Know certain facts about Indian economy

India is today one of the world’s fastest growing Economies. By 2030, it is estimated that India will become the world’s third largest economy (next to USA & China) with projected GDP at $ 13,716 billion ( 13 Trillion $). Today it is only 1.3 Trillion $. It is growing at an average rate of 5-6 % for last two decades.

Certain facts of Indian economy are mentioned below for my readers:

• ·        India is the 9^th largest economy in the world as of now in terms of GDP and 3^rd largest in terms purchasing power.
• ·        Major industries are textiles, telecom, chemicals, transport equipment, cement,mining, petroleum, machinery, software etc.
• ·        Equity market capitalization equal to 1.65 trillion $ (BSE has 5000 plus listed companies).
• ·        World’s 2^nd largest labour force with 460 plus million workers.
• ·        25% of world new workers will be Indian in the next three years.
• ·        Over 50 % of India’s population is below 25 years of age and by 2020 average age will be equal to 29 years.
• ·        India’s working age population will increase by 240 million over next two decades.
• ·        India has the second largest pool of engineers and scientists in the world.
• ·        Mumbai has the world’s 6^th most expensive office location.
• ·        India has 55 number of billionaires, and its stands third after USA and China in terms of number of billionaires.
• ·        By 2030, India’s middle class population will grow to more than 580 million.
• ·        India ranks 51^st in global competitiveness, 17^th in financial market sophistication and 39^th in innovation.
• ·        India’s consumer market currently, the world’s 13^th largest and it is expected to become 5^thlargest by 2030.
• ·        India is now the 7^th largest vehicle producing nation in the world.
• ·        It’s automobile industry is the second fastest growing in the world.
• ·        India has the 9^th largest aviation market in the world and expected to be the fasted growing by 2020.
• ·        India has the world’s 7^th largest foreign currency reserves i.e. 330 billion $.
• ·        India’s export amounts to 25 billion $.
• ·        India has a road network of over 4.3 million KMs (3^rd largest in the world); 60% freight & 87% passenger track.
• ·        Indian Railways is the world’s 4^th largest i.e. over 114,000 KMs of track length and 7000 plus stations.
• ·        Banking:India has 27 public sector banks, 88 scheduled commercial banks, 31 private banks, 38 foreign banks with a combined network of over 53000 branches &17000 ATMs.
• ·        Agriculture output: India ranks second world wide in farming output. India is the largest producer & consumer of Tea in the world i.e. 30% of global production &25% of global consumption. Also India is the largest producer in the world in milk, jute & pulse.
• ·        Export& Import : India is 19^th largest exporter & 10^thlargest importer in the world.
• ·        Industry accounts for 28% of the country’s GDP and employs 14% of the total workforce.
• ·        India is the 11^th in the world in terms of factory output.
• ·        India is one of the G-20 major economies & a member of BRICS.
• ·        Textile manufacturing is the 2^nd largest source of employment after agriculture.
• ·        India is the one of the fasted growing retail market ,one of the top five retail market in the world by economic value and it is estimated to 450 billion $.
• ·        India has a national tele-density rate of 75% with 900 plus million telephones subscribers.
• ·        Known as the Detroit of Asia, Chennai accounts for 35-40 % of India’s total automobile industry output.
• ·        With over 1.5 lacs post offices & over 5.6 lacs employees, India has the largest postal network in the world.
• ·        Domestic airlines carry more than 20 million passengers every year and it is growing ever year.
• ·        India’s official gold holding is of 560 tonnes (appx.) and India ranks 10^thin gold reserves in the world.
• ·        USA is India’s largest software service market and it is estimated around 75 billion $.

…….. and it’s goes on with many more facts. Hence keep researching and reading.