India is one of the fastest growing economies in the world. India is a superpower in-making in terms of economy. Indian economy has created many world records and will continue to do so in the upcoming years.
In this article, we have provided interesting, amazing, important, latest and mind blowing facts about Indian economy. So, let’s see!
16 Amazing, Unique and Mind Blowing Facts About Indian Economy
1. 3rd largest economy in the world by 2013
According to the latest economy report, India is one of the fastest growing economies in the world. In the latest reports, India is estimated to become the third largest economy in the world with a projected GDP of $13,716 bn.
2. World’s fastest growing retail market
India is one of the fastest growing retail markets in the world. India’s retail market is estimated to be worth US$450 billion.
3. One of the biggest forex reserve
India holds one of the largest foreign exchange reserves in the world. According to IBEF, India holds US$347.21 billion forex reserve on January 15, 2016.
4. India at the top of Nielsen’s global consumer confidence index
According to the latest date (September 2015), India remained at the top of the list in global consumer confidence index prepared by Nielsen.
5. India’s GDP
According to the latest news reports, India’s gross domestic product is $2,182.58 bn which makes it one of the largest economies in the world.
6. India’s GDP Per Capita
India’s GDP per capita is growing at good rate, right now it stands at $2495.35. US GDP per capita is $53,041.98 (2013), Canada $51,958.38 (2013), Russia $14,611.70 (2013) and China $6,807.43 (2013).
7. Mumbai is the financial capital of India
Mumbai is the financial capital of India. It is the headquarters of many large corporations and companies.
8. Three major sectors mostly contribute in the economy
Services 57%, Agriculture 17%, and Industries 26% contributes to the economy of India.
9. One of the largest available labour forces in the world
According to 2014 estimates, India has more than 502.3 million available labour force.
10. Main Important Partners
China, European Union, Saudi Arabia, United Arab Emirates, and Switzerland are the main import partners with India.
11. Main export partners
Hong Kong, European Union, China, United States, and United Arab Emirates are the main export partners.
12. One of the largest rail networks in the world
Rail network contributes and helps Indian economy to grow at rapid rate. According to latest data, Indian Railways is one of the largest rail networks in the world, giving employment to more than 1.4 million people.
13. Most FDI inflows from tax haven
India’s most inflow of investment from foreign investors (FDI) is coming from Mauritius. The country has invested about US$50,164 millions based on data of 2000-2010.
14. 42% of the world’s poor live in India
One of the largest population of poor people in the world lives in India. According to World Bank report, 42% of the world’s poor live in India.
15. Bangalore Has More Grade-A Office Space Than Singapore
Bangalore, one of the most popular IT destinations in India, is having more office space (Grade-A) than Singapore.
16. India is the hub of outsourcing
World’s half outsourced IT services come from India. The country is considered as the hub of many IT related services too.
Article first published on April 20, 2016.