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Economic Profile
Manpower
India's process of economic reform is
firmly rooted in a political consensus
that spans her diverse political
parties. India's democracy is a known
and stable factor, which has taken deep
roots over nearly half a century.
Importantly, India has no fundamental
conflict between its political and
economic systems. Its political
institutions have fostered an open
society with strong collective and
individual rights and an environment
supportive of free economic enterprise.
India’s present
economic status reveals the following
profile:
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A Gross Domestic Product of Rs
17.6 trillion (NLG 841billion;
with a nominal GNP of US$ 370 per
capita.
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The fifth largest economy in terms
of Purchasing Power Parity (PPP),
with a GNP of US$ 1.66 trillion
PPP, and lagging only behind USA
($7.2 tn), China ($4 tn), Japan ($
2.93 tn) and Germany (1.70 tn).
PPP is defined as the number of
units of a currency required to
buy the same amount of goods and
services in the domestic market,
as one US $ would buy in the USA.
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A strong agriculture sector
accounting for nearly 25% of
national output and 15% of
exports, with self sufficiency in
all important crops except
oilseeds
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A diverse industrial base with
self reliance in all core
industries and a wide range of
engineering products, but
domestically weak in electronic
hardware technology
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A robust services sector
accounting for 45% of national
product, and growing by 8%
annually
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Home to nearly 1 billion people
and a large, growing consumer
class estimated at 200 million
people.
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Adequate pool of scientists,
engineers, managers, and labour
force available at competitive
costs
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Well-developed basic R&D
infrastructure, technical and
marketing services
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Mature financial sector and
capital market with over 8500
listed companies and market
capitalisation equivalent to US $
2 trillion
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A stable external deficit between
1.5 and 2%, despite perennial
import dependency in petroleum
goods and fertilizers
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A long history of stable
parliamentary democracy and
western model of legal and
accounting system
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A policy environment that provides
increasing freedom to business
enterprises and foreign
investment, through periodic
liberalization of investment and
trade regulations
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A diversified portfolio of foreign
exchange reserves including
foreign equity, demand and time
deposits and institutional
investments
Manpower
One of India’s
valuable economic assets is the human
resource base. India is considered to
have the world’s third largest
population of trained and industrial
manpower with a work force of 14 million
industrial workers, 4 million scientific
and professional
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