Asia and Oceania

India
Last reviewed: 14 October 2009

Country information

See entire profile

ECONOMY

Basic Economic Facts

Nominal GDP: $1,1 trillion (2007)
% population < $1 day: 34.3% (UNDP)
% population < $2 day: 80.4% (UNDP)
Real GDP Growth: 9.0% (2007)
Major Industries: Textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, gems and jewellery, leather manufactures.

Major trading partners:

Exports for 2008-09 (April-Dec): USA (12%), UAE (11.1%), Singapore (5%), China (4.7%), Hong Kong (3.7%)
Imports for 2008-09 (April-Dec): China (10.3%), Saudi Arabia (7.2%), UAE (6.6%), USA (5.9%), Switzerland (4.6%)

Aid & development: Foreign aid was approximately $3.8 billion (2005-2006)
Exchange rate: Indian rupees per UK Pound Sterling – 79.8 (end January 2009).

UK Trade & Investment Country Profile: India

Economic reforms, initiated in 1991, have placed India firmly on the path of sustained economic growth, needed to alleviate poverty and allow India to claim its place as a global economic power. These economic reforms followed several decades during which its economy was virtually closed. India, a country which was traditionally dependent on agriculture, is now looking towards knowledge-driven sectors such as information, communications and entertainment (ICE) sector and pharmaceuticals as flagships of its economic potential. India now has a burgeoning middle class and has made great strides in fields such as information technology.

Although substantial progress has been made, the Indian Government remains conscious of the need to ensure that the pace of reform is not relaxed, and that India builds upon its recent success. There are other pressures to push ahead with reforms: Indian consumers' rising aspirations; the need to attract private capital into infrastructure; and the need to improve social sector delivery. The next round of reforms will, however, require politically difficult decisions and legislative changes.