INDIA

 

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India is set to emerge as the world’s fastest-growing major economy by 2015 ahead of China, according to the recent report by The World Bank. India’s Gross Domestic Product (GDP) is expected to grow at 7.5 per cent in 2015, as per the report. The improvement in India’s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, RBI's inflation focus supported by benign global commodity prices.

India ranks seventh globally in terms of GDP at current prices and is expected to grow at 7.5 per cent in 2016. India’s economy has witnessed a significant economic growth in the recent past, growing by 7.3 per cent in 2015 as against 6.9 per cent in 2014. The size of the Indian economy is estimated to be at Rs 129.57 trillion (US$ 2.01 trillion) for the year 2014 compared to Rs 118.23 trillion (US$ 1.84 trillion) in 2013.

The economic activities, which witnessed significant growth were ‘financing, insurance, real estate and business services’ at 11.5 per cent and ‘trade, hotels, transport, communication services’ at 10.7 per cent. Stating that its great time to invest in India, Minister of State for Finance Mr. Jayant Sinha said the Indian economy has potential to become a US$ 4-5 trillion economy in the next 10-12 years.

 

 

 

At a Glance:

 

 

Country Name

 

 

Republic of India   

      

 

Area

 

 

3,287,263 sq.km.

 

 

Capital

 

 

New Delhi

 

 

Government type     

   

 

Federal Republic

 

 

Administrative divisions

 

 

29 states and 7 union territories

 

 

National Holidays      

                          

 

Republic Day, 26th January

Independence Day, 15th August

Gandhi Jayanthi, 2nd October

 

 

Fiscal year       

           

 

1st April – 31st March

 

 

Currency     

                            

 

Indian Rupee (INR)

 

 

President       

                         

 

Shri. . Pranab Mukherjee

 

 

Prime Minister      

       

 

Mr. Narendra Singh Modi

 

 

Population 

                              

 

1,251,695,584 (July 2015 est.)

 

 

Net migration rate 

                  

 

-0.04 migrant(s)/1,000 population (2015 est.)

 

 

GDP (purchasing power parity)

 

 

$7.376 trillion (2014 est.)

 

 

GDP- composition by sector 

              

 

Agriculture 17.9%

Industry 24.2%

Services 57.9% (2014 est.)

 

 

Agriculture- Products     

         

 

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

 

 

Industries                

    

 

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

 

 

Major Exports   

                      

 

Petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel.

 

 

Major Exports ญ– Partners    

    

 

US 12.4%, UAE 10.2%, China 4.7%, Singapore 4.3%, Hong Kong 4.2% (2013)

 

 

Major Imports       

                   

 

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

 

 

Major Importers ญญญ– Partners

 

 

China 11%, Saudi Arabia 7.8%, UAE 7.1%, Switzerland 5.5%, US 4.8%, Iraq 4.3% (2013)

 

 

Natural resources      

                         

 

Coal (fourth-largest reserves in the world), iron ore manganese, mica, bauxite, rare earth elements, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land

 

 

Languages      

                                    

 

English enjoys associate statues but is the most important language for national, political, commercial communication; Hindi is the national language and primary tongue of 41% of the people;     there are 14 other regional languages.

 

 

Ethnic groups 

                        

 

Indo-Aryan 72%, Dravidian 25%, Mongoloid and other 3% (2000)

 

 

Climate             

           

 

Winter (January and February), Summer (March to May),      Monsoon (rainy) season (June to September) and Post-Monsoon period (October to December).

 

 

Time Zone   

                                       

 

India is five and half hours ahead of GMT. It has not adapted daylight saving time and uses standard time countrywide throughout the year.