Business/Economy -Indian Economy -Important Points

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Indian Economy

 

1-The economy of India is the sixth-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP).

2- India’s economy became the world’s fastest growing major economy in the last quarter of 2014, replacing the People’s Republic of China.

3-The Indian economy has the potential to become the world’s 3rd-largest economy by the next decade, and one of the two largest economies by mid-century.

4- India also topped the World Bank’s growth outlook for 2015-16 for the first time with the economy having grown 7.6% in 2015-16 and expected to grow 8.0%+ in 2016-17.

5- India is also the third largest start-up hub in the world with over 3,100 technology start-ups in 2014-15.

6- The agricultural sector is the largest employer in India’s economy but contributes to a declining share of its GDP (17% in 2013-14).

7-India ranks second worldwide in farm output.

8-India has $600 billion worth of retail market in 2015 and one of world’s fastest growing E-Commerce markets.

9-India’s two major stock exchanges, Bombay Stock Exchange and National Stock Exchange of India, had a market capitalisation of US$1.71 trillion and US$1.68 trillion respectively as of Feb 2015, which ranks 11th & 12 largest in the world respectively according to the World Federation of Exchanges.

10-Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD.

11-Jawaharlal Nehru, the first prime minister of India, along with the statistician Prasanta Chandra Mahalanobis, formulated and oversaw economic policy during the initial years of the country’s independence.

12-In the late 1970s, the government led by Morarji Desai eased restrictions on capacity expansion for incumbent companies, removed price controls, reduced corporate taxes and promoted the creation of small-scale industries in large numbers.

13-Prime Minister Narasimha Rao, along with his finance minister Manmohan Singh, initiated the economic liberalisation of 1991

14-India is ranked 130th out of 190 countries in the World Bank’s 2017 ease of doing business index.

15-India is the largest producer in the world of milk, jute and pulses, and also has the world’s second largest cattle population with 170 million animals in 2011.

16- India is the second largest producer of rice, wheat, sugarcane, cotton and groundnuts, as well as the second largest fruit and vegetable producer, accounting for 10.9% and 8.6% of the world fruit and vegetable production respectively.

17- India is also the second largest producer and the largest consumer of silk in the world, producing 77,000 tons in 2005.

18-According to the World Bank, India’s industrial manufacturing GDP output in 2015 was 6th largest in the world on current US dollar basis ($559 billion).

19-By volume, the Indian chemical industry was the third largest producer in Asia, and it alone contributed 5% of its GDP.

20-The state of Gujarat has become a hub for the manufacture and export of pharmaceuticals and APIs. The industry is expected to double from its 2012 levels to US$55 billion by 2020, according to a McKinsey report.

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