1. IN INDIA WE HAVE A______
ECONOMY.
Answers
Answer:
The economy of India is characterised as a developing market economy.[40][41] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.[42] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation which is characterised as Dirigism.[43][44] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[45][46] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[41] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[47][48] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.[49][50][51]
Economy of
India
Economy
Mumbai, the financial centre of India[1][2]
Currency
Indian rupee (INR, ₹)
Fiscal year
1 April – 31 March
Trade organisations
WTO, WCO, SAFTA, BIMSTEC, WFTU, BRICS, G-20, BIS, AIIB, ADB and others
Country group
Developing/Emerging[3]
Lower-middle income economy[4]
Newly industrialized country
Statistics
Population
Increase 1,380,004,385 (2020 est.)[5]
GDP
Decrease $2.6 trillion (nominal; FY2020-21)[6]
Decrease $8.7 trillion (PPP; FY2020-21)[6]
GDP rank
6th (nominal; 2020)
3rd (PPP; 2020)
GDP growth
6.1% (18/19) 4.2% (19/20)
−9.6% (20/21e) 5.4% (21/22f)
(SA fall 2020, WB)[7]
GDP per capita
Decrease $1,877 (nominal; FY2020-21)[6]
Decrease $6,284 (PPP; FY2020-21)[6]
GDP per capita rank
142nd (nominal; 2019)
124th (PPP; 2019)
GDP by sector
Agriculture: 15.4%
Industry: 23%
Services: 61.5%
(2017 est.)[8]
GDP by component
Household consumption: 59.1%
Government consumption: 11.5%
Investment in fixed capital: 28.5%
Investment in inventories: 3.9%
Exports of goods and services: 19.1%
Imports of goods and services: −22%
(2017 est.)[8]
Inflation (CPI)
Negative increase 6.58% (February 2020)[9]
4.9% (FY2020-21)[6]
Base borrowing rate
Steady 6.0% (as on 12 July 2019)[10]
Population below poverty line
Positive decrease 21.9% in poverty (2017–18)[11]
Negative increase 11.1% in extreme poverty (20/21 est.)[7]
Negative increase 46.2% on less than $3.20/day (20/21 est.)[7]
Gini coefficient
33.9 medium (2013)[12]
Human Development Index
Increase 0.647 medium (2018)[13] (129th)
Increase 0.538 low IHDI (2018)[14]
Labour force
Increase 500,995,152 (2020)[15]
45.4% employment rate (2018)[16]
Labour force by occupation
Agriculture: 44%
Industry: 25%
Services: 31%
(FY 2018)[17]
Unemployment
Negative increase 5.4% (2020; modeled ILO estimate)[18]
Negative increase 6.1% (FY 2018)[19]
Negative increase 23.8% youth unemployment (15 to 24-year-olds, 2020; modeled ILO estimate)[20]
Main industries
Textileschemicalsfood processingagribusinesshandicraftspetroleumpetrochemicalsgems and jewelleryleatheriron oresteelaluminiumcementminingmetalsretailmachineryinformation technologyconstructionfinancial serviceselectric powerconsumer goodspharmaceuticalsautomotivetelecommunicationsreal estatepapertransportation equipment[21]
Ease-of-doing-business rank
Increase 63rd (easy, 2020)[22]
External
Exports
Increase $330 billion (2018–19)[23]
Export goods
Agricultural products 12.8%
Fuels and mining products 13.8%
Manufacturers 70.5%
Others 2.9%[24]
Main export partners
Arab League 17.37%
European Union 17.34%
United States 15.88%
ASEAN 11.38%
China 5.08%
Hong Kong 3.94%
Japan 1.47%
Sri Lanka 1.43%
Other 26.11%[24][25]
Imports
Increase $514 billion (2018–19)[23]
Import goods
Agricultural products 8.1%
Fuels and mining products 30%
Manufacturers 51.7%
Other 10.2%[24]
Main import partners
Arab League 19.88%
China 13.68%
ASEAN 11.53%
European Union 11.35%
United States 6.92%
Hong Kong 3.50%
South Korea 3.26%
Japan 2.48%
Other 27.4%[24][25]
FDI stock
Increase Inward: $386.35 billion
Increase Outward: $166.19 billion
(2018)[26]
Current account
Negative increase −$57.2 billion (June 2019)[27]
Gross external debt
Positive decrease $543.0 billion (2019)[28][29]
Net international investment position
Negative increase −$436.4 billion (2019)[30]
Public finances
Public debt
Negative increase 90.4% of GDP (20/21 est.)[7]
69.0% of GDP (2019)[31]
Negative increase ₹146.886 trillion (US$2.1 trillion)
Budget balance
−3.4% (of GDP) (2018–19)[32]
Revenues
₹39.29 trillion (US$550 billion)
20.60% of GDP (2018)[33]
Expenses
₹52.03 trillion (US$730 billion)
27.28% of GDP (2018)[33]
Economic aid
Decrease $2.45 billion (2018)[34]
Credit rating
Standard & Poor's:[35]
BBB− (Domestic)
BBB− (Foreign)
BBB+ (T&C Assessment)
Outlook: Stable
Moody's:[36]
Baa3
Outlook: Stable
Fitch:[37]
BBB−
Outlook: Stable
ARC's Ratings:[38]
BBB+
Outlook: Stable
Foreign reserves
Increase ₹4,126,040 crore (US$580 billion) (23 October 2020)[39] (5th)