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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   












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






Indian Rupee (INR)






Shri. . Pranab Mukherjee



Prime Minister      



Mr. Narendra Singh Modi






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  






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






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)






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.