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Economy of India

The Economy of India is the seventh-largest in the world by nominal GDP and the third-largest by purchasing power parity(PPP). The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades. Maharashtra is the wealthiest Indian state and has an annual GDP of US$220 billion, nearly equal to that of Pakistan or Portugal, and accounts for 12% of the Indian GDP followed by the states of Tamil Nadu (US$140 billion) and Uttar Pradesh (US$130 billion). India's economy became the world's fastest growing major economy from the last quarter of 2014, replacing the People's Republic of China.

The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. The Indian economy has the potential to become the world's 3rd-largest economy by the next decade, and one of the largest economies by mid-century. And the outlook for short-term growth is also good as according to the IMF, the Indian economy is the "bright spot" in the global landscape. India also topped the World Bank's growth outlook for 2015-16 for the first time with the economy having grown 7.6% in 2015-16 and expected to grow 7.7-8.0% in 2016-17.

India has the one of fastest growing service sectors in the world with annual growth rate of above 9% since 2001, which contributed to 57% of GDP in 2012-13. India has become a major exporter of IT services, BPO services, and software services with $167.0 billion worth of service exports in 2013-14. It is also the fastest-growing part of the economy. The IT industry continues to be the largest private sector employer in India. India is also the fourth largest start-up hub in the world with over 3,100 technology start-ups in 2014-15.The agricultural sector is the largest employer in India's economy but contributes to a declining share of its GDP (17% in 2013-14). India ranks second worldwide in farm output. The Industry sector has held a constant share of its economic contribution (26% of GDP in 2013-14).The Indian auto mobile industry is one of the largest in the world with an annual production of 21.48 million vehicles (mostly two and three wheelers) in FY 2013-14. India has $600 billion worth of retail market in 2015 and one of world's fastest growing E-Commerce markets.

Sectors

Historically, India has classified and tracked its economy and GDP as three sectors agriculture, industry and services.

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 49% of the total workforce in 2014.

Industry

Industry accounts for 26% of GDP and employs 22% of the total workforce.According to the World Bank.

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.

Pharmaceuticals

India produced about 8 per cent of the global pharmaceutical supply in 2011 by value, including over 60,000 generic brands of medicines sold around the world.

Engineering

The 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.

Gems and jewellery

India is one of the world's largest diamonds and gem polishing and jewellery manufacturing center; it is also one of the two largest consumers of gold.

Textile

Textile industry contributes about 4 per cent to the country's GDP, 14 per cent of the industrial production, and 17 per cent to export earnings.

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.In 2013.

Services

India's services sector has the largest share in the GDP, accounting for 57% in 2012. It is the 7th largest in the world by nominal GDP, and third largest when purchasing power is taken into account.

Energy and Power

Coal and crude oil together account for 85% of the primary energy consumption of India. April 2015, India's total proven crude oil reserves is 763.476 million metric tons, while gas reserves stood at 1,490 billion cubic metres (53 trillion cubic feet).

Infrastructure

India's infrastructure and transport sector contributes about 5% of its GDP. India has the world's second largest road network covering more than 4.3 million kilometres & Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers and 7,172 stations.

Retail

Retail industry contributes between 14-15% to 20% of India's GDP. India is one of the fastest-growing retail market in the world, and is projected to reach $1.3 trillion by 2020.

Tourism

International and domestic tourism industry contributes more to India's GDP than its textile sector.India attracted 7.70 million international tourist arrivals and $19.75 billion in foreign exchange earnings from tourism receipts in 2014.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of India"

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