India Economy - 2023

Economic overview

largest South Asian economy; still informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributing to lower private consumption and inflation; new social and infrastructure equity efforts

Real GDP (purchasing power parity)

$9.279 trillion (2021 est.)

$8.538 trillion (2020 est.)

$9.14 trillion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

8.68% (2021 est.)

-6.6% (2020 est.)

3.74% (2019 est.)

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Real GDP per capita

$6,600 (2021 est.)

$6,100 (2020 est.)

$6,600 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$2.836 trillion (2019 est.)

Inflation rate (consumer prices)

5.13% (2021 est.)

6.62% (2020 est.)

3.73% (2019 est.)

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Credit ratings

Fitch rating: BBB- (2006)

Moody's rating: Baa3 (2020)

Standard & Poors rating: BBB- (2007)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 15.4% (2016 est.)

industry: 23% (2016 est.)

services: 61.5% (2016 est.)

GDP - composition, by end use

household consumption: 59.1% (2017 est.)

government consumption: 11.5% (2017 est.)

investment in fixed capital: 28.5% (2017 est.)

investment in inventories: 3.9% (2017 est.)

exports of goods and services: 19.1% (2017 est.)

imports of goods and services: -22% (2017 est.)

Agricultural products

sugarcane, rice, wheat, buffalo milk, milk, potatoes, vegetables, bananas, maize, mangoes/guavas

Industries

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

Industrial production growth rate

10.27% (2021 est.)

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Labor force

476.67 million (2021 est.)

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Labor force - by occupation

agriculture: 47%

industry: 22%

services: 31% (FY 2014 est.)

Unemployment rate

5.98% (2021 est.)

8% (2020 est.)

5.27% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 28.3%

male: 28.6%

female: 26.7% (2021 est.)

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Population below poverty line

21.9% (2011 est.)

Gini Index coefficient - distribution of family income

35.7 (2019 est.)

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Average household expenditures

on food: 29.8% of household expenditures (2018 est.)

on alcohol and tobacco: 2.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.6%

highest 10%: 29.8% (2011)

Budget

revenues: $495.007 billion (2020 est.)

expenditures: $818.94 billion (2020 est.)

Budget surplus (+) or deficit (-)

-3.5% (of GDP) (2017 est.)

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Public debt

46.52% of GDP (2018 est.)

47.58% of GDP (2017 est.)

47.63% of GDP (2016 est.)

note: data cover central government debt, and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

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Taxes and other revenues

12.02% (of GDP) (2018 est.)

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Fiscal year

1 April - 31 March

Current account balance

-$33.422 billion (2021 est.)

$32.73 billion (2020 est.)

-$29.763 billion (2019 est.)

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Exports

$643.08 billion (2021 est.) note: data are in current year dollars

$484.691 billion (2020 est.) note: data are in current year dollars

$546.033 billion (2019 est.) note: data are in current year dollars

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Exports - partners

United States 17%, United Arab Emirates 9%, China 5% (2019)

Exports - commodities

refined petroleum, diamonds, packaged medicines, jewelry, rice (2021)

Imports

$717.119 billion (2021 est.) note: data are in current year dollars

$493.033 billion (2020 est.) note: data are in current year dollars

$619.485 billion (2019 est.) note: data are in current year dollars

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Imports - partners

China 15%, United States 7%, United Arab Emirates 6%, Saudi Arabia 5% (2019)

Imports - commodities

crude petroleum, gold, coal, diamonds, natural gas (2019)

Reserves of foreign exchange and gold

$638.485 billion (31 December 2021 est.)

$590.227 billion (31 December 2020 est.)

$463.47 billion (31 December 2019 est.)

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Debt - external

$555.388 billion (2019 est.)

$518.34 billion (2018 est.)

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Exchange rates

Indian rupees (INR) per US dollar -

73.918 (2021 est.)

74.1 (2020 est.)

70.42 (2019 est.)

68.389 (2018 est.)

65.122 (2017 est.)

NOTE: The information regarding India on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of India 2023 information contained here. All suggestions for corrections of any errors about India 2023 should be addressed to the CIA or the source cited on each page.