India - Economy
How is the economy of India? Based on the information we have, India has a largest South Asian economy; key US trading partner; many informal domestic economies; promoting self-reliance and increasing market access barriers; credit access weaknesses contributing to lower private consumption and inflation; ongoing social and infrastructure equity efforts. Key agricultural products in this country include: sugarcane, rice, milk, wheat, bison milk, potatoes, vegetables, bananas, maize, onions (2022).
More about the economy of India
| Labor force | 593.729 million (2023 est.) |
|---|---|
| Industrial production growth rate | 9.02% (2023 est.) |
| Industries | textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals |
| Population below poverty line | |
| Taxes and other revenues | 12.02% (of GDP) (2018 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Indian rupees (INR) per US dollar - |
| Exchange rates 2023 | 82.599 (2023 est.) |
| Exchange rates 2022 | 78.604 (2022 est.) |
| Exchange rates 2021 | 73.918 (2021 est.) |
| Exchange rates 2020 | 74.1 (2020 est.) |
| Exchange rates 2019 | 70.42 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $555.388 billion (2019 est.) |
| Debt - external 2018 | $518.34 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $627.793 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $567.298 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $638.485 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$32.336 billion (2023 est.) |
| Current account balance 2022 | -$79.051 billion (2022 est.) |
| Current account balance 2021 | -$33.422 billion (2021 est.) |
| Public debt | |
| Public debt 2018 | 46.52% of GDP (2018 est.) |
| Budget | |
| Revenues | $495.007 billion (2020 est.) |
| Expenditures | $818.94 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.52% of GDP (2023 est.) |
| Remittances 2022 | 3.32% of GDP (2022 est.) |
| Remittances 2021 | 2.82% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.3% (2021 est.) |
| Highest 10% | 25.6% (2021 est.) |
| Average household expenditures | |
| On food | 32.1% of household expenditures (2021 est.) |
| On alcohol and tobacco | 2.2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $859.485 billion (2023 est.) |
| Imports 2022 | $902.304 billion (2022 est.) |
| Imports 2021 | $717.119 billion (2021 est.) |
| Imports (partners) | China 15%, UAE 7%, US 7%, Saudi Arabia 6%, Russia 6% (2022) |
| Comodities Imports force | crude petroleum, coal, gold, natural gas, diamonds (2022) |
| Exports | |
| Imports 2023 | $859.485 billion (2023 est.) |
| Imports 2022 | $902.304 billion (2022 est.) |
| Imports 2021 | $717.119 billion (2021 est.) |
| Exports (partners) | US 18%, UAE 7%, Netherlands 4%, China 3%, Bangladesh 3% (2022) |
| Comodities Exports force | refined petroleum, diamonds, packaged medicine, garments, jewelry (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $13.104 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $12.18 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $11.384 trillion (2021 est.) |
| GDP (official exchange rate) | $3.55 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $9,200 (2023 est.) |
| Real GDP per capita 2022 | $8,600 (2022 est.) |
| Real GDP per capita 2021 | $8,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 15.4% (2016 est.) |
| Industry | 23% (2016 est.) |
| Services | 61.5% (2016 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.1% (2017 est.) |
| Government consumption | 11.5% (2017 est.) |
| Investment in fixed capital | 28.5% (2017 est.) |
| Investment in inventories | 3.9% (2017 est.) |
| Exports of goods and services | 19.1% (2017 est.) |
| Imports of goods and services | -22% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.17% (2023 est.) |
| Unemployment rate 2022 | 4.82% (2022 est.) |
| Unemployment rate 2021 | 6.38% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.8% (2023 est.) |
| Male | 15.8% (2023 est.) |
| Female | 15.7% (2023 est.) |
All Important Facts about India
Want to know more about India? Check all different factbooks for India below.
