How well do you know Indian Economy? A clear understanding of the statistics and data related to Indian Economy is essential to know the real India.
Having covered the basis concepts of economics in some of the earlier posts, here is an analysis about the strength and weakness of Indian Economy to Know India Better.
Also read: Credit Rating in India
GDP Statistics of India (2022 data)
- National Income Rank – 5th (nominal GDP) ; 3rd (GDP at PPP).
- GDP of India – $3.469 trillion (nominal GDP) ; $11,665 trillion ( GDP at PPP).
- GDP growth rate – 5%.
- Per-capita Income Rank – 142nd (nominal GDP) ; 125th (GDP at PPP).
- Per-capita GDP value – $2466 (N) ; $8293 (PPP);
- Sectoral contribution to GDP – Agriculture – 18.8%, Industry – 28.2%, Services – 53%. (FY 21-22)
- Labour contribution to GDP – Agriculture -42.6%, Industry – 25.12%, Services – 32.28%.
Inflation in India
- WPI – 4.95% (December 2022)
- CPI – 6.52% (CPI January 2023)
Percentage of Population Below Poverty Line
- About 4% live in severe poverty
Gini Coefficient (Income Inequality)
- 36.8 (Zero corresponds to perfect equality)
Human Development Index
- 132nd out of 191
- Labour Force – 50 crore (including child labour).
- Unemployment – 8% (2022)
Main Industries of India
- Food processing.
- Transportation equipment.
- PS: Ease of Doing Business Rank : 132.
Export and Import of India
- Total Export Value – $421.894.
- Total Import Value – $612.608 billion.
- Export Goods – software, petrochemicals, pharmaceuticals, precious stones, textiles, machinery, iron ore, chemicals, automobiles.
- Import Goods – crude oil, raw precious stones, machinery, fertilizer, coal, steel, chemicals.
- Major Export Partners – United States, United Arab Emirates, China, Bangladesh, Netherlands.
- Main import partners – China, United Arab Emirates, Saudi Arabia, United States, Iraq.
Strength and Weakness of Indian Economy
- FDI Stock – $83.57 billion
- External Debt – $617.1 billion
- Public Debt – $2.9 trillion (83.398% of GDP).
- Fiscal Deficit -6.4 % of GDP
- Economic Aid – $4.234 billion
- Foreign Reserves – $571.948 billion
- Current Account Deficit -3.3% of GDP
- India’s Credit Rating – BBB- Lowest in Investment Grade (S&P), Stable (Moody)
Indian Economic Statistics: Unlike PSC or Bank exams, in the UPSC CSE Prelims or Mains, the latest data are not generally asked. Though the chance of directly asking the values of Banking rates like Repo, Reverse Repo, CRR etc. in UPSC exam is remote, a good understanding of the same may help you in comparative study. A few of the data can be quoted in mains answer papers for authenticity as well.
Disclaimer : As it might not be always possible for ClearIAS.com to periodically update this post, with the passage of time, certain values may turn outdated. Interested readers can add the latest figures in comments. Thanks in advance – ClearIAS.com.