India economy
    

The Bombay Stock Exchange, Mumbai, is the oldest in Asia and India, the largest stock exchange.

For most of its post-independence history, India adhered to a quasi-socialist approach with strict government control on private sector participation, foreign trade and foreign direct investment. However, since 1991, India has gradually opened its markets through economic reforms and reduced government controls on trade and foreign investment. Foreign exchange reserves increased by $ 5.8 billion in March 1991 to U.S. $ 308 billion, 4 July 2008, while federal and state budget deficits have decreased. The privatization of public enterprises and opening some private and foreign participation has continued despite the political debate. The GDP of India in terms of USD exchange rate is U.S. $ 1089 billion. Measured in terms of purchasing power parity (PPP), India is the fourth largest GDP at U.S. $ 4726 billion. India's per capita income (nominal) is U.S. $ 977, while its per capita (PPP) is U.S. $ 2700.

With an average annual GDP growth of 5.7% over the past two decades, the economy is among the fastest growing worldwide. India has the second largest market, with 516.3 million people, of whom 60% are employed in agriculture and related industries, 28% in services and industries, and 12% in industry. Main crops are rice, wheat, oilseeds, cotton, jute, tea, sugarcane and potatoes. The agricultural sector represents 28% of GDP, the service and industrial sectors account for 54% and 18% respectively. Major industries in automotive, cement, chemicals, electronics, food processing,  machinery, mining, petroleum, pharmaceuticals, steel, transport equipment and textiles. With India along the rapid economic growth is the increasing demand of energy. According to the Energy Information Administration, India is the sixth largest consumer of oil and third largest consumer of coal.


 

Although the Indian economy has grown steadily over the past two decades, growth has been uneven when comparing different social groups, economic groups, geographic regions, and rural and urban areas. Income inequality in India is relatively small (Gini coefficient: 36.8 in 2004), but it was later in life. The distribution of wealth in India is very uneven, with 10% gain in income of 33% of revenues. Despite significant economic progress, a quarter of the population earns less that the government defined the poverty line of $ 0.40 per day. In 2004-2005, 27.5% of the population lives below the poverty line.

More recently, India has capitalized on its large number of trained, English speaking and trained to become a major destination for outsourcing of multinational companies and a popular destination for medical tourism. India has also become a major exporter of software and financial management, research and technological services. Its natural resources of arable land, bauxite, chromite, coal, diamonds, iron ore, limestone, manganese, mica, natural gas, oil and titanium ore.

In 2007, exports amounted to U.S. $ 145 billion and imports were about $ 217 billion U.S. $. Textiles, jewelry, engineering goods and software are major export products. While crude oil, machinery, fertilizer and chemicals are imported. India's most important trading partners are the United States, the European Union and China.