 2010 figure of $24.15 billion. India has
strengths in telecommunication, information technology and
other significant areas such as auto components, chemicals,
apparels, pharmaceuticals, and jewellery. Despite a surge in
foreign investments, rigid FDI
[217]
policies were a
significant hindrance. Over time, India has adopted a
number of FDI reforms.
[216]
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 market.
[218]
India's liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in ventures. Industrial policy
reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and
facilitated easy access to foreign technology and foreign direct investment FDI. The upward moving growth
curve of the real-estate sector owes some credit to a booming economy and liberalised FDI regime. In
March 2005, the government amended the rules to allow 100% FDI in the construction sector, including
built-up infrastructure and construction development projects comprising housing, commercial premises,
hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.
[219]
Over 2012-14, India extended these reforms to defense, telecom, oil, retail, aviation and a number of other
sectors.
[220][221]
During 200010, the country attracted $178 billion as FDI.
[222]
The inordinately high investment from
Mauritius is due to routing of international funds through the country given significant tax advantages;
double taxation is avoided due to a tax treaty between India and Mauritius, and Mauritius is a capital gains
tax haven, effectively creating a zero-taxation FDI channel.
[223]
From India
Since 2000, Indian companies have expanded overseas, investing FDI and creating jobs outside India. Over
the 2006-2010 period, FDI by Indian companies outside India amounted to 1.34 per cent of its GDP.
[224]
Indian companies have deployed FDI and started operations in the United States,
[225]
while others have
expanded in Europe and Africa.
[226]
The Indian company Tata is United Kingdom's largest manufacturer
and private sector employer.
[227][228]
Currency
The RBI's new
headquarters in Mumbai
Year
Rupee per US$
(average annual)
1975 8.4058
1980 7.8800
1985 12.3640
1990 17.4992
1995 32.4198
2000 44.9401
2005 44.1000
2010 45.7393
2013 58.5515
The Indian rupee ( ) is the only legal tender in India, and is also accepted as
legal tender in the neighbouring Nepal and Bhutan, both of which peg their
currency to that of the Indian rupee. The rupee is divided into 100 paise. The
highest-denomination banknote is the 1,000 note; the lowest-denomination
coin in circulation is the 50 paise coin;
[229]
with effect from 30 June 2011 all
denominations below 50 paise have ceased to be legal currency.
[230][231]
India's monetary system is managed by the Reserve Bank of India (RBI), the country's central bank.
[232]
Established on 1 April 1935 and nationalised in 1949, the RBI serves as the nation's monetary authority,
regulator and supervisor of the monetary system, banker to the government, custodian of foreign exchange
reserves, and as an issuer of currency. It is governed by a central board of directors, headed by a governor
who is appointed by the Government of India.
[233]
The rupee was linked to the British pound from 1927 to 1946 and then the U.S. dollar till 1975 through a
fixed exchange rate. It was devalued in September 1975 and the system of fixed par rate was replaced with
a basket of four major international currencies the British pound, the U.S. dollar, the Japanese yen and the
Deutsche mark.
[234]
In 1991, after the collapse of its largest trading partner Soviet Union, India faced the
major foreign exchange crisis and the rupee was devalued by around 19% in two stages on 1 and 2 July. In
1992 a Liberalized Exchange Rate Mechanism LERMS- was introduced. Under LERMS exporters had to
surrender 40 percent of their foreign exchange earnings to the RBI at the RBI determined exchange rate.
The balance 60% was allowed to be converted at the market determined exchange rate. In 1994 the rupee
was convertible on the current account, with some capital controls. Reserve Bank of India intervenes in the
foreign exchange market to curb excessive volatility.
After the sharp devaluation in 1991 and transition to current account convertibility in 1994, the value of the
rupee is largely determined by the market forces. The rupee has been fairly stable during the decade 2000 to
2010. In September 2013, the rupee touched an all time low 68.27 to the U.S. dollar.
[235]
Income and consumption
Gini Index of India compared to other countries
per World Bank data tables as of 2014.
[236]
Per capita gross national income of India in
2013 compared to other countries, on
Purchasing Power Parity basis, per World Bank
data.
[244]
India's gross national income per capita had experienced high growth rates since 2002. India's Per Capita
Income has tripled from Rs. 19,040 in 200203 to Rs. 53,331 in 201011, averaging 13.7% growth over
these eight years peaking 15.6% in 201011.
[237]
However
growth in the inflation adjusted Per capita income of the
nation slowed to 5.6% in 201011, down from 6.4% in the
previous year. These consumption levels are on an
individual basis, not household.
[238]
On a household basis,
the average income in India was $6,671 per household in
2011.
[239]
Per 2011 census, India has about 330 million houses and
247 million households. The household size in India has
dropped in recent years, with 2011 census reporting 50%
of households have 4 or less members. The average per
2011 census was 4.8 members per household, and included surviving grandparents.
[240][241]
These
households produced a GDP of about $1.7 Trillion.
[242]
The household consumption patterns per 2011
census: approximately 67% of households use firewood, crop residue or cow dung cakes for cooking
purposes; 53% do not have sanitation or drainage facilities on premises; 83% have water supply within their
premises or 100 metres from their house in urban areas and 500 metres from the house in rural areas; 67%
of the households have access to electricity; 63% of households have landline or mobile telephone
connection; 43% have a television; 26% have either a two wheel (motorcycle) or four wheel (car) vehicle.
Compared to 2001, these income and consumption trends represent moderate to significant
improvements.
[240]
One report in 2010 claimed that the number of high income households has crossed
lower income households.
[243]
Poverty
The World Bank in 2010, using its older 2005
methodology, estimated about 400 million people in India,
as compared to 1.29 billion people worldwide, live on less
than $1.25 (PPP) per day. The World Bank reviewed and
proposed revisions in May 2014, to its poverty calculation
methodology and purchasing power parity basis for
measuring poverty worldwide, including India. According
to this revised methodology, the world had 872.3 million
people below the new poverty line, of which 179.6 million
people lived in India. In other words, India with 17.5% of
total world's population, had 20.6% share of world's
poorest in 2013.
[10]
According to a 2005-2006 survey,
[245]
India had about 61 million children under the age of 5 who were chronically malnourished. A 2011
UNICEF report stated that that between 1990 to 2010, India achieved a 45 percent reduction in under age 5
mortality rates, and now ranks 46 in 188 countries on this metric.
[246]
Since the early 1950s, successive governments have implemented various schemes to alleviate poverty,
under central planning, that have met with partial success.
[247]
In 2005, Indian government enacted the
Mahatma Gandhi National Rural Employment Guarantee Act, guaranteeing 100 days of minimum wage
employment to every rural household in all the districts of India.
[248]
In 2011, this Rural Employment
Guarantee programme was widely criticised as no more effective than other poverty reduction programs in
India. Despite its best intentions, MGNREGA is beset with controversy about corrupt officials, deficit
financing as the source of funds, poor quality of infrastructure built under this program, and unintended
destructive effect on poverty.
[249][250][251]
Other studies suggest that the Rural Employment Guarantee
welfare program has helped in reducing rural poverty in some cases.
[252][253]
Yet other studies report that
India's economic growth has been the driver of sustainable employment and poverty reduction, but a sizable
population remains in poverty.
[254][255]
Employment
Agricultural and allied sectors accounted for about 52.1% of the total workforce in 200910. While
agriculture employment has fallen over time in percentage of labor employed, services which includes
construction and infrastructure have seen a steady growth accounting for 20.3% of employment in 2012-
13.
[12]
Of the total workforce, 7% is in the organised sector, two-thirds of which are in the government
controlled public sector.
[256]
About 51.2% of the labor in India is self-employed.
[12]
According to 2005-06
survey, there is a gender gap in employment and salaries. In rural areas, both men and women are primarily
self-employed, mostly in agriculture. In urban areas, salaried work was the largest source of employment
for both men and women in 2006.
[257]
Unemployment in India is characterised by chronic (disguised) unemployment. Government schemes that
target eradication of both poverty and unemployment (which in recent decades has sent 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 decline in organised employment due to the decreased role of the public sector
after liberalisation has further underlined the need for focusing on better education and has also put political
pressure on further reforms.
[258][259]
India's labour regulations are heavy even by developing country
standards and analysts have urged the government to abolish or modify them in order to make the
environment more conducive for employment generation.
[260][261]
The 11th five-year plan has also
identified the need for a congenial environment to be created for employment generation, by reducing the
number of permissions and other bureaucratic clearances required.
[262]
Further, inequalities and
inadequacies in the education system have been identified as an obstacle preventing the benefits of
increased employment opportunities from reaching all sectors of society.
[263]
Child labour in India is a complex problem that is basically rooted in poverty. The Indian government has
implemented, since the 1990s, a variety of programs to eliminate child labor. These have included setting
up schools, launching free school lunch program, setting up special investigation cells and others.
[264][265]
Desai et al. state that recent studies on child labour in India have found some pockets of industries in which
children are employed, but overall, relatively few Indian children are employed. Child labor below the age
of 10 is now rare. In the 10-14 group, the latest surveys find only 2% of children working for wage, while
another 9% work within their home or rural farms assisting their parents in times of high work demand such
as sowing and harvesting of crops.
[266]
Commercial office buildings in
Gurgaon.
India has the second largest diaspora around the world, an estimated 25 million people,
[267]
many of whom
work overseas and remit funds back to their families. The Middle East region is the largest source of
employment of expat Indians. The crude oil production and infrastructure industry of Saudi Arabia employs
over 2 million expat Indians. Cities such as Dubai and Abu Dhabi in United Arab Emirates alone have
employed another 2 million Indian construction workers during its construction boom in recent
decades.
[268]
In 200910, remittances from Indian migrants overseas stood at 2500 billion (US$42 billion),
the highest in the world, but their share in FDI remained low at around 1%.
[269]
Economic trends and issues
With 1.2 billion people and the worlds fourth-largest
economy, Indias recent growth and development has
been one of the most significant achievements of our
times. Over the six and half decades since independence,
the country has brought about a landmark agricultural
revolution that has transformed the nation from chronic
dependence on grain imports into a global agricultural
powerhouse that is now a net exporter of food. Life
expectancy has more than doubled, literacy rates have
quadrupled, health conditions have improved. India will
soon have the largest and youngest workforce the world
has ever seen. At the same time, the country is in the
midst of a massive wave of urbanization as some 10
million people move to towns and cities each year in
search of jobs and opportunity. It is the largest rural-
urban migration of this century. Massive investments will
be needed to create the jobs, housing, and infrastructure
to meet soaring aspirations and make towns and cities
more livable and green.
World Bank: "India Country Overview 2013"
[270]
Agriculture
Agriculture is an important part of Indian economy. In 2008, a New York Times article claimed, with the
right technology and policies, India could contribute to feeding not just itself but the world. However,
agricultural output of India lags far behind its potential.
[271]
The low productivity in India is a result of
several factors. According to the World Bank, India's large agricultural subsidies are distorting what
farmers grow and they are hampering productivity-enhancing investment. While overregulation of
agriculture has increased costs, price risks and uncertainty, governmental intervention in labour, land, and
credit markets are hurting the market. Infrastructure such as rural roads, electricity, ports, food storage,
retail markets and services are inadequate.
[272]
Further, the average size of land holdings is very small, with
70% of holdings being less than one hectare in size.
[273]
Irrigation facilities are inadequate, as revealed by
Perception of corruption index for India
compared to other countries, 2010.
the fact that only 39% of the total cultivable land was irrigated as of 2010,
[102]
resulting in farmers still
being dependent on rainfall, specifically the monsoon season, which is often inconsistent and unevenly
distributed across the country.
[274]
Farmer incomes are low also in part because of lack of food storage and
distribution infrastructure. A third of India's agriculture produce is lost from spoilage.
[180]
Corruption
Corruption has been one of the pervasive problems affecting
India. A 2005 study by Transparency International (TI) found
that more than half of those surveyed had firsthand experience
of paying bribe or peddling influence to get a job done in a
public office in the previous year.
[275]
A follow-on 2008 TI
study found this rate to be 40 percent.
[276]
In 2011,
Transparency International ranked India at 95th place amongst
183 countries in perceived levels of public sector
corruption.
[277]
In 1996, red tape, bureaucracy and the Licence Raj were
suggested as a cause for the institutionalised corruption and inefficiency.
[278]
More recent
reports
[279][280][281]
suggest the causes of corruption in India include excessive regulations and approval
requirements, mandated spending programs, monopoly of certain goods and service providers by
government controlled institutions, bureaucracy with discretionary powers, and lack of transparent laws and
processes.
The Right to Information Act (2005) which requires 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 and opened up avenues
to redress grievances.
[275]
In 2011, the Indian government concluded that most spending fails to reach its intended recipients. A large,
cumbersome and tumor-like bureaucracy sponges up or siphons off spending budgets.
[282]
India's absence
rates are one of the worst in the world; one study found that 25% of public sector teachers and 40% of
government owned public sector medical workers could not be found at the workplace.
[283][284]
Similarly,
there are many issues facing Indian scientists, with demands for transparency, a meritocratic system, and an
overhaul of the bureaucratic agencies that oversee science and technology.
[285]
The Indian economy has an underground economy, with a 2006 report alleging that the Swiss Bankers
Association suggested India topped the worldwide list for black money with almost $1,456 billion stashed
in Swiss banks. This amounts to 13 times the country's total external debt.
[286][287]
These allegations have
been denied by Swiss Banking Association. James Nason, the Head of International Communications for
Swiss Banking Association, suggests "The (black money) figures were rapidly picked up in the Indian
media and in Indian opposition circles, and circulated as gospel truth. However, this story was a complete
fabrication. The Swiss Bankers Association never published such a report. Anyone claiming to have such
figures (for India) should be forced to identify their source and explain the methodology used to produce
them."
[288][289]
Economic disparities among the States and
Union Territories of India, on GDP per
capita, PPP basis in 2011.
Education
India has made huge progress in terms of increasing primary education attendance rate and expanding
literacy to approximately three-fourths of the population.
[290]
India's literacy rate had grown from 52.2% in
1991 to 74.04% in 2011. The right to education at elementary level has been made one of the fundamental
rights under the eighty-sixth Amendment of 2002, and legislation has been enacted to further the objective
of providing free education to all children.
[291]
However, the literacy rate of 74% is still lower than the
worldwide average and the country suffers from a high dropout rate.
[292]
Further, the literacy rates and
educational opportunities vary by region, gender, urban and rural areas, and among different social
groups.
[293][294]
Economic disparities
Poverty rates in Indias poorest states are three to
four times higher than those in the more advanced
states. While Indias average annual per capita
income was $1,410 in 2011 placing it among the
poorest of the worlds middle-income countries it
was just $436 in Uttar Pradesh (which has more
people than Brazil) and only $294 in Bihar, one of
Indias poorest states.
World Bank: India Country Overview 2013
[270]
A critical problem facing India's economy is the sharp and
growing regional variations among India's different states and
territories in terms of poverty, availability of infrastructure
and socio-economic development.
[295]
Six low-income states
Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha
and Uttar Pradesh are home to more than one-third of India's
population.
[296]
Severe disparities exist among states in terms
of income, literacy rates, life expectancy and living conditions.
[297]
The five-year plans, especially in the pre-liberalisation era, attempted to reduce regional disparities by
encouraging industrial development in the interior regions and distributing industries across states, but the
results have not been very encouraging since these measures in fact increased inefficiency and hampered
effective industrial growth.
[298]
After liberalisation, the more advanced states have been better placed to
benefit from them, with well-developed infrastructure and an educated and skilled workforce, which attract
the manufacturing and service sectors. The governments of backward regions are trying to reduce
disparities by offering tax holidays and cheap land, and focusing more on sectors like tourism which,
although being geographically and historically determined, can become a source of growth and develops
faster than other sectors.
[299][300]
India's income Gini coefficient is 33.9, according to The World Bank,
indicating overall income distribution to be more uniform than East Asia, Latin America and Africa that
have higher Gini coefficients.
[11]
There is a continuing debate on whether India's economic expansion has been pro-poor or anti-poor.
[301]
Studies suggest that the economic growth has been pro-poor and has reduced poverty in India.
[301][302]
Insurance
Life Insurance
There are 23 private-sector firms providing life insurance, who have commenced operations over the period
200010. The industry which reported in annual growth rate of 19.8% during the period 199697 to 2000
01 has, post opening up the sector reported in an annual growth rate of 23.4% during 200102 to 201011.
There has been an average growth of 34% in the first premium in the insurance sector between 2001 and
2002 and 201011. The life insurers underwrote new business of Rs 1,26,381 crore during financial year
201011 as against Rs 1,09,894 crore during the year 200910, recording a growth of 15%. Of the new
business premium underwritten, LIC accounted Rs 87012.65 crore (68.9% market share). The market share
of these insurers was 65.1% and 34.9% respectively in the corresponding period 200910.
Other Insurance
The industry which reported a growth rate of around 10 percent during the period 199697 to 200010 has,
post opening up the sector, reported average annual growth of 15.85% over the period 200102 to 201011.
In addition, the specialized insurers Export Credit Guarantee Corporation and Agriculture Insurance
Company (AIC) are offering credit guarantee and corp insurance respectively. AIC, which has initially
offering coverage under the National Agriculture Insurance Company (NAIS), has now started providing
crop insurance cover on commercial line as well. It has introduced several innovative products such as
weather insurance and specific crop related products. The premium underwritten by the non life insurers
during 201011 was Rs 42,576 crore as against Rs 34,620 crore in 200910. The growth was satisfactory,
particularly in the view of the across the broad cuts in the tariff rates. The private insurers underwrote
premium of Rs 17,424 crore as against rs Rs 13,977 crore in 200910. The public sector insurers on the
other hand, underwrote a premium of Rs 25,151.8 in 201011 as against Rs 20,643.5 crore in 200910, i.e.
a growth of 21.8% as against 14.5% in 200910.
Market Penetration
The Indian insurance business has in the past remained under developed with low levels of insurance
penetration. Post liberalization sector has succeeded in raising the levels of insurance penetration from 2.3
(life 1.8 and non life 0.7) in 2000 to 5.1 (life 4.4 and non life 0.7) in 2010.
Security Markets
The development of Indian security markets began with launch of Bombay Stock Exchange (BSE),
Mumbai in July 1875 and Ahmedabad Stock exchange in 1894 and 22 other exchange in various cities over
the years. In 2014, India's stock exchange market became the 10th largest in the world by market
capitalization, just above those of South Korea and Australia.
[303]
India's two major stock exchanges, BSE
and National Stock Exchange of India, had a market capitalization of US$1.4997 trillion and US$1.4722
trillion respectively as of June 2014, according to World Federation of Exchanges.
[304]
The Initial Public Offering (IPO) market in India has been small compared to NYSE and NASDAQ, raising
US$300 million in 2013 and US$1.4 billion in 2012. Ernst and Young states
[305]
that the low IPO activity
reflects market conditions as well as slow government approval process and complex regulations. Before
2013, Indian companies were not allowed to list their securities internationally without first completing an
IPO in India. In 2013, these security laws were reformed and Indian companies can now choose where they
want to list first - overseas, domestically, or concurrently.
[306]
Further, security laws have been revised to
ease overseas listings of already listed companies, to increase liquidity for private equity and international
investors in Indian companies.
[305]
See also
Economic Advisory Council
Economic development in India
Events:
Late-2000s recession
Oil price increases since 2003
Lists:
List of companies of India
List of the largest trading partners of India
Income in India
Trade unions in India
Economic history of India
Minerals in India
Notes
1. ^
a

b
"Information About Maharashtra, Industries, Economy, Exports of Maharashtra"
(http://www.ibef.org/states/maharashtra.aspx). ibef.org. Retrieved 2014-04-12.
2. ^
a

b
SUDALAIMUTHU, S.; RAJ, S.A. (2009). Logistics Management for International Business: Text and
Cases (http://books.google.co.in/books?id=NG2TjfQF6zEC). PHI Learning. ISBN 9788120337923.
3. ^
a

b

c

d

e
"India" (http://www.imf.org/external/pubs/ft/weo/2014/01/weodata/weorept.aspx?
pr.x=79&pr.y=7&sy=2012&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&c=534&s=NGDPD%2CNG
DPDPC%2CPPPGDP%2CPPPPC&grp=0&a=). International Monetary Fund. Retrieved 2014-04-08.
4. ^ http://www.nytimes.com/2014/08/30/business/international/indian-economy-grows-57-its-fastest-pace-in-
more-than-2-years.html?_r=0. Missing or empty |title= (help)
more-than-2-years.html?_r=0. Missing or empty |title= (help)
5. ^
a

b
Agriculture's share in GDP declines to 13.7% in 2012-13
(http://articles.economictimes.indiatimes.com/2013-08-30/news/41618996_1_gdp-foodgrains-allied-sectors) The
Economic Times (30 August 2013)
6. ^
a

b
India's Fiscal Budget 2012-13 (http://indiabudget.nic.in/es2012-13/echap-10.pdf) Chapter 10, Government
of India (February 2014)
7. ^ "Easing inflation helps Sensex rise 173 points, the most in a month"
(http://timesofindia.indiatimes.com/business/india-business/Easing-inflation-helps-Sensex-rise-173-points-the-
most-in-a-month/articleshow/30400761.cms). The Times of India. 14 February 2014. Retrieved 2014-02-15.
8. ^ "30% of India is poor, says Rangarajan panel's new poverty line formula" (http://www.firstpost.com/india/30-
of-india-is-poor-says-rangarajan-panels-new-poverty-line-formula-1606187.html). The First Post. 7 July 2014.
Retrieved 2014-07-07.
"India has 100 million more poor: C Rangarajan Committee"
(http://articles.economictimes.indiatimes.com/2014-07-07/news/51133608_1_poverty-line-consumption-
expenditure-tendulkar-committee). The Economic Times. 7 July 2014. Retrieved 2014-07-07.
9. ^ "Number and Percentage of Population Below Poverty Line (see 3rd of 3 tables)"
(http://www.rbi.org.in/scripts/PublicationsView.aspx?id=15283). Reserve Bank of India. 2012. Retrieved 17
July 2014.
10. ^
a

b
Shawn Donnan, World Bank eyes biggest global poverty line increase in decades
(http://www.ft.com/intl/cms/s/0/091808e0-d6da-11e3-b95e-00144feabdc0.html#axzz34f4iVmaC) The Financial
Times (9 May 2014)
Chandy and Kharas, What Do New Price Data Mean for the Goal of Ending Extreme Poverty?
(http://www.brookings.edu/blogs/up-front/posts/2014/05/05-data-extreme-poverty-chandy-kharas)
Brookings Institute, Washington D.C. (May 2014)
11. ^
a

b
GINI index (http://data.worldbank.org/indicator/SI.POV.GINI) World Bank (2009-2012)
12. ^
a

b

c

d
"Report on Employment & Unemployment Survey (201213)"
(http://labourbureau.nic.in/EUS_2012_13_Vol_1.pdf). Bureau of Labour Statistics, Indian Government. January
2014. Retrieved 2014-07-25.
13. ^
a

b
ND Shiva Kumar (23 June 2013). "Unemployment rate increases in India"
(http://www.webcitation.org/6RKgcthkB). The Times of India. Retrieved 23 May 2014.
14. ^ International Labor Comparisons - India (http://www.bls.gov/fls/india.htm) Average Salary Tables, Bureau of
Labor Statistics, US Government (2012)
15. ^ GNI per capita, Atlas method (current US$)
(http://data.worldbank.org/indicator/NY.GNP.PCAP.CD/countries) World Bank (2014)
16. ^ Table 3.4, World Consumer Income and Expenditure Patterns - Annual Household Income
(http://www.euromonitor.com/medialibrary/PDF/Book_WCIEP0.pdf) Euro Monitor International (2013), pp 45
17. ^ GDP of India and major Sectors of Economy (http://data.gov.in/catalog/gdp-india-and-major-sectors-
economy-share-each-sector-gdp-and-growth-rate-gdp-and-other#web_catalog_tabs_block_10) Government of
India (2013)
18. ^
a

b

c

d
Foreign Trade Performance of India Annual Report (http://www.dgciskol.nic.in/) Directorate General of
Commercial Intelligence and Statistics, Ministry of Commerce and Industry, Government of India (2012)
19. ^ "Doing Business in India 2014" (http://www.doingbusiness.org/data/exploreeconomies/india/). World Bank.
19. ^ "Doing Business in India 2014" (http://www.doingbusiness.org/data/exploreeconomies/india/). World Bank.
20. ^
a

b

c

d
Trade Profile - India (http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?
Country=IN&Language=F) World Trade Organization (2013)
21. ^
a

b
India's definition of engineering goods includes metal products, industrial machinery and equipment, auto
and its components, and transport equipment
22. ^ World Investment Report 2014 (http://unctad.org/en/PublicationsLibrary/wir2014_en.pdf) UNCTAD - United
Nations Conference on Trade and Development (February 2014), page 206
23. ^ World Economic Outlook Database, October 2012
(http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/weorept.aspx?
sy=2010&ey=2017&scsm=1&ssd=1&sort=country&ds=.&br=1&c=534&s=NGDP_RPCH%2CNGDPD%2CG
GXWDG_NGDP&grp=0&a=&pr.x=45&pr.y=12)
24. ^ India 2014 Article IV Consultation - Country Report 14/57
(http://www.imf.org/external/pubs/ft/scr/2014/cr1457.pdf) International Monetary Fund, page 6 (February 2014)
25. ^ "Net official development assistance received (current US$)"
(http://data.worldbank.org/indicator/DT.ODA.ODAT.CD). World Bank. Retrieved 2011-03-19.
26. ^ "Sovereigns rating list" (http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu?
sectorName=null&subSectorCode=39&filter=I). Standard & Poor's. Retrieved 26 May 2011.
27. ^ http://in.reuters.com/article/2014/07/11/india-rbi-forexreserve-idINKBN0FG1AE20140711
28. ^ World Trade Organization, World Trade Report 2013
(http://www.wto.org/english/res_e/booksp_e/world_trade_report13_e.pdf), Geneva, ISBN 978-92-870-3859-3
29. ^ Modest trade growth anticipated for 2014 and 2015 following two year slump
(http://www.wto.org/english/news_e/pres14_e/pr721_e.htm) World Trade Organization (14 April 2014)
30. ^ RBI governor Raghuram Rajan meets Narendra Modi
(http://www.livemint.com/Politics/Jh1N8RUWG7J5BKZfTSyYZO/RBI-governor-Raghuram-Rajan-meets-
Narendra-Modi.html) LiveMint (1 June 2014)
31. ^ "IMF sticks to 5.4% growth rate for India, cuts global forecast"
(http://www.livemint.com/Politics/ripzOC6NKyshljPse0tZdO/IMF-sticks-to-54-growth-rate-for-India-cuts-
global-foreca.html). LiveMint. Retrieved 31 July 2014.
32. ^ The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4 (Jul.Aug. 2006), p. 4: "Father and
daughter shackled the energies of the Indian people under a mixed economy that combined the worst features of
capitalism and socialism. Their model was inward-looking and importsubstituting rather than an outward-
looking and export-promoting, and it denied India a share in the prosperity that a massive expansion in global
trade brought in the post-World War II era."
33. ^ List of Tables (http://www.wto.org/english/res_e/statis_e/its2013_e/its13_world_trade_dev_e.pdf), World
Trade, WTO Geneva, pp 22-23
34. ^ The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4 (Jul.Aug. 2006), p. 4: "But even
this system could have delivered more had it been better implemented. It did not have to degenerate into a
'license-permit-quota raj'... "
35. ^ "India's surprising economic miracle" (http://www.economist.com/node/17147648?
story_id=17147648&fsrc=rss). The Economist. 30 September 2010. Retrieved 2010-09-30.
36. ^ "Maharashtra Maharashtra Economic Development Council" (http://www.medcindia.com/maharashtra/).
36. ^ "Maharashtra Maharashtra Economic Development Council" (http://www.medcindia.com/maharashtra/).
medcindia.com. Retrieved 2014-04-12.
37. ^
a

b
"Economic survey of India 2007: Policy Brief" (http://www.oecd.org/dataoecd/17/52/39452196.pdf) (PDF).
OECD. Retrieved 2009-06-21.
38. ^
a

b
ref name="potential">"India's Rising Growth Potential"
(http://www.usindiafriendship.net/viewpoints1/Indias_Rising_Growth_Potential.pdf) (PDF). Goldman Sachs.
2007. Retrieved 2009-06-21.
39. ^ Economic Survey 2010, pp. 12.
40. ^ Inflation, consumer prices (annual %) (http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG) The World
Bank (2014)
41. ^ Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14-303103-1.
42. ^ Donkin, Robin A. (August 2003). Between East and West: The Moluccas and the Traffic in Spices Up to the
Arrival of Europeans. Diane Publishing Company. ISBN 0-87169-248-1.
43. ^ Raychaudhuri & Habib 2004, pp. 1718
45. ^ Jonas Hanway (1753), An Historical Account of the British Trade Over the Caspian Sea
(http://books.google.com/books?id=etApAAAAYAAJ), Sold by Mr. Dodsley, "... The Persians have very little
maritime strength ... their ship carpenters on the Caspian were mostly Indians ... there is a little temple, in which
the Indians now worship"
46. ^ Stephen Frederic Dale (2002), Indian Merchants and Eurasian Trade, 16001750
(http://books.google.com/books?id=GqEWw_54uVUC), Cambridge University Press, ISBN 0-521-52597-7,
"... The Russian merchant, F.A. Kotov ... saw in Isfahan in 1623, both Hindus and Muslims, as Multanis."
47. ^ Scott Cameron Levi (2002), The Indian diaspora in Central Asia and its trade, 15501900
(http://books.google.com/books?id=9qVkNBge8mIC), BRILL, ISBN 90-04-12320-2, "... George Forster ... On
the 31st of March, I visited the Atashghah, or place of fire; and on making myself known to the Hindoo
mendicants, who resided there, I was received among these sons of Brihma as a brother"
48. ^ J. Villotte (1730). Voyage d'un missionnaire de la Compagnie de Jsus en Turquie, en Perse, en Armnie, en
Arabie et en Barbarie, Paris (http://books.google.com/books?
id=MQsPAAAAQAAJ&printsec=frontcover&dq=Voyage+d%25E2%2580%2599un+missionnaire+de+la+Com
pagnie+de+J%25C3%25A9sus+en+Turquie&source=bl&ots=BBnluidwBi&sig=fnBZSnJwTj1BgKN-
e8TtdImCI_I&hl=ru&ei=Ce9XTYCiL4O88gaKoKCZBw&sa=X&oi=book_result&ct=r).
49. ^ Abraham Valentine Williams Jackson (1911), From Constantinople to the home of Omar Khayyam: travels in
Transcaucasia and northern Persia for historic and literary research (http://books.google.com/books?
id=Z4aBAAAAIAAJ), The Macmillan company
50. ^ George Forster (1798), A journey from Bengal to England: through the northern part of India, Kashmire,
Afghanistan, and Persia, and into Russia, by the Caspian-Sea (http://books.google.com/books?
id=CSkQAAAAYAAJ), R. Faulder, "... A society of Moultan Hindoos, which has long been established in Baku,
contributes largely to the circulation of its commerce; and with the Armenians they may be accounted the
principal merchants of Shirwan ..."
51. ^ James Justinian Morier (1818), A Second Journey through Persia, Armenia, and Asia Minor, to
Constantinople, between the Years 1810 and 1816 (http://books.google.com/books?id=VjdtPAAACAAJ), A.
Strahan
52. ^ United States Bureau of Foreign Commerce (1887), Reports from the consuls of the United States, 1887
52. ^ United States Bureau of Foreign Commerce (1887), Reports from the consuls of the United States, 1887
(http://books.google.com/books?id=KBASAAAAYAAJ), United States Government, "... Six or 7 miles
southeast is Surakhani, the location of a very ancient monastery of the fire-worshippers of India ..."
54. ^ Datt & Sundharam 2009, p. 14
55. ^ Sean Harkin (19 April 2012). "Will China really dominate" (http://www.worldfinance.com/columnists/will-
china-really-dominate). World Finance.
57. ^ Kumar 2005, p. 3
58. ^ Kumar 2005, pp. 58
59. ^ Kumar 2005, p. 26
60. ^ "Of Oxford, economics, empire, and freedom"
(http://www.hindu.com/2005/07/10/stories/2005071002301000.htm). The Hindu (Chennai). 2 October 2005.
61. ^ Roy 2006, pp. 158160
62. ^ Kumar 2005, pp. 538540
63. ^ Kumar 2005, pp. 826827
64. ^ Kumar 2005, pp. 876877
65. ^ Maddison A (2007), Contours of the World Economy I-2030AD, Oxford University Press, ISBN 978-
0199227204. The data tables from this book are available online here
(http://www.ggdc.net/maddison/oriindex.htm)
66. ^ Kumar 2005, p. 422
67. ^ Roy 2006, pp. 291292
68. ^ Roy 2006, p. 1
69. ^
a

b
Datt & Sundharam 2009, p. 179
70. ^ Kumar 2005, p. 519
71. ^ Kumar 2005, pp. 520521
72. ^ Roy 2006, pp. 2224
73. ^ Panagariya 2008, pp. 3132
74. ^ Panagariya 2008, p. 24
75. ^ Sam Staley (2006). "The Rise and Fall of Indian Socialism: Why India embraced economic reform"
(http://www.reason.com/news/show/36682.html). Reason. Retrieved 2011-01-17.
76. ^
a

b
Gurcharan Das (2002). India Unbound. Anchor Books. pp. 167174. ISBN 978-0-385-72074-8.
77. ^ Datt & Sundharam 2009, pp. 185187
78. ^ Cameron, John; Ndhlovu, P Tidings (September 2001). "Cultural Influences on Economic Thought in India:
Resistance to diffusion of neo-classical economics and the principles of Hinduism"
(http://web.archive.org/web/20060823161225/http://www.economicissues.org/archive/pdfs/5v6p2.PDF) (PDF).
Economic Issues 6 (2). Archived from the original (http://www.economicissues.org/archive/pdfs/5v6p2.PDF) on
23 August 2006. Retrieved 2011-01-17.
79. ^ Subroto Roy (22 September 1998). "Milton Friedman on the Nehru/Mahalanobis Plan"
(http://www.indiapolicy.org/debate/Notes/fried_opinion.html). India Policy Institute. Retrieved 2005-07-16.
80. ^ Panagariya 2008, pp. 67
80. ^ Panagariya 2008, pp. 67
81. ^ Salil Tripathi (13 June 2006). "Escaping the 'Hindu rate of growth' "
(http://www.guardian.co.uk/commentisfree/2006/jun/13/escapingthehindurateofgro). The Guardian (London).
83. ^ Datt & Sundharam 2009, p. 507
84. ^ Ghosh, Arunabha (1 June 2004). "India's pathway through economic crisis(which makes failer of mixed
economy)" (http://www.globaleconomicgovernance.org/wp-content/uploads/Ghosh%20-%20India.pdf) (PDF).
GEG Working Paper 2004/06. Global Economic Governance Programme. Retrieved 2009-12-12.
85. ^ Task Force Report 2006, p. 7.
86. ^ Task Force Report 2006, pp. 78.
87. ^ "That old Gandhi magic" (http://www.economist.com/world/asia/displaystory.cfm?story_id=107076). The
Economist. 27 November 1997. Retrieved 2011-01-17.
88. ^ Kumar 2005, p. 1037
90. ^ S. Venkitaramanan (10 February 2003). "Moody's upgrade Uplifts the mood but raises questions"
(http://www.thehindubusinessline.in/2003/02/10/stories/2003021000040900.htm). Business Line. Retrieved
2011-01-17.
91. ^ http://www.un.org/en/development/desa/policy/wesp/wesp_archive/2010annex.pdf
92. ^ Wilson, Dominic; Purushothaman, Roopa (1 October 2003). "DreamingWith BRICs: The Path to 2050"
(http://www2.goldmansachs.com/insight/research/reports/99.pdf) (PDF). Global economics paper No. 99.
Goldman Sachs. Retrieved 2007-10-04.
93. ^ Grammaticas, Damian (24 January 2007). "Indian economy 'to overtake UK' "
(http://news.bbc.co.uk/1/hi/world/south_asia/6294409.stm). BBC News. Retrieved 2007-01-26.
94. ^ GDP growth in 2012-13 worse than expected
(http://www.livemint.com/Politics/burPSwwZ4JstNqkBGGWXCP/Economy-grows-45-in-fiscal-2013.html)
LiveMint and The Wall Street Journal (31 January 2014)
95. ^ Ease of Doing Business Indices (http://www.doingbusiness.org/rankings), World Bank (June 2013)
96. ^ Employment across various sectors (http://planningcommission.nic.in/data/datatable/0306/table%20116.pdf),
NSSO 66th Nationwide Survey, Planning Commission, Government of India (June 3, 2014), pp 116
97. ^ Indian Economy (http://indiainbusiness.nic.in/newdesign/index.php?param=advantage/163) Government of
India (2013)
98. ^ Employment across various sectors (http://planningcommission.nic.in/data/datatable/0306/table%20116.pdf),
NSSO 66th Nationwide Survey, Planning Commission, Government of India (3 June 2014)
99. ^ Economic Survey 2010, p. 180.
101. ^ "India Land and Water Resources at a glance" (http://cwc.gov.in/main/webpages/statistics.html#2). Central
Water Commission, Government of India. Retrieved 2010-11-18.
102. ^
a

b
"State-Wise Details of Net Irrigated Area (NIA), Net Sown Area (NSA) And Percentage of NIA To NSA"
(http://mowr.gov.in/writereaddata/linkimages/statewiseirrigated2079753822.pdf). Ministry of Water Resources,
Government of India. Retrieved 2010-11-18.
103. ^ "Diversify fishing methods, says Pawar" (http://www.hindu.com/2008/01/05/stories/2008010552830300.htm).
The Hindu (Chennai). 5 January 2008. Retrieved 2008-11-03.
The Hindu (Chennai). 5 January 2008. Retrieved 2008-11-03.
104. ^
a

b
"India's Position in World Agriculture" (http://dacnet.nic.in/eands/At_Glance_2010/7.3.xls). Agricultural
Statistics at a Glance 2010. Ministry of Agriculture, Government of India. Retrieved 2010-11-18.
105. ^ "Major Food And Agricultural Commodities And Producers Countries By Commodity"
(http://www.fao.org/es/ess/top/commodity.html?lang=en&item=1185&year=2005). FAO. Retrieved 2009-12-12.
106. ^
a

b
"India All Economic Indicators on Quandl" (http://www.quandl.com/economics/india-all-economic-
indicators#Productive+Sectors). Retrieved 2013-10-08.
107. ^ GDP and its breakdown at current prices in US Dollars (http://unstats.un.org/unsd/snaama/dnlList.asp) United
Nations Statistics Division (2013)
108. ^ GDP and its breakdown at constant 2005 prices in US Dollars (http://unstats.un.org/unsd/snaama/dnlList.asp)
United Nations Statistics Division (2013)
110. ^ Kumar 2005, pp. 10401041
111. ^ Top ten large oil refineries (http://www.hydrocarbons-technology.com/features/feature-top-ten-largest-oil-
refineries-world/) Hydrocarbon Technologies (September 2013)
112. ^ Indian Chemical Industry (http://www.ibef.org/download/Chemicals-March-220313.pdf) IBEF, Ministry of
Commerce and Industry, Government of India (March 2013)
113. ^ Indian Chemical Industry (http://www.ibef.org/download/chemicals-august-2013.pdf) IBEF, Ministry of
Commerce and Industry, Government of India (August 2013)
114. ^ Indian Pharmaceutical Industry (http://www.ibef.org/download/Pharmaceuticals-March-220313.pdf) IBEF,
Ministry of Commerce and Industry, Government of India (2013)
115. ^ Gujarat Pharma Industry (http://www.in.kpmg.com/pdf/gujarat-pharma08.pdf) KPMG (2010)
116. ^ Indian Pharmaceutical Industry (http://www.ibef.org/industry/pharmaceutical-india.aspx) IBEF, Ministry of
Commerce and Industry, Government of India (2013)
117. ^ Engineering industry of India (http://www.ibef.org/industry/engineering-india.aspx) IBEF, Ministry of
Commerce and Industry, Government of India (April 2014)
118. ^ Making a case for higher engineering exports (http://www.financialexpress.com/news/making-a-case-for-
higher-engineering-exports/1273068) The Financial Express (24 July 2014)
119. ^
a

b

c
Engineering industry of India
(http://www.ct.camcom.gov.it/documenti/internazionalizzazione/consorzio/ENGINEERING_INDUSTRY_IN_I
NDIA.pdf) MECCANICA AND BENI STRUMENTALI, Government of Italy (2013)
120. ^ Global Tractor Market Analysis Available to AEM Members from Agrievolution Alliance
(http://www.aem.org/News/Advisors/AEM/?
HL=Global_Tractor_Market_Analysis_Available_to_AEM_Members_from_Agrievolution_Alliance&A=1292)
Association of Equipment Manufacturers, Milwaukee, Wisconsin, USA (2014)
121. ^ India Before Europe, C.E.B. Asher and C. Talbot, Cambridge University Press, 2006, ISBN 0-521-80904-5, p.
40
122. ^ A History of India, Hermann Kulke and Dietmar Rothermund, Edition: 3, Routledge, 1998, p. 160; ISBN 0-
415-15482-0
123. ^
a

b

c
India's gem and Jewelry Sector (https://www.dnb.co.in/IndianGemsandJewellerySector/Overview.asp)
Dun and Bradstreet (2012)
124. ^ Consumer demand for gold up 53% in Q2 2013 led by strong growth in China and India
124. ^ Consumer demand for gold up 53% in Q2 2013 led by strong growth in China and India
(http://www.gold.org/news-and-events/press-releases/consumer-demand-gold-53-q2-2013-led-strong-growth-
china-and-india) World Gold Council (August 2013)
125. ^ Gems and Jewelry Industry in India (http://www.ibef.org/industry/gems-jewellery-india.aspx) IBEF, Ministry
of Commerce and Industry, Government of India (2013)
126. ^
a

b
All that glitters is Gold: India Jewellery Review 2013 (http://www.ficci.com/spdocument/20332/India-
Jewellery-Review-2013.pdf) A.T. Kearny (2014)
127. ^ Oppi Untracht (1997), Traditional jewelry of India, ISBN 978-0810938861, pp 1-23
128. ^ Indian diamond cutting and polishing sector (http://www.rough-polished.com/en/analytics/77889.html) Rough
and Polished (6 March 2013)
129. ^
a

b
"Textile Industry in India, Indian Textile Industry, Garment Industry"
(http://www.ibef.org/industry/textiles.aspx). IBEF, Govt of India. Retrieved 2014-04-12.
130. ^ "Helping Tirupur emerge as a leader in knitwear exports in India"
(http://www.hindu.com/2007/06/11/stories/2007061110090500.htm). The Hindu (Chennai). 11 June 2007.
131. ^ Neal, John (23 February 2014). "The task of protecting India's child cotton pickers"
(http://www.bbc.co.uk/news/business-26294513). www.bbc.co.uk. The BBC. Retrieved 23 February 2014.
132. ^
a

b
Mining (http://mospi.nic.in/Mospi_New/upload/SYB2014/CH-15-MINING/Mining.pdf) Chapter 15,
Ministry of Statistics and Programme Implementation, Govt of India (2011)
133. ^ Emerging economies and Indias mining industry (http://www.ey.com/IN/en/Industries/Mining---Metals/EY-
emerging-economies-and-Indias-mining-industry) Ernst & Young (2014)
134. ^
a

b

c

d
Development of Indian Mining Industry (http://www.ficci.com/spdocument/20317/Mining-Industry.pdf)
FICCI (2012), pp 12-14
135. ^ Mining (http://mospi.nic.in/Mospi_New/upload/SYB2014/CH-15-MINING/Mining.pdf) Chapter 15, Ministry
of Statistics and Programme Implementation, Govt of India (2011), pp 205
136. ^ World Steel Figures in 2013 (https://www.worldsteel.org/dms/internetDocumentList/bookshop/Word-Steel-in-
Figures-2013/document/World%20Steel%20in%20Figures%202013.pdf) World Steel Association (2014), pp 9
137. ^ Aluminum (http://minerals.usgs.gov/minerals/pubs/commodity/aluminum/mcs-2014-alumi.pdf) USGS, U.S.
Government (2014)
138. ^ Mines (http://business.gov.in/Industry_services/mines.php) Business Knowledge Resources, Government of
India (2013)
139. ^ Unlocking the Potential of the Indian Minerals Sector
(http://mines.nic.in/writereaddata%5CContentlinks%5C9eeb6e3b6113423586029ee88e1f4b36.pdf) Ministry of
Mines, Govt of India (November 2011)
141. ^ Sramana Mitra (29 February 2008). "The Coming Death of Indian Outsourcing"
(http://www.forbes.com/home/enterprisetech/2008/02/29/mitra-india-outsourcing-tech-enter-
cx_sm_0229outsource.html). Forbes. Retrieved 2010-01-10.
142. ^ Niraj Sheth (28 May 2009). "Outlook for Outsourcing"
(http://online.wsj.com/article/SB124344190542659025.html#project%3DOUTSOURCING09%26articleTabs%3
Dinteractive). The Wall Street Journal. Retrieved 2010-04-05.
143. ^
a

b

c
V. Ramakrishnan (7 December 2010). "Rupee Rally Falters as Oil Rises to Two-Year High"
(http://www.businessweek.com/news/2010-12-07/rupee-rally-falters-as-oil-rises-to-two-year-high-india-
credit.html). BusinessWeek. Retrieved 2011-01-11.
144. ^ "2011 Key World Energy Statistics"
(http://www.iea.org/textbase/nppdf/free/2011/key_world_energy_stats.pdf). International Energy Agency.
145. ^ "India Analysis" (http://205.254.135.7/countries/cab.cfm?fips=IN). Energy Information Administration.
146. ^
a

b
"CIA The World Factbook India" (https://www.cia.gov/library/publications/the-world-
factbook/geos/in.html#Econ). CIA. 20 September 2007. Retrieved 2007-10-02.
147. ^ Datt & Sundharam 2009, p. 104
148. ^ "EIA Country Analysis Brief Overview India" (http://www.eia.gov/countries/country-data.cfm?fips=IN).
EIA. 18 March 2013. Retrieved 2014-02-19.
149. ^ "Basic Statistics on Indian Petroleum & Natural Gas 200809" (http://petroleum.nic.in/petstat.pdf). Ministry of
Petroleum and Natural Gas, Government of India. Retrieved 2010-11-18.
150. ^ "Indias Oil Import Bill at Rs 7,26,386 Crore in 2011-12" (http://www.pib.nic.in/newsite/erelease.aspx?
relid=86628). Press Information Bureau, Government of India. 23 August 2012. Retrieved 19 February 2014.
151. ^ "Reliance Net Beats Estimate After Boosting Natural Gas Sales" (http://www.businessweek.com/news/2010-
01-27/reliance-net-beats-estimate-after-boosting-natural-gas-sales.html). BusinessWeek. 27 January 2010.
152. ^ "Executive summary of month of December 2013"
(http://cea.nic.in/reports/monthly/executive_rep/dec13.pdf). Central Electricity Authority, Ministry of Power,
Government of India. December 2013. Retrieved 19 February 2014.
153. ^ "Power Sector at a Glance "ALL INDIA" "
(http://powermin.nic.in/indian_electricity_scenario/introduction.htm). Power Ministry. Retrieved 2012-02-06.
154. ^ "Inventory of Coal Resources of India" (http://www.coal.nic.in/reserve2.htm). Ministry of Coal, Government
of India. Retrieved 2010-11-18.
155. ^ "Uranium shortage holding back India's nuclear power drive"
(http://www.livemint.com/2008/06/30222448/Uranium-shortage-holding-back.html). Mint. 30 June 2008.
156. ^ Subramanian, T. S. (20 March 2011). "Massive uranium deposits found in Andhra Pradesh"
(http://www.thehindu.com/news/states/andhra-pradesh/article1554078.ece). The Hindu (Chennai, India).
157. ^ Thakur, Monami (19 July 2011). "Massive uranium deposits found in Andhra Pradesh"
(http://www.ibtimes.com/massive-uranium-deposit-found-andhra-pradesh-india-299977). International Business
Times (USA).
158. ^ Bedi, Rahul (19 July 2011). "Largest uranium reserves found in India"
(http://www.telegraph.co.uk/news/worldnews/asia/india/8647745/Largest-uranium-reserves-found-in-
India.html). The Telegraph (New Delhi, India).
159. ^ "Availability of Thorium" (http://pib.nic.in/newsite/erelease.aspx?relid=74293). Press Information Bureau,
Government of India. 10 August 2011. Retrieved 27 March 2012.
160. ^ "Bush signs India-US nuclear deal into law" (http://www.livemint.com/2008/10/09005930/Bush-signs-
IndiaUS-nuclear-de.html?d=1). Mint. 9 October 2008. Retrieved 2010-04-05.
161. ^ "Infrastructure Rankings" (https://www.cia.gov/library/publications/the-world-
161. ^ "Infrastructure Rankings" (https://www.cia.gov/library/publications/the-world-
factbook/rankorder/2085rank.html). CIA. Retrieved 2011-01-17.
162. ^ "National Highway Development Project NHDP)" (http://www.nhai.org/WHATITIS.asp). NHAI, Ministry of
Roads Transport, Govt of India. July 2014.
163. ^ "Annual report 20102011," (http://morth.nic.in/showfile.asp?lid=414). Ministry of Road transport and
highways. Retrieved 2012-02-07.
164. ^ Indian Railways
(http://www.indianrailways.gov.in/railwayboard/uploads/directorate/stat_econ/MTHSTAT/2014/MER_March_2
014.pdf) Govt of India (2014)
165. ^ India Infrastructure Summit 2012
(http://www.ey.com/Publication/vwLUAssets/FICCI_Infra_report_final/$FILE/FICCI_Infra_report_final.pdf)
Ernst & Young (2013), pp 4
166. ^ Ports (http://business.gov.in/infrastructure/ports.php) Business Resources, Govt of India (2013)
167. ^ Airports (http://www.aai.aero/allAirports/airports.jsp) AAI, Govt of India (2013)
168. ^ LIST OF LICENSED AERODROME (http://dgca.nic.in/aerodrome/aero_list.pdf) Directorate General of
Commercial Aviation, Govt of India (May 2014)
169. ^ "It's ringing mobiles throughout the country" (http://www.tribuneindia.com/2011/20110305/main7.htm). The
Tribune. 5 March 2011. Retrieved 2011-03-19.
170. ^ "With 243 million users by 2014, India to beat US in internet reach: Study"
(http://timesofindia.indiatimes.com/tech/tech-news/With-243-million-users-by-2014-India-to-beat-US-in-
internet-reach-Study/articleshow/25719512.cms). The Times of India. Retrieved 2014-07-27.
171. ^ Gnanasambandam et al., Online and upcoming: The Internets impact on India
(http://www.mckinsey.com/~/media/mckinsey%20offices/india/pdfs/online_and_upcoming_the_internets_impac
t_on_india.ashx) McKinsey & Company (December 2012)
172. ^ "The Bird of Gold The Rise of India's Consumer Market"
(http://www.mckinsey.com/Insights/MGI/Research/Asia/The_bird_of_gold). McKinsey and Company. May
2007.
173. ^ Anand Dikshit (12 August 2011). "The Uneasy Compromise Indian Retail"
(http://online.wsj.com/article/SB10001424053111903461104576461540616622966.html). The Wall Street
Journal.
174. ^
a

b
The Indian Kaleidoscope - Emerging trends in retail
(http://www.pwc.in/en_IN/in/assets/pdfs/industries/retail-and-consumer/retail-report-300812.pdf) PWC (2012)
175. ^ "Winning the Indian consumer"
(http://www.mckinseyquarterly.com/Marketing/Sectors_Regions/Winning_the_Indian_consumer_1659?gp=1).
McKinsey & Company. 2005.
176. ^ Majumder, Sanjoy (25 November 2011). "Changing the way Indians shop"
(http://www.bbc.co.uk/news/world-asia-india-15885055). BBC News.
177. ^ Successful Innovations in Indian Retail
(http://www.strategyand.pwc.com/media/file/RAI_Strategyand_Successful-Innovations-in-Indian-Retail.pdf)
Booz Allen & PwC (February 2013)
178. ^
a

b
"Retailing in India: Unshackling the chain stores" (http://www.economist.com/displayStory.cfm?
story_id=11465586). The Economist. 29 May 2008. Retrieved 2010-01-10.
179. ^ Sharma and Mukherji, Bad Roads, Red Tape, Burly Thugs Slow Wal-Mart's Passage in India
(http://online.wsj.com/news/articles/SB10001424127887323622904578129294224588914) The Wall Street
Journal (12 January 2013)
180. ^
a

b
India's Food Transportation Ordeal
Journal (11 January 2013)
181. ^ UNWTO Tourism Highlights 2014 Edition
(http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/unwto_highlights14_en_hr_0.pdf) United Nations World
Tourism Organization, pp 9
182. ^
a

b

c
India's tourism performance (http://asiapacific.unwto.org/sites/all/files/pdf/cap-csa-24-
5b_ref_indias_report.pdf) United Nations World Tourism Organization (2013)
183. ^ Yearbook of Tourism Statistics, Data 2008 2012, 2014 Edition
(http://www2.unwto.org/publication/yearbook-tourism-statistics-data-2008-2012-2014-edition) United Nations
World Tourism Organization (2014)
184. ^ RN Pandey, Inbound Tourism Statistics of India
(http://statistics.unwto.org/sites/all/files/pdf/india_inbound_0.pdf) Ministry of Tourism, Govt of India (2012)
185. ^ The GDP contribution of international tourism is estimated at 2.8% by UNWTO, International Tourism
Statistics (http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/docpdf/statistics.pdf)
186. ^ Mudur, Ganapati (June 2004). "Hospitals in India woo foreign patients"
(https://www.ncbi.nlm.nih.gov/pmc/articles/PMC420282). British Medical Journal 328 (7452): 1338.
doi:10.1136/bmj.328.7452.1338 (http://dx.doi.org/10.1136%2Fbmj.328.7452.1338). PMC 420282
(https://www.ncbi.nlm.nih.gov/pmc/articles/PMC420282). PMID 15178611
(https://www.ncbi.nlm.nih.gov/pubmed/15178611).
187. ^ Medical Tourism draws Americans to India (http://communities.washingtontimes.com/neighborhood/travelers-
notebook/2013/aug/18/medical-tourism-draws-americans-india/) Washington Times (18 August 2013)
188. ^ Datt & Sundharam 2009, p. 858
190. ^ Jayati Ghosh (21 July 2005). "Bank Nationalisation: The Record"
(http://www.macroscan.com/cur/jul05/cur210705Bank_Nationalisation.htm). Macroscan. Economic Research
Foundation. Retrieved 2011-01-11.
193. ^ Diana Farrell; Susan Lund. "Reforming India's Financial System"
(http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN028982.pdf) (PDF). United Nations
Public Administration Network. Retrieved 2011-01-11.
194. ^ Jeetha D'Silva (1 September 2007). "India growth story is attracting talent from govt establishments"
(http://www.livemint.com/2007/09/01001100/India-growth-story-is-attracti.html). Mint. Retrieved 2011-01-11.
196. ^ Srinivasan, T.N. (2002). Economic Reforms and Global Integration
(http://www.econ.yale.edu/%7Esrinivas/ec_reforms.pdf) (PDF). 17 January 2002. Economic Growth Center,
Yale University. Retrieved 2009-06-21.
197. ^ Panagariya 2008, pp. 2729
197. ^ Panagariya 2008, pp. 2729
199. ^ Panagariya 2008, p. 109
200. ^
a

b
"Trade profiles-India" (http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?
Language=E&Country=IN). World Trade Organisation. Retrieved 2012-02-07.
201. ^ Datt & Sundharam 2009, p. 757
202. ^ "Imports and Exports Databank" (http://commerce.nic.in/eidb/default.asp). Ministry of Commerce and
Industry, Government of India. Retrieved 2010-04-05.
203. ^ "India's Foreign Trade: November 2010" (http://commerce.nic.in/tradestats/Indiastrade_press.pdf). Press
Release. Ministry of Commerce and Industry, Government of India. 3 January 2011. Retrieved 2011-01-11.
204. ^ "India & the World Trade Organisation"
(http://web.archive.org/web/20050613080223/http://www.indianembassy.org/policy/WTO/overview.html).
Embassy of India. Archived from the original (http://www.indianembassy.org/policy/WTO/overview.html) on
13 June 2005. Retrieved 2005-07-09.
208. ^ 2013 Annual Report (http://commerce.gov.in/publications/pdf/annualreport_overview-2012-13.pdf) Ministry
of Commerce, Govt of India (2013)
209. ^ India's trade deficit with China mounts to $ 31.42 bn (http://articles.economictimes.indiatimes.com/2014-01-
10/news/46066593_1_trade-deficit-indian-it-trade-data) The Economic Times (10 January 2014)
211. ^ "Master Circular on External Commercial Borrowings and Trade Credits"
(http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/27ECB010709_F.pdf) (PDF). Reserve Bank of India.
213. ^ UK to end financial aid to India (http://www.ft.com/intl/cms/s/0/30203e68-2a55-11e2-99bb-
00144feabdc0.html#axzz396DRjDNU) The Financial Times (9 November 2012)
214. ^ http://in.reuters.com/article/2014/09/05/india-cenbank-forex-reserves-idINS8N0QH02M20140905
215. ^ "FDI in India Statistics" (http://dipp.nic.in/fdi_statistics/india_FDI_August2010.pdf). Ministry of Commerce
and Industry, Government of India. Retrieved 2010-11-22.
216. ^
a

b
"India 2nd best country for biz investment: Survey" (http://www.financialexpress.com/news/India-2nd-best-
country-for-biz-investment-Survey/343344/). The Financial Express. Retrieved 2008-11-03.
217. ^ "FinMin considers three single-brand retail FDI proposals" (http://news.indiamart.com/story/finmin-considers-
three-single-brand-retail-fdi-proposals-169557.html).
218. ^ "Next Big Spenders: India's Middle Class" (http://www.mckinsey.com/mgi/mginews/bigspenders.asp).
McKinsey & Company. Retrieved 2010-04-05.
219. ^ Sushma Ramachandran (25 February 2005). "100 per cent FDI in construction industry through automatic
route" (http://www.hindu.com/2005/02/25/stories/2005022506990100.htm). The Hindu (Chennai, India).
220. ^ Govt unleashes big-bang FDI reforms, opens up defence (http://timesofindia.indiatimes.com/business/india-
business/Govt-unleashes-big-bang-FDI-reforms-opens-up-defence/articleshow/21110866.cms) The Times of
India (17 July 2014)
221. ^ Govt allows FDI multi-brand retail, aviation in bold reform push
(http://in.reuters.com/article/2012/09/14/india-economy-retail-fdi-reform-idINDEE88D08M20120914) Reuters
(14 September 2012)
222. ^ "India FDI Fact sheet September 2010" (http://www.dipp.nic.in/fdi_statistics/india_fdi_index.htm).
Department of Industrial Policy & Promotion, Ministry of Commerce and Industry. Retrieved 2010-12-21.
223. ^ Jaimini Bhagwati (17 December 2010). "Rationalising FDI taxes" (http://www.business-
standard.com/india/news/jaimini-bhagwati-rationalising-fdi-taxes/418512/). Business Standard. Retrieved 2010-
12-21.
224. ^ Shah and Patnaik, India's financial globalisation (http://www.imf.org/external/pubs/ft/wp/2011/wp1107.pdf)
IMF (2012)
225. ^ Mahindra Expands Effort to Counter Global Rivals with U.S. Engineering
Journal (9 May 2014)
226. ^ A Slice of World Action (http://businesstoday.intoday.in/story/bt-500-indian-inc-goes-global/1/189144.html)
Business Today (11 November 2012)
227. ^ Indias industrial outpost Tata for now (http://www.economist.com/node/21528653) The Economist (10
September 2011)
228. ^ JLR's Ratan Tata warns on UK competitiveness
(http://www.telegraph.co.uk/finance/newsbysector/industry/9722673/JLRs-Ratan-Tata-warns-on-UK-
competitiveness.html) The Telegraph (5 December 2012)
229. ^ "Your Guide to Money Matters" (http://www.rbi.org.in/currency/FAqs.html). Reserve Bank of India.
230. ^ "25 paise and below coins not acceptable from June 30 The Times of India"
(http://timesofindia.indiatimes.com/business/india-business/25-paise-and-below-coins-not-acceptable-from-
June-30/articleshow/7191738.cms). Times of India. Retrieved 2011-01-26.
231. ^ "Govt to scrap 25 paise coins" (http://profit.ndtv.com/news/show/govt-to-scrap-25-paise-coins-132853).
NDTV. Retrieved 2011-01-26.
232. ^ Datt & Sundharam 2009, p. 812
234. ^ Datt & Sundharam 2009, p. 822
235. ^ USD INR (http://finance.yahoo.com/echarts?s=USDINR%3DX+Interactive#symbol=USDINR=X;range=2y)
Currency Conversion Rates, Yahoo
236. ^ Table 2.9 of World Development Indicators: Distribution of income or consumption
(http://wdi.worldbank.org/table/2.9) The World Bank
237. ^ "Homes become more affordable in last 10 years" (http://articles.timesofindia.indiatimes.com/2012-05-
02/india-business/31537296_1_affordability-rental-income-home-price). The Times of India. 2 May 2012.
238. ^ "Poverty reduction and equity (2010)"
(http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTPOVERTY/0,,menuPK:336998~pagePK:14901
8~piPK:149093~theSitePK:336992,00.html). World Bank. July 2012. Retrieved 2012-07-11.
239. ^ Table 3.4, World Consumer Income and Expenditure Patterns - Annual Household Income
(http://www.euromonitor.com/medialibrary/PDF/Book_WCIEP0.pdf) Euro Monitor International (2013)
(http://www.euromonitor.com/medialibrary/PDF/Book_WCIEP0.pdf) Euro Monitor International (2013)
240. ^
a

b
"Final Figures of Houselisting & Housing Census, 2011 Released" (http://pib.nic.in/newsite/erelease.aspx?
relid=80811). Census 2011, Government of India. 13 March 2012.
241. ^ "Median household size drops below 4 in cities" (http://articles.timesofindia.indiatimes.com/2012-03-
25/india/31236370_1_household-family-size-census). Time of India. 25 March 2012.
242. ^ "Country Report India (2010)" (http://www.worldbank.org/en/country/india). The World Bank. 2011.
243. ^ Prabhakar Sinha (1 August 2010). " 'India has more rich people than poor now' "
(http://articles.timesofindia.indiatimes.com/2010-08-01/india/28285817_1_households-middle-class-slowdown).
The Times of India. Retrieved 2010-11-15.
244. ^ GNI per capita, PPP (current international $) (http://data.worldbank.org/indicator/NY.GNP.PCAP.PP.CD?
order=wbapi_data_value_2013+wbapi_data_value+wbapi_data_value-last&sort=desc) The World Bank (July
2014)
245. ^ Nutrition (http://www.unicef.org/india/nutrition.html), Fast Facts, UNICEF (2009)
246. ^ "India Statistics" (http://www.unicef.org/infobycountry/india_statistics.html). UNICEF, United Nations. 2011.
247. ^ "Economic Survey 20042005" (http://indiabudget.nic.in/es2004-05/esmain.htm). Retrieved 2006-07-15.
248. ^ Panagariya 2008, p. 146
249. ^ Tom Wright and Harsh Gupta (29 April 2011). "India's Boom Bypasses Rural Poor"
(http://online.wsj.com/article/SB10001424052748704081604576143671902043578.html). The Wall Street
Journal.
250. ^ "Indian rural welfare Digging holes" (http://www.economist.com/node/21536642). The Economist. 5
November 2011.
251. ^ James Fontanella-Khan and James Lamont (29 February 2012). "Rural India enjoys consumption boom"
(http://www.ft.com/intl/cms/s/0/04473296-5865-11e1-9f28-00144feabdc0.html#axzz1qAG58tUf). The Financial
Times.
252. ^ Sarkar & Kumar (2011), Impact of MGNREGA on Reducing Rural Poverty and Improving Socio-economic
Status of Rural Poor: A Study in Burdwan District of West Bengal (http://purl.umn.edu/119395), Agricultural
Economics Research Review, Vol 24
253. ^ Swain & Ray (2013), Social welfare through guaranteed wage employment: experience of National Rural
Employment Guarantee Scheme in an Indian state, Journal of International and Comparative Social Policy,
29(1), 79-90
254. ^ Aggarwal & Kumar (November 2012), Structural change, industrialization and poverty reduction: the case of
India (http://sswa.unescap.org/pdf/sswa_development_paper_1206_nov2012.pdf), in United Nation's UNIDO
workshop "The Untold Story: Structural Change for Poverty ReductionThe Case of the BRICS", Vienna, 1617
August (pp 1-68)
255. ^ Kotwal, Ramaswami & Wadhwa (2011), Economic liberalization and Indian economic growth: What's the
evidence?, Journal of Economic Literature, Vol. 49, No. 4, 1152-1199
257. ^ Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India
Human Development in India: Challenges for a Society in Transition
(http://ihds.umd.edu/IHDS_files/04HDinIndia.pdf), Oxford University Press, page 40-44
260. ^ Datt & Sundharam 2009, p. 431
260. ^ Datt & Sundharam 2009, p. 431
261. ^ Kaushik Basu (27 June 2005). "Why India needs labour law reform"
(http://news.bbc.co.uk/2/hi/south_asia/4103554.stm). BBC. Retrieved 2010-12-16.
262. ^ Datt & Sundharam 2009, p. 434
263. ^ Drze & Sen 1996, p. 39
264. ^ "Child Labour and India Embassy of India"
(http://web.archive.org/web/20071023064701/http://www.indianembassy.org/policy/Child_Labor/childlabor.htm
#intro). Embassy of India. Archived from the original
(http://www.indianembassy.org/policy/Child_Labor/childlabor.htm#intro) on 23 October 2007. Retrieved 2009-
03-13.
265. ^ Drze & Sen 1996, pp. 130131
266. ^ Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India
Human Development in India: Challenges for a Society in Transition
(http://ihds.umd.edu/IHDS_files/04HDinIndia.pdf), Oxford University Press, page 131
267. ^ India and its diaspora (http://moia.gov.in/accessories.aspx?aid=10) Ministry of Overseas Indian Affairs, India
268. ^ Leone Lakhani, Dubai's expat Indians: The world's most productive foreign workers
(http://edition.cnn.com/2014/05/15/business/dubai-indians-expats-elections/) CNN (19 May 2014)
269. ^ Ajay Banerjee (9 January 2011). "NRIs don't invest as much as they remit, says Montek"
(http://www.tribuneindia.com/2011/20110110/main1.htm). The Tribune. India. Retrieved 2011-01-13.
270. ^
a

b
"India Country Overview 2013" (http://www.worldbank.org/en/country/india/overview). World Bank.
2014. Retrieved 2014-07-28.
271. ^ Somini Sengupta (22 June 2008). "The Food Chain in Fertile India, Growth Outstrips Agriculture"
(http://www.nytimes.com/2008/06/22/business/22indiafood.html?_r=1). The New York Times. Retrieved 2010-
03-29.
272. ^ "India: Priorities for Agriculture and Rural Development" (http://go.worldbank.org/8EFXZBL3Y0). World
Bank. Retrieved 2011-01-08.
273. ^ Panagariya 2008, p. 318
274. ^ Datt & Sundharam 2009, p. 502
275. ^
a

b
Transparency International India. "India Corruption Study 2005"
(http://web.archive.org/web/20070415110720/http://www.cmsindia.org/cms/events/corruption.pdf) (PDF).
Centre for Media Studies. Archived from the original (http://www.cmsindia.org/cms/events/corruption.pdf) on
15 April 2007. Retrieved 2008-03-14.
276. ^ "India Corruption Study 2008"
(http://www.transparencyindia.org/resource/survey_study/India%20Corruptino%20Study%202008.pdf).
Transparency International. 2008.
277. ^ "Corruption Perceptions Index 2011" (http://cpi.transparency.org/cpi2011/interactive2/). Transparency
International. Retrieved 2012-07-09.
278. ^ Drze & Sen 1996, p. 180
279. ^ "Survey on Bribery and Corruption Impact on Economy and Business Environment"
(http://www.kpmg.com/IN/en/IssuesAndInsights/ThoughtLeadership/KPMG_Bribery_Survey_Report_new.pdf).
KPMG. 2011.
280. ^ Debroy and Bhandari (2011). "Corruption in India" (http://www.worldfinancialreview.com/?p=1575). The
280. ^ Debroy and Bhandari (2011). "Corruption in India" (http://www.worldfinancialreview.com/?p=1575). The
World Finance Review.
281. ^ "Corruption in India A rotten state" (http://www.economist.com/node/18332796). The Economist. 10 March
2011.
282. ^ "India's civil service: Battling the babu raj" (http://www.economist.com/displaystory.cfm?
story_id=10804248). The Economist. 6 March 2008. Retrieved 2011-01-08.
283. ^ Karthik Muralidharan. "Teachers and Medical Worker Incentives in India"
(http://econ.ucsd.edu/~kamurali/teachers%20and%20medical%20worker%20incentives%20in%20india.pdf)
(PDF). University of California. Retrieved 2009-06-21.
284. ^ Kaushik Basu (29 November 2004). "Combating India's truant teachers"
(http://news.bbc.co.uk/1/hi/world/south_asia/4051353.stm). BBC. Retrieved 2011-01-09.
285. ^ Jayaraman, K.S. (9 November 2009). "Report row ousts top Indian scientist"
(http://www.nature.com/news/2009/091109/full/462152a.html). Nature. Retrieved 19 June 2012.
286. ^ Kuldip Nayar (4 February 2011). "Laundering black money"
(http://www.deccanherald.com/content/134580/laundering-black-money.html). Deccan Herald. India. Retrieved
2011-02-06.
287. ^ V. Venkateswara Rao (13 August 2010). "Black, bold and bountiful"
(http://www.thehindubusinessline.in/2010/08/13/stories/2010081350370900.htm). The Hindu Business Line.
288. ^ "No 'black money' statistics exist: Swiss banks" (http://articles.timesofindia.indiatimes.com/2009-09-
13/india/28092452_1_james-nason-swiss-bankers-association-sba-s-head). The Times of India. 13 September
2009.
289. ^ "Banking secrecy spices up Indian elections"
(http://www.swissinfo.ch/eng/politics/foreign_affairs/Banking_secrecy_spices_up_Indian_elections.html?
cid=7396340). SWISSINFO A member of Swiss Broadcasting Corporation. 14 May 2009.
290. ^ "Education in India" (http://go.worldbank.org/OSFVRGA240). World Bank. Retrieved 2011-01-13.
292. ^ "A special report on India: An elephant, not a tiger"
(http://www.economist.com/specialreports/displayStory.cfm?story_id=12749735). The Economist. 11 December
2008. Retrieved 2011-01-17.
293. ^ Drze & Sen 1996, pp. 114115
294. ^ Ranking of states and union territories by lireacy rate: 2011 (http://censusindia.gov.in/2011-prov-
results/data_files/india/Final_PPT_2011_chapter6.pdf) Census of India, Ministry of Home Affairs, Government
of India (2013)
296. ^ "Country Strategy for India (CAS) 20092012" (http://www.ukibc.com/ukindia2/files/India60.pdf) (PDF).
World Bank. Retrieved 2009-06-21.
297. ^ Drze & Sen 1996, pp. 4546
298. ^ Panagariya 2008, pp. 164165
299. ^ Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding Regional Economic Growth
in India" (http://web.archive.org/web/20070701042205/http://www2.cid.harvard.edu/cidwp/088.pdf) (PDF).
Working paper 88. Harvard University. Archived from the original (http://www2.cid.harvard.edu/cidwp/088.pdf)
on 1 July 2007.
References
Books
Datt, Ruddar; Sundharam, K.P.M. (2009). Indian Economy. New Delhi: S. Chand Group. p. 976. ISBN 978-81-
219-0298-4.
Drze, John; Sen, Amartya (1996). India: Economic Development and Social Opportunity. Oxford University
Press. p. 292. ISBN 978-0-19-564082-3.
Iftikhar-ul-Awwal, A. Z. M. (1982) The Industrial Development of Bengal, 1900-1939
(http://books.google.co.uk/books?
id=oATtAAAAMAAJ&q=the+industrial+development+of+bengal&dq=the+industrial+development+of+bengal
&hl=en&sa=X&ei=XZHnU6PfGuLQ7AbjhoH4DA&ved=0CCEQ6AEwAA) Vikas Publishing House: New
Delhi, 1982, Pages: 256, ISBN 0706915798
Kumar, Dharma (2005). The Cambridge Economic History of India, Volume II : c. 17572003. New Delhi:
Orient Longman. p. 1115. ISBN 978-81-250-2710-2.
Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14-303103-1.
Panagariya, Arvind (2008). India: The Emerging Giant. Oxford University Press. p. 514. ISBN 978-0-19-
531503-5.
Raychaudhuri, Tapan; Habib, Irfan (2004). The Cambridge Economic History of India, Volume I : c. 1200 c.
1750. New Delhi: Orient Longman. p. 543. ISBN 978-81-250-2709-6.
Roy, Tirthankar (2006). The Economic History of India 18571947. Oxford University Press. p. 385. ISBN 978-
0-19-568430-8.
on 1 July 2007.
300. ^ Kurian, N.J. "Regional disparities in india"
(http://planningcommission.nic.in/reports/sereport/ser/vision2025/regdsprty.doc). Planning Commission of
India. Retrieved 2005-08-06.
301. ^
a

b
Datt & Ravallion (2011), Has India's economic growth become more pro-poor in the wake of economic
reforms?, The World Bank Economic Review, 25(2), pp 157-189
302. ^ Tripathi, Sabyasachi (December 2013), Has urban economic growth in Post-Reform India been pro-poor
between 1993-94 and 2009-10? (http://mpra.ub.uni-muenchen.de/52336/1/MPRA_paper_52336.pdf) Indian
Council for Research on International Economic Relations, MPRA Paper No. 52336, Ludwig Maximilians
Universitt Mnchen
303. ^ Modi Mania propels Indias stock market into worlds top 10 (http://www.ft.com/intl/cms/s/0/fa07a946-
e1a1-11e3-b7c4-00144feabdc0.html#axzz38le1HY8o) The Financial Times (22 May 2014)
304. ^ Latest Statistics of Stock Exchanges Worldwide (http://www.world-exchanges.org/statistics/monthly-reports)
WFE (July 2014), see complete report for 2014-June
305. ^
a

b
EY Global IPO Trends Global IPO Trends Q4 2013 (http://www.ey.com/Publication/vwLUAssets/EY_-
_Global_IPO_Trends_Q4_2013/$FILE/EY-Global-IPO-Trends-Q4-2013.pdf) Ernst & Young (2014)
306. ^ Listing abroad sans domestic IPO set to be a reality soon (http://www.business-
standard.com/article/markets/listing-abroad-sans-domestic-ipo-set-to-be-a-reality-soon-113122000712_1.html)
Business Standard (28 July 2013)
Papers and reports
"Economic reforms in India: Task force report" (http://harrisschool.uchicago.edu/News/press-
releases/IPP%20Economic%20Reform%20in%20India.pdf) (PDF). University of Chicago. p. 32.
"Economic Survey 200910" (http://indiabudget.nic.in/es2009-10/chapt2010/chapter.zip). Ministry of Finance,
Government of India. p. 294.
Further reading
Books
Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN 978-0-415-77684-4.
Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy, T.V. Industry & agriculture in
India since independence. Oxford University Press. pp. 189199. ISBN 0-19-564394-1.
Articles
"Growth of India" (http://www.janderie.live.haverford.edu/wiki/index.php?title=India_growth). Retrieved 2005-
08-10.
"Milton Friedman on the Nehru/Mahalanobis Plan"
(http://www.indiapolicy.org/debate/Notes/fried_opinion.html). Retrieved 2005-07-16.
"Infrastructure in India: Requirements and favourable climate for foreign investment"
(http://www.asiatradehub.com/india/intro.asp). Retrieved 2005-08-14.
Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms in India
(http://ideas.repec.org/p/uca/ucapdv/45.html). Working paper n. 51.
Centre for Media Studies (2005). India Corruption Study 2005: To Improve Governance Volume I: Key
Highlights (http://www.prajanet.org/newsroom/internal/tii/ICS2k5_Vol1.pdf) (PDF). Transparency International
India. Retrieved 2009-06-21.
Ghosh, Jayati. "Bank Nationalisation: The Record"
(http://www.macroscan.com/cur/jul05/cur210705Bank_Nationalisation.htm). Macroscan. Retrieved 2005-08-05.
Gordon, Jim and Gupta, Poonam (2003). Understanding India's Services Revolution
(http://www.imf.org/external/np/apd/seminars/2003/newdelhi/gordon.pdf) (PDF). 12 November 2003. Retrieved
2009-06-21.
Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms
(http://ideas.repec.org/p/wpa/wuwpit/0403005.html).
Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). Understanding Regional Economic Growth in
India (http://web.archive.org/web/20070701042205/http://www2.cid.harvard.edu/cidwp/088.pdf) (PDF).
Working paper 88. Archived from the original (http://www2.cid.harvard.edu/cidwp/088.pdf) on 1 July 2007.
Srinivasan, T.N. (2002). Economic Reforms and Global Integration
(http://www.econ.yale.edu/%7Esrinivas/ec_reforms.pdf) (PDF). 17 January 2002. Retrieved 2009-06-21.
Kurian, N.J. "Regional disparities in india"
(http://planningcommission.nic.in/reports/sereport/ser/vision2025/regdsprty.doc). Retrieved 2005-08-06.
Wikimedia Commons has
media related to Economy
of India.
Wikiquote has quotations
related to: Economy of
India
News
Ravi S Jha. "India, the Goliath, Falls with a Thud" (http://www.khaleejtimes.com/kt-article-display-1.asp?
section=business&xfile=data/business/2008/october/business_october347.xml).
"India says 21 of 29 states to launch new tax" (http://www.dailytimes.com.pk/default.asp?page=story_25-3-
2005_pg5_13). Daily Times. 25 March 2005.
"Economic structure" (http://www.economist.com/countries/India/profile.cfm?
folder=Profile%2DEconomic%20Structure). The Economist. 6 October 2003.a
"Regional stock exchanges Bulldozed by the Big Two"
(http://www.thehindubusinessline.com/businessline/2001/07/20/stories/0420.62 billion.htm). Retrieved 2005-08-
10.
"FinMin considers three single-brand retail FDI proposals" (http://news.indiamart.com/story/finmin-considers-
three-single-brand-retail-fdi-proposals-169557.html).
External links
Government of India websites
Ministry of Finance, Government of India
(http://finmin.nic.in/)
Department of Commerce, Government of India
(http://commerce.nic.in/)
Department of Industrial Policy & Promotion
(http://dipp.nic.in/English/default.aspx)
Office of the Economic Adviser (http://eaindustry.nic.in/)
India in Business (http://www.indiainbusiness.nic.in/)- Official website for Investment and Trade in
India
Union Budget & Economic Survey (http://indiabudget.nic.in/index.asp)
Income Tax Department of India (http://www.incometaxindia.gov.in/home.asp)
Central Board of Excise and Customs (http://www.cbec.gov.in/cae1-english.htm)
Reserve Bank of India's database on the Indian economy
(http://www.rbi.org.in/scripts/Statistics.aspx)
Publications and statistics
Key indicators of household consumer expenditure in India 20112012
(http://www.indiaenvironmentportal.org.in/reports-documents/key-indicators-household-consumer-
expenditure-india-2011-2012)
World Bank India 2012 Trade Summary Statistics
(http://wits.worldbank.org/CountryProfile/Country/IND/Year/2012/Summary)
World Bank India Country Overview
(http://www.worldbank.org.in/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/INDIAEXT
N/0,,contentMDK:20195738~menuPK:295591~pagePK:141137~piPK:141127~theSitePK:295584,0
0.html)
Ernst & Young 2011 Report on Doing Business in India
(http://www.ey.com/Publication/vwLUAssets/Doing_business_in_India_2011/$FILE/Doing_busines
s_in_India_2011.pdf)
IMF, India (http://www.imf.org/external/country/IND/index.htm)
CIA The World Factbook India (https://www.cia.gov/library/publications/the-world-
factbook/geos/in.html)
Quandl India Country Overview (http://www.quandl.com/india)
Retrieved from "http://en.wikipedia.org/w/index.php?title=Economy_of_India&oldid=625136315"
Categories: Economy of India World Trade Organization member economies
This page was last modified on 11 September 2014 at 19:58.
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may
apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia is a
registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

Economy of India - Wikipedia, The Free Encyclopedia

Hochgeladen von

Dokumentinformationen

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Economy of India - Wikipedia, The Free Encyclopedia

Hochgeladen von

Copyright:

Verfügbare Formate

9/13/2014 Economy of India - Wikipedia, the free encyclopedia

(In the current Indian

Das könnte Ihnen auch gefallen