India - Economy

Though the constitution proclaims India to be a socialist country, it is in truth a mixed economy with a strong and influential private sector. Public sector undertakings controlled by the state are involved in many industries though the need for disinvestment is being increasingly felt. India has a planned economy.

It is largely an agrarian economy. Rice, wheat, oilseed, cotton, jute, tea, coffee, rubber, sugarcane and potatoes are the bulk of the produce. Livestock include cattle, water buffalo, sheep, goats and poultry. Coastal communities and those who live on riverbanks are often dependent on fishing for livelihood.

The major foreign exchange earner for India is textile, followed by Information Technology. With Indian IT professionals making it big in the United States and Indian IT companies proving to be among the best in the crop, there is new international interest in Indian professionals. Precious and semi-precious stones, leather products, engineering goods and chemicals are also exported.

Major trading partners include US, UK, Germany, Hong Kong, Japan and the UAE.
Major industries include steel, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum and machinery.
Around 25% of the population lives below the poverty line.
GDP: $2.664 trillion (purchasing power parity)
Per Capita income: $2600 (purchasing power parity)