India
General
Information & Brief Economic Summary
Foreign
Trade
US
Embassy
Government of India
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General Information & Brief
Economic Summary
India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of
modern industries, and a multitude of services. Services are
the major source of economic growth, though two-thirds of the
workforce is in agriculture. The UPA government has committed
to furthering economic reforms and developing basic
infrastructure to improve the lives of the rural poor and boost
economic performance. Government controls on foreign trade and
investment have been reduced in some areas, but high tariffs
(averaging 20% in 2004) and limits on foreign direct investment
are still in place. The government has indicated it will do
more to liberalize investment in civil aviation, telecom, and
insurance sectors in the near term. Privatization of
government-owned industries has proceeded slowly, and continues
to generate political debate; continued social, political, and
economic rigidities hold back needed initiatives. The economy
has posted an excellent average growth rate of 6.8% since 1994,
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 combined state and
federal budget deficit, running at approximately 9% of GDP. The
huge and growing population is the fundamental social,
economic, and environmental problem. In late December 2004, a
major tsunami took at least 60,000 lives in India, caused
massive destruction of property, and severely affected the
fishing fleet.
Major cities/towns
The 1991 census showed 25.7% of India's population (217.6
million) as urban, occupying 3,768 identified urban areas. This
figure is now estimated to have increased to 32%. The
traditional 4 metros are Delhi (population 8.4 million in 1991,
now estimated at around 13 million) Bombay, now Mumbai (9.9
million in 1991), Calcutta (Now Kolkata) (11 million in 1991),
and Madras, now Chennai (5.4 million in 1991). Other cities
like Pune, Hyderabad, Bangalore, Lucknow, Ahmedabad, Ernakulam
(Cochin) etc are rapidly developing into major centres of
commerce and industry.
Population
846.3 million (1991 census); end-1999 estimate 980 million;
current growth rate 1.63% per annum; Life span (1996-97) 63
years; death rate 9 per 1000; birth rate 27 per 1000.
Languages
Hindi is the official language, and English is widely used as a
link language. In addition, there are 13 major languages
recognised by the Constitution of India and about 844
dialects.
Adult Literacy
52.21% (1991 census); end-1999 estimate 54%
Religions
India is a secular country and has no state religion. Major
religions represented in India include Hinduism (82%), Islam
(12%), Christianity (2.3%), Sikhism (1.9%), Buddhism (0.8%) and
Jainism (0.4%)
Currency
Rupee (One Rupee=100 paise) Rate of exchange - USD 1 = approx.
Rs. 45.00
Fiscal Year
1st April to 31st March.
Mineral resources
Coal, crude oil, natural gas, iron ore, bauxite, limestone,
manganese ore, magnesite, chromite, copper ore, zinc, lead,
gold, mica, gypsum, tungsten, barytes, graphite, dolomite,
kaolin, phosphates and many more, with considerable reserves
yet to be exploited in most cases
Agriculture
Rice, wheat, coarse cereals, cotton, jute, sugarcane, oilseeds,
pulses, a variety of fruits and vegetables, plantation crops
(tea, coffee, various spices etc.), herbal and medicinal crops;
animal husbandry and food processing are also well-developed
sectors.
Industry
Textiles and yarns (cotton, silk, jute, synthetics etc.),
cement, rubber goods, engineering goods, electronics and heavy
electrical products, automobiles, food processing, steel,
fertilisers, mining, chemicals, paper and newsprint, drugs and
pharmaceuticals, a variety of consumer goods industries and
small and cottage industries, information technology.
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Foreign Trade ( in US$
billions)
| TRADE ACTIVITY |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
1999-00 |
2000-01 |
2001-02 |
| Imports |
36.7 |
38.5 |
41.5 |
41.9 |
49.7 |
49.6 |
51.4 |
| Exports |
31.8 |
33.1 |
35.0 |
33.7 |
36.8 |
44.3 |
43.8 |
| Total |
68.5 |
71.6 |
76.5 |
75.6 |
86.5 |
93.9 |
95.2 |
| Balance |
-4.9 |
-5.4 |
-6.5 |
-8.2 |
-12.9 |
-5.3 |
-7.6 |
Major Trading Partners
| |
Share of India's Total Trade |
| OECD |
54% ( Japan accounted for 3% and
Australia for 2% |
| EU |
26% (especially UK, Germany, France,
Belgium and Netherlands) |
| OPEC |
16% (especially Saudi Arabia,
Kuwait and Iran) |
| NAFTA |
16% (with USA accounting fro
10.7%) |
| ASEAN35 |
7.6% |
| SAARC |
3% |
| CIS |
2% (of which 1% is with
Russia) |
| LAIA |
2% |
Major Exports
Major Export items are Cereals (Rice), Nuts & Seeds (Cashew
incl.CNSL), Processed Foods, Marine Products, Iron Ore,
Footwear, Leather & Mfrs, Gems & Jewellery, Chemical
Products like Basic Chemls.Pharma & Cosmetics, Plastics
& Linoleum, Rubber, glass & Other Products, Machinery
& Instruments, Primary & Semi-fnshd iron & Steel,
Manufactures of Metals, Electronics, Textile materials like
Readymade Garments, Cotton, Yarn, fabrics, made-ups,etc, and
Man-made textiles made-ups etc., Carpets and Petroleum
Products.
Major Imports
Major Imports are Fertilizers, Edible Oil, Paper Board &
Mfrs, Non-ferrous Metals, Metalliferrous Ores & metal
scrap, Iron & Steel, Petroleum Crude Products, Pearls,
Precious & Semi-precious Stones, Machinery other than
electrical, Electrical Machinery and Transport Equipment, Coal,
coke & briquettes, Organic & Inorganic Chemicals, Artf.
resins,etc, Electronic goods, Wood and Wood Products and Gold
& Silver.
Foreign Investment
In the period 1991-99, USD 59.70 billion worth of FDI was
approved, with gross FDI inflow amounting to about USD 19.20
billion, around 33.35% of total FDI approved. Inflows received
during 1999 account for 24% of the total inflow received since
January 1991. Sectors attracting the major share of FDI include
telecommunications, fuel (power and oil refinery),
transportation industry, metallurgical industry, chemical
industry, electrical equipment and the service sector.
Main Investors
About 22.2% of approved FDI in 1991-99 was from the United
States. Other major investors include Mauritius (10.58%), UK
(7.62%), South Korea (4.62%), Japan (4.62%) and Germany
(3.77%). Since 1991, Mauritius has accounted for maximum
inflows (17.82%) followed by USA (11.94%), Japan (4.24%),
Germany (3.36%) and UK (3.19%).
Tourism
In 1998-99, about 2 million tourists visited India and tourism
revenues amounted to USD 3 billion.
GDP
USD 383 billion (1998-99)
GDP
Growth Rate 6% (1998-99)
GNP
USD 421 billion (1988-99)
Per capita GNP
USD 430 (1996-97)
Per capita PPP
USD 1,700 (1998-99)
Per capita
GNP USD 430 (1996-97)
Per capita
PPP USD 1,700 (1998-99)
GDP Distribution in 1998-99
- Agriculture 25%,
- Industry 30% (of which Manufacturing 19%)
- Services 45%
Gross Domestic Savings
23% of GDP in 1998-99
Gross Domestic Investment
5.9% average annual growth in 1990-98
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US Embassy
Shantipath, Chanakyapuri
New Delhi - 110021
India
Tel: +91-11-2419-8000
Fax: +91-11-2419-0017
http://newdelhi.usembassy.gov/
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Government of India Directory
http://goidirectory.nic.in/
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*This guide is not a complete list of trade associations or
publications. We welcome any additions to this document. The
Material Handling Industry does not assume a legal liability or
responsibility for the accuracy, completeness or usefulness of
the information contained herein. The listing of information
here does not reflect an endorsement of any of the particular
information by the Material Handling Industry.
Trade Event
Schedule
CeMAT India
10 - 13 December 2008
Bangalore International Exhibition Centre (BIEC)
www.cemat-india.com
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