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 2022 $186.653 billion (2022 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 $364.86 billion (2018 est.)
Expenditures $432.856 billion (2018 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% of household expenditures (2022 est.)
On alcohol and tobacco 2.1% of household expenditures (2022 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 16% (2023 est.)
Industry 25% (2023 est.)
Services 49.8% (2023 est.)
GDP - composition, by end use
Household consumption 60.3% (2023 est.)
Government consumption 10.5% (2023 est.)
Investment in fixed capital 31.3% (2023 est.)
Investment in inventories 2.4% (2023 est.)
Exports of goods and services 21.9% (2023 est.)
Imports of goods and services -24% (2023 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.

India is found in Southern Asia