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India
| Economy Overview |
| India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, though two-thirds of the workforce is in agriculture. The UPA government has committed to furthering economic reforms and developing basic infrastructure to improve the lives of the rural poor and boost economic performance. Government controls on foreign trade and investment have been reduced in some areas, but high tariffs (averaging 20% in 2004) and limits on foreign direct investment are still in place. The government has indicated it will do more to liberalize investment in civil aviation, telecom, and insurance sectors in the near term. Privatization of government-owned industries has proceeded slowly, and continues to generate political debate; continued social, political, and economic rigidities hold back needed initiatives. The economy has posted an excellent average growth rate of 6.8% since 1994, reducing poverty by about 10 percentage points. India is capitalizing on its large numbers of well-educated people skilled in the English language to become a major exporter of software services and software workers. Despite strong growth, the World Bank and others worry about the combined state and federal budget deficit, running at approximately 9% of GDP. The huge and growing population is the fundamental social, economic, and environmental problem. In late December 2004, a major tsunami took nearly 11,000 lives, left almost 6,000 missing, destroyed $1.2 billion worth of property, and severely damaged the fishing fleet. |
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| Economy Statistics |
| Exports: |
$69.18 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
US 17%, UAE 8.8%, China 5.5%, Hong Kong 4.7%, UK 4.5%, Singapore 4.5% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$89.33 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
crude oil, machinery, gems, fertilizer, chemicals [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
China 6.1%, US 6%, Switzerland 5.2%, Belgium 4.4% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| The Associated Chambers of Commerce and Industry of India |
| Address: |
Corporate House, 147 B Gautam Nagar
Gulmohar Enclave, New Delhi-110 049 |
| Phone: |
91-11-26512477-79 |
| Fax: |
91-11-26512154 |
| Website: |
http://www.assocham.org/ |
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