About

Economy

The Indian economy is substantially diversified and includes traditional farms, modern agriculture, manufacturing and a huge spectrum of modern industries and services, which is the most significant source of economic growth. The government has reduced controls on foreign investment and during the past decade the economy grew an average of 7% annually, reducing poverty by close to ten percentage points.

Business abroad has been playing a crucial role in the growth of the Indian economy (close to 3 times the growth of the GDP in the last four years). Exports from India cover a wide range of products, including minerals, chemical products, pharmaceuticals, jewels and precious stones.

According to the World Bank, the Indian economy is nominally worth US$1.848 trillion; it is the tenth-largest economy by market exchange rates, and is, at US$4.457 trillion, the third-largest by purchasing power parity. However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.

India has been a member of WTO since 1 January 1995.

 

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