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Economy

Economy - overview: India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. More than a third of the population is too poor to be able to afford an adequate diet, and market surveys indicate that fewer than 5% of all households had an annual income equivalent to $2,300 or more in 1995-96. India's international payments position remained strong in 1999 with adequate foreign exchange reserves, reasonably stable exchange rates, and booming exports of software services. Lower production of some nonfoodgrain crops offset recovery in industrial production. Strong demand for India's high technology exports will bolster growth in 2000.

GDP: purchasing power parity - $1.805 trillion (1999 est.)

GDP - real growth rate: 5.5% (1999 est.)

GDP - per capita: purchasing power parity - $1,800 (1999 est.)

GDP - composition by sector:
agriculture: 25%
industry: 30%
services: 45% (1997)

Population below poverty line: 35% (1994 est.)

Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 25% (1994)

Inflation rate (consumer prices): 6.7% (1999 est.)

Labor force: NA

Labor force - by occupation: agriculture 67%, services 18%, industry 15% (1995 est.)

Unemployment rate: NA%

Budget:
revenues: $35.8 billion
expenditures: $66.3 billion, including capital expenditures of $15.9 billion (FY98/99 est.)

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

Industrial production growth rate: 6% (1999 est.)

Electricity - production: 448.6 billion kWh (FY98/99 est.)

Electricity - production by source:
fossil fuel: 80.34%
hydro: 17.08%
nuclear: 2.38%
other: 0.2% (1998)

Electricity - consumption: 416.346 billion kWh (1998)

Electricity - exports: 130 million kWh (1998)

Electricity - imports: 1.575 billion kWh (1998)

Agriculture - products: rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish

Exports: $36.3 billion (f.o.b., 1999 est.)

Exports - commodities: textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures

Exports - partners: US 21%, UK 6%, Germany 6%, Hong Kong 5%, Japan 5%, UAE 4% (1998)

Imports: $50.2 billion (f.o.b., 1999 est.)

Imports - commodities: crude oil and petroleum products, machinery, gems, fertilizer, chemicals

Imports - partners: US 10%, Belgium 7%, UK 6%, Germany 6%, Saudi Arabia 6%, Japan 6% (1998)

Debt - external: $98 billion (March 1999)

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

Currency: 1 Indian rupee (Re) = 100 paise

Exchange rates: Indian rupees (Rs) per US$1 - 43.552 (January 2000), 43.055 (1999), 41.259 (1998), 36.313 (1997), 35.433 (1996), 32.427 (1995)

Fiscal year: 1 April - 31 March



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