Overview: During the early 1980s real growth in GNP increased at an average annual rate of more than 5%, compared with the historical trend rate of 4%. Agricultural output continued to expand, reflecting the greater use of modern farming techniques and improved seed that have helped to make India self-sufficient in food grains and a net agricultural exporter. Industry has benefited from a liberalization of controls. The growth rate of the service sector has also been strong. India is one of the 20 poorest nations in the world with a per capita average annual income of about $300. Its huge population of 833 million (mid-year 1989) is increasing rapidly at a 2.0% annual rate, and unemployment and underemployment abound.

GNP: $231 billion, per capita $290; real growth rate 1.2% (1987)

Inflation rate (consumer prices): 8.8% (1987)

Unemployment rate: 10% (FY87)

Budget: revenues $46.2 billion; expenditures $50.8 billion, including capital expenditures of $18.6 billion (FY87)

Exports: $11.4 billion (f.o.b., FY87); @m5commodities--tea, coffee, iron ore, fish products, manufactures; @m5partners--EC 22%, USSR and Eastern Europe 19%, US 19%, Japan 11% (FY87)

Imports: $16.7 billion (c.i.f., FY87); @m5commodities--petroleum, edible oils, textiles, clothing, capital goods; @m5partners--EC 32%, Middle East 19%, Japan 13%, US 10%, USSR and Eastern Europe 8% (FY87)

External debt: $44.1 billion (1988)

Industrial production: growth rate 7.5% (1987)

Electricity: 55,000,000 kW capacity; 205,000 million kWh produced, 250 kWh per capita (1988)

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

Agriculture: rice, other cereals, pulses, oilseed, cotton, jute, sugarcane, tobacco, tea, coffee; legal producer of opium poppy for the pharmaceutical trade, but also an illegal producer of opium poppy and cannabis for the international drug trade

Aid: NA

Currency: Indian rupee (plural--rupees); 1 Indian rupee (Re) = 100 paise

Exchange rates: Indian rupees (Rs) per US$1--15.113 (January 1989), 13.917 (1988), 12.962 (1987), 12.611 (1986), 12.369 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding India on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of India Economy 1989 information contained here. All suggestions for corrections of any errors about India Economy 1989 should be addressed to the CIA.