Economy of India

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

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The economy of India is the sixth largest in the world with a GDP (a year's goods and services) of US$3.94 trillion. If considered PPP (purchasing power parity (how much that money can buy in India compared to other countries), the economy is the third largest (worth US$12.51 trillion). Measured by population it was 125th in the world in 2022.

India's economy includes agriculture, handicrafts, industries, and a lot of services. The service sector is the main source of economic growth in India today, though two-thirds of Indian people earn their living directly or indirectly through agriculture. In recent times, due to its many well-educated people who can speak English, India became a pioneer in information technology.

For most of India's independent history, it had strict government controls in many areas such as telecommunications (communication over long distances), banking and foreign direct investment. In 1967 70% of the people earned less than 150 rupees a month. Since the early 1990s, India has slowly opened up its markets by reducing government control on foreign trade and investment. This was started by Manmohan Singh under the leadership of P. V. Narasimha Rao. From then, the Indian Economy grew at a rapid pace.

The Indian rupee (₹) is the money in India. In 1947 an American dollar was worth about 3 rupees. In 2022 it was worth about 75 rupees.

The social and economic problems India faces are the increasing population, poverty, lack of infrastructure (buildings, roads, etc.) and growing unemployment.

Economy Of India Media

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  Mughal princes wearing muslin robes in 1665 CE

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  The global contribution to world's GDP by major economies from 1 CE to 2003 CE according to Angus Maddison's estimates. Up until the 18th century, China and India were the two largest economies by GDP output.

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  Estimated GDP per capita of India and United Kingdom during 1700–1950 in 1990 US$ according to Maddison. However, Maddison's estimates for 18th-century India have been criticized as gross underestimates, Bairoch estimates India had a higher GDP per capita in the 18th century, and Parthasarathi's findings show higher real wages in 18th-century Bengal and Mysore.

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  Change in per capita GDP of India, 1820–2015. Figures are inflation-adjusted to 1990 International Geary-Khamis dollars.

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  GDP grows exponentially, almost doubling every five years.

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  Indian GDP growth rate from 1985 to 2016 in red, compared to that of China in green

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  India exports more than 100,000 tonnes (98,000 long tons; 110,000 short tons) of processed cashew kernels every year. There are more than 600 cashew processing units in Kollam alone.

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  Sugarcane weighing at a Pravara Sahakari Sakhar Karkhana Ltd in Maharashtra

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  National Fertilizers Vijapur Unit 2 as seen from prilling tower

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  Ashok Leyland FAT 6×6 a defense truck for Indian Armed Force