Economy of India – Some Quick Data each one of us must know
The most commonly asked questions in the interviews and almost every topic in the group discussions revolve around the economy. When it comes to the knowledge of economy and speaking on it for validating the point we wish to make, it is critical to substantiate our point with specific data. We cannot know or remember all the data but with the knowledge of a few critical data we can correlate and add value to the argument we make.
We have compiled some significant facts which must be kept in our mind before we go for any GDPI.1. Indian Economy is the 10th largest Economy in the world in terms of the GDP and 3rd largest in terms of Purchasing Power Parity.
2. India ranks 2nd in the world in terms of farms output and agriculture and allied activities account for 17% of GDP while 51% of workforce is employed in these activities.
3. According to the World Bank reports in 2012, India’s industrial manufacturing GDP output was 10th largest in the world on current USD basis.
4. Industry accounts for 26% of GDP and employs 22% of the total workforce.
5. India hosts many oil refinery and petrochemical operations, including the world's largest refinery complex in Jamnagar, run by Reliance Industries limited that processes 1.24 million barrels of crude per day.
6. India's mining industry was the 4th largest producer of minerals in the world by volume, and 8th largest producer by value in 2009.
7. India's services sector has the largest share in the GDP, accounting for 57% in 2012, up from 15% in 1950. It is the 12th largest in the world by nominal GDP and fourth largest when purchasing power is taken into account.
8. In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.
9. As of 2009, India is the fourth largest producer of electricity and oil products and the fourth largest importer of coal and crude-oil in the world.
10. Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers and 7,172 stations. This government owned and operated railway network carried an average of 23 million passengers a day, and over a billion tons of freight a year.
11. Retail industry contributes between 14–15% to 20% of India's GDP. The Indian retail market is estimated to be US$450 and one of the top five retail markets in the world by economic value. India is one of the fastest-growing retail markets in the world and is projected to reach $1.3 trillion by 2020.
12. India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade worldwide.
13. India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the WTO.
14. Since independence, India's balance of payments on its current account has been negative.
15. In 2011, Transparency International ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption.
16. India's literacy rate had grown from 52.2% in 1991 to 74.04% in 2011, which is lower than the worldwide average and the country suffers from a high dropout rate.
17. India became the 10th largest insurance market in the world in 2013, rising from 15th rank in 2011.
18. India with 17.5% of total world's population had 20.6% share of the world's poorest in 2013.
The aspirants are advised to make a note of aforementioned points and keep revising for a successful and impacting GDPI experience.
All the Best!