India/

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. Merchandise exports, which account for about 15% of GDP, returned to pre-financial crisis levels. An industrial expansion and high food prices, resulting from the combined effects of the weak 2009 monsoon and inefficiencies in the government’s food distribution system, fueled inflation which peaked at about 11% in the first half fo 2010, but has gradually decreased to single digits following a series of central bank interest rate hikes. New Delhi in 2010 reduced subsidies in fuel and fertilizers, sold a small percentage of its shares in some state-owned enterprises and auctioned off rights to radio bandwidth for 3G telecommunications in part to lower the government’s deficit. The Indian Government seeks to reduce its deficit to 5.5% of GDP in FY 2010-11, down from 6.8% in the previous fiscal year. India’s long term challenges include widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, insufficient access to quality basic and higher education, and accommodiating rual-to-urban migration.

$4.046 trillion (2010 est.)

$3.736 trillion (2009 est.)

$3.478 trillion (2008 est.)

$1.43 trillion (2010 est.)

8.3% (2010 est.)

7.4% (2009 est.)

7.4% (2008 est.)

$3,400 (2010 est.)

$3,200 (2009 est.)

$3,000 (2008 est.)

478.3 million (2010 est.)

10.8% (2010 est.)

10.7% (2009 est.)

25% (2007 est.)

36.8 (2004)

37.8 (1997)

32% of GDP (2010 est.)

55.9% of GDP (2010 est.)

57.3% of GDP (2009 est.)

11.7% (2010 est.)

10.9% (2009 est.)

6% (31 December 2009)

6% (31 December 2008)

12.19% (31 December 2009 est.)

13.31% (31 December 2008 est.)

$328.4 billion (31 December 2010 est)

$268.4 billion (31 December 2009 est)

$1.29 trillion (31 December 2010 est.)

$1.04 trillion (31 December 2009 est.)

$1.164 trillion (31 December 2010 est.)

$938.8 billion (31 December 2009 est.)

$1.179 trillion (31 December 2009)

$645.5 billion (31 December 2008)

$1.819 trillion (31 December 2007)

rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish

textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals

9.7% (2010 est.)

723.8 billion kWh (2009 est.)

568 billion kWh (2007 est.)

810 million kWh (2009 est.)

5.27 billion kWh (2009 est.)

878,700 bbl/day (2009 est.)

2.98 million bbl/day (2009 est.)

738,600 bbl/day (2007 est.)

2.9 million bbl/day (2007 est.)

5.8 billion bbl (1 January 2010 est.)

38.65 billion cu m (2009 est.)

51.27 billion cu m (2009 est.)

0 cu m (2008 est.)

12.62 billion cu m (2009 est.)

1.075 trillion cu m (1 January 2010 est.)

-$26.91 billion (2010 est.)

-$26.63 billion (2009 est.)

$201 billion (2010 est.)

$168.2 billion (2009 est.)

petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel

UAE 12.87%, US 12.59%, China 5.59% (2009)

$327 billion (2010 est.)

$274.3 billion (2009 est.)

crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals

China 10.94%, US 7.16%, Saudi Arabia 5.36%, UAE 5.18%, Australia 5.02%, Germany 4.86%, Singapore 4.02% (2009)

$284.1 billion (31 December 2010 est.)

$274.7 billion (31 December 2009 est.)

$237.1 billion (31 December 2010 est.)

$221.3 billion (31 December 2009 est.)

$191.1 billion (31 December 2010 est.)

$157.9 billion (31 December 2009 est.)

$89.04 billion (31 December 2010 est.)

$76.62 billion (31 December 2009 est.)

Indian rupees (INR) per US dollar - 46.163 (2010), 48.405 (2009), 43.319 (2008), 41.487 (2007), 45.3 (2006)