The Genreal Economy of India

Economic overview: India's economy is a mixture of traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Faster economic growth in the 1980s allowed a significant increase in real per capita private consumption. A large share of the population, probably about 40%, remains too poor to afford an adequate diet. Production, trade, and investment reforms since 1991 have provided new opportunities for busines in India. New Delhi has always paid its foreign debts on schedule and has stimulated exports, attracted foreign investment, and revived confidence in India's economic prospects. GDP growth in 1992-95 has averaged nearly 5%. Most of the country's external fundamentals - including the current account balance and reserves (now almost $17 billion) are healthy. Party politics is increasingly shaping the debate over economic reforms. In addition, the 25 Indian states and several union territories, which are playing a more active role in determining economic policy, are further complicating the economic climate. The Indian Government will also have to watch closely rising government expenditures and higher debt servicing which could create a debt trap by the turn of the century. Nevertheless, India should achieve economic growth of 5.5%-6.5% annually through the next several years. Even if a weak coalition government comes to power in 1996 and is unable to push reforms aggressively, parts of the economy that have already benefited from deregulation will continue to grow. Moreover, the country can build on other strengths, including its diverse industrial base, large scientific and technical pool, well-developed legal system, and its large middle class to achieve higher growth.
Now here are a few importnat statistics:
GDP per capita: $1,500 (1995 est.)
Inflation rate (consumer prices): 9% (1995)
Labor force: 314.751 million (1990)
Budget::
revenues: $36.5 billion
expenditures: $54.9 billion
Major Industries:: textiles, chemicals, food processing, steel, transportation equipment, cement,
mining, petroleum, machinery
Industrial production growth rate: 10% (1995 est.)
Electricity:
Capacity: 81,200,000 kW (March 1995)
Production: 314 billion kWh (1993)
Consumption per capita: 324 kWh (1993)
Agriculture:: rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo,
sheep, goats, poultry, fish, illicit drugs
Exports: $29.96 billion (1995)
Commodities: clothing, gems and jewelry, engineering goods, chemicals, leather manufactures,
cotton yarn, and fabric
Trading Partners: United States, Japan, Germany, United Kingdom, Hong Kong
Imports: $33.5 billion (1995)
Commodities: crude oil and petroleum products, machinery, gems, fertilizer, chemicals
Partners: United States, Germany, Saudi Arabia, United Kingdom, Belgium, Japan
Currency: 1 Indian rupee = 100 paise
Exchange rates: Indian rupees per US $1 - 43.000 (Novmember 1998)
Fiscal year: 1 April - 31 March