India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Government controls have been reduced on foreign trade and investment, and privatization of domestic output has proceeded slowly. The economy has posted an excellent average growth rate of 6% since 1990, reducing poverty by about 10 percentage points. India is capitalizing on its large numbers of well-educated people skilled in the English language to become a major exporter of software services and software workers. Despite strong growth, the World Bank and others worry about the continuing public-sector budget deficit, running at approximately 10% of GDP.

GDP
Purchasing power parity $3.022 trillion (2003 est.)
Real growth rate 7.6% (2003 est.)
Per capita (Purchasing power parity) $2,900 (2003 est.)

GDP (Composition by sector)
Agriculture 23.6%
Industry 28.4%
Services 48% (2002 est.)

Population below poverty line 25% (2002 est.)

Household income or consumption - By Share
Lowest 10% : 3.5%
Highest 10%: 33.5% (1997)

Distribution of family income (Gini index) 37.8 (1997)

Inflation rate (consumer prices) 4.6% (2003 est.)

Labor force 406 million (1999)

Labor force - By Occupation
Agriculture 60%
Services 23%
Industry 17% (1999)

Unemployment rate 9.1% (2003)

Budget
Revenues $48.3 billion
Expenditures $78.2 billion, including capital expenditures

Industries Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, Machinery, Software

Industrial production growth rate 6% (2003 est.)

Electricity
Production 533.3 billion kWh (2001)

Electricity - Production by source
Fossil Fuel 81.7%
Hydro 14.5%
Nuclear 3.4%
Other Sources 0.3% (2001)

Electricity Usage Distribution
Consumption 497.2 billion kWh (2001)
Exports 321 million kWh (2001)
Imports 1.54 billion kWh (2001)

Oil
Production 732,400 bbl/day (2001 est.)
Consumption 2.13 million bbl/day (2001 est.)
Proved reserves 4.33 billion bbl (1 January 2002)

Natural gas
Production 22.75 billion cu m (2001 est.)
Consumption 22.75 billion cu m (2001 est.)
Exports 0 cu m (2001 est.)
Imports 0 cu m (2001 est.)
Proved reserves 542.4 billion cu m (1 January 2002)

Agriculture
Products Rice, Wheat, Oilseed, Cotton, Jute, Tea, Sugarcane, Potatoes, Cattle, Water Buffalo, Sheep, Goats, Poultry, Fish

Exports
Total exports $57.24 billion f.o.b. (2003 est.)
Commodities Textile Goods, Gems and Jewelry, Engineering Goods, Chemicals, Leather Manufactures
Partners US 22.4%, UK 5.1%, Hong Kong 4.5%, Germany 4.3%, China 4.1% (2002)

Imports
Total imports $74.15 billion f.o.b. (2003 est.)
Commodities Crude Oil, Machinery, Gems, Fertilizer, Chemicals
Partners US 6.9%, Belgium 6.4%, China 4.5%, Singapore 4.4%, UK 4.4% (2002)

Debt (External) $95.3 billion (2003 est.)

Economic aid (recipient) $2.9 billion (FY98/99)

Currency Indian rupee (INR)

Currency code INR

Exchange rates
(Indian rupees per US dollar) 46.58 (2003), 48.61 (2002), 47.19 (2001), 44.94 (2000), 43.06 (1999)

The above stats are based on an avarage as on 1.12.2006