INDIAN ECONOMY Updated:-

INDIAN ECONOMY

The economy of India is characterised as a developing market economy.

It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).

Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.

Nearly 60% of India's GDP is driven by domestic private consumption  and continues to remain the world's sixth-largest consumer market.

Apart from private consumption, India's GDP is also fueled by government spending, investment, and exports.

In 2018, India was the world's tenth-largest importer and the nineteenth-largest exporter.

 With 520-million-workers, the Indian labour force is the world's second-largest as of 2019.

India has one of the world's highest number of billionaires

 According to 2017 PricewaterhouseCoopers (PwC) report, India's GDP at purchasing power parity could overtake that of the United States by 2050.

The Indian IT industry is a major exporter of IT services with $180 billion in revenue and employs over four million people.

India's telecommunication industry is the world's second largest by number of mobile phone, smartphone, and internet users.

 It is the world's tenth-largest oil producer and the third-largest oil consumer.

The Indian automobile industry is the world's fourth largest by production

 It has $672 billion worth of retail market which contributes over 10% of India's GDP and has one of world's fastest growing e-commerce markets.

 India has the world's fourth-largest natural resources, with mining sector contributes 11% of the country's industrial GDP and 2.5% of total GDP.

 It is also the world's second-largest coal producer, the second-largest cement producer, the second-largest steel producer, and the third-largest electricity producer.

India is the world's sixth-largest manufacturer, representing 3% of global manufacturing output and employs over 57 million people.

 It has the world's seventh-largest foreign-exchange reserves worth $461 billion.