India Economy - 2024

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

Real GDP growth rate

8.68% (2021 est.)
-6.6% (2020 est.)
3.74% (2019 est.)

Real GDP per capita

$6,600 (2021 est.)
$6,100 (2020 est.)
$6,600 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

476.67 million (2021 est.)

Unemployment rate

5.98% (2021 est.)
8% (2020 est.)
5.27% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 28.3% (2021 est.)

male: 28.6%

female: 26.7%

Population below poverty line

21.9% (2011 est.)

Gini Index coefficient - distribution of family income

35.7 (2019 est.)

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)

Remittances

2.81% of GDP (2021 est.)
3.12% of GDP (2020 est.)
2.94% of GDP (2019 est.)

Budget

revenues: $495.007 billion (2020 est.)

expenditures: $818.94 billion (2020 est.)

Budget surplus (+) or deficit (-)

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

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

Taxes and other revenues

12.02% (of GDP) (2018 est.)

Fiscal year

1 April - 31 March

Current account balance

-$33.422 billion (2021 est.)
$32.73 billion (2020 est.)
-$29.763 billion (2019 est.)

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

Exports - partners

US 18%, UAE 6%, China 6%, Bangladesh 4%, Hong Kong 3% (2021)

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

Imports - partners

China 17%, United Arab Emirates 7%, United States 7%, Switzerland 6%, Saudi Arabia 5% (2021)

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.)

Debt - external

$555.388 billion (2019 est.)
$518.34 billion (2018 est.)

Exchange rates

Indian rupees (INR) per US dollar -

Exchange rates:
73.918 (2021 est.)
74.1 (2020 est.)
70.42 (2019 est.)
68.389 (2018 est.)
65.122 (2017 est.)