Overview: India's economy is a mixture of traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Faster economic growth in the 1980s permitted a significant increase in real per capita private consumption. A large share of the population, perhaps as much as 40%, remains too poor to afford an adequate diet. Financial strains in 1990 and 1991 prompted government austerity measures that slowed industrial growth but permitted India to meet its international payment obligations without rescheduling its debt. Policy reforms since 1991 have extended earlier economic liberalization and greatly reduced government controls on production, trade, and investment. US and other foreign firms are increasing their investment in India. In January 1994, international financial reserves were comfortably high.

National product: GDP - purchasing power equivalent - $1.17 trillion (FY94 est.)

National product real growth rate: 3.8% (FY94 est.)

National product per capita: $1,300 (FY94 est.)

Inflation rate (consumer prices): 8% (1993 est.)

Unemployment rate: NA%

Budget:
revenues: $29.6 billion
expenditures: $45.1 billion, including capital expenditures of $11.2 billion (FY93)

Exports: $21.4 billion (f.o.b., 1993)
commodities: gems and jewelry, clothing, engineering goods, chemicals, leather manufactures, cotton yarn, and fabric
partners: US 18.9%, Germany 7.8%, Italy 7.8%, (FY93)

Imports: $22 billion (c.i.f., 1993)
commodities: crude oil and petroleum products, gems, fertilizer, chemicals, machinery
partners: US 9.8%, Belgium 8.4%, Germany 7.6% (FY93)

External debt: $90.1 billion (March 1993)

Industrial production: growth rate 2% (1993 est.); accounts for about 25% of GDP

Electricity:
capacity: 82,000,000 kW
production: 310 billion kWh
consumption per capita: 340 kWh (1992)

Industries: textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery

Agriculture: accounts for about 40% of GDP and employs 65% of labor force; principal crops - rice, wheat, oilseeds, cotton, jute, tea, sugarcane, potatoes; livestock - cattle, buffaloes, sheep, goats, poultry; fish catch of about 3 million metric tons ranks India among the world's top 10 fishing nations

Illicit drugs: licit producer of opium poppy for the pharmaceutical trade, but some opium is diverted to illicit international drug markets; major transit country for illicit narcotics produced in neighboring countries; illicit producer of hashish; minor production of illicit opium

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $4.4 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1980-89), $31.7 billion; OPEC bilateral aid (1979-89), $315 million; USSR (1970-89), $11.6 billion; Eastern Europe (1970-89), $105 million

Currency: 1 Indian rupee (Re) = 100 paise
Exchange rates: Indian rupees (Rs) per US$1 - 31.370 (January 1994), 30.493 (1993), 25.918 (1992), 22.742 (1991), 17.504 (1990), 16.226 (1989)

Fiscal year: 1 April - 31 March

NOTE: The information regarding India on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of India Economy 1995 information contained here. All suggestions for corrections of any errors about India Economy 1995 should be addressed to the CIA.