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Economy

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Main article: Economy of India
The Bombay Stock Exchange is Asia's oldest and India's biggest stock exchange

For most of its post-independence history, India adhered to a quasi-socialist approach with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment. Foreign exchange reserves have risen from US$5.8 billion in March 1991 to US$247 billion in September 2007,[1] while federal and state budget deficits have decreased.[2] Privatization of publicly-owned companies and the opening of certain sectors to private and foreign participation has continued amid political debate.[3] With a GDP growth rate of 9.4% in 2006-07, the Indian economy is among the fastest growing in the world.[4] India's GDP in terms of USD exchange-rate is US$1.103 trillion, which makes it the twelfth largest economy in the world.[5] When measured in terms of purchasing power parity (PPP), India has the world's fourth largest GDP at US$4.156 trillion.[6] India's per capita income (nominal) is $820, ranked 128th in the world, while its per capita (PPP) of US$3,700 is ranked 118th.

The Indian economy has grown steadily over the last two decades; however, its growth has been uneven when comparing different social groups, economic groups, geographic regions, and rural and urban areas.[7] Although income inequality in India is relatively small (Gini coefficient: 32.5 in year 1999- 2000)[8] it has been increasing of late. Wealth distribution in India is fairly uneven, with the top 10% of income groups earning 33% of the income.[9] Despite significant economic progress, a quarter of the nation's population earns less than the government-specified poverty threshold of $0.40/day. Official figures estimate that 27.5% [10] of Indians lived below the national poverty line in 2004-2005.[11] A 2007 report by the state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 77% of Indians, or 836 million people, lived on less than 20 rupees per day[12] with most working in "informal labour sector with no job or social security, living in abject poverty."[13] In addition, India has a higher rate of malnutrition among children under the age of three (46% in year 2007) than any other country in the world.[7][14]

India has a labour force of 509.3 million, 60% of which is employed in agriculture and related industries; 28% in services and related industries; and 12% in industry.[6] Major agricultural crops include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. The agricultural sector accounts for 28% of GDP; the service and industrial sectors make up 54% and 18% respectively. Major industries include automobiles, cement, chemicals, consumer electronics, food processing, machinery, mining, petroleum, pharmaceuticals, steel, transportation equipment, and textiles.[6]

In 2006, estimated exports stood at US$112 billion and imports were around US$187.9 billion. Textiles, jewellery, engineering goods and software are major export commodities. Crude oil, machineries, fertilizers, and chemicals are major imports. India's most important trading partners are the United States, the European Union, China, and the United Arab Emirates.[6] More recently, India has capitalised on its large pool of educated, English-speaking people, and trained professionals to become an important outsourcing destination for multinational corporations and a popular destination for medical tourism.[15] India has also become a major exporter of software as well as financial, research, and technological services. Its natural resources include arable land, bauxite, chromite, coal, diamonds, iron ore, limestone, manganese, mica, natural gas, petroleum, and titanium ore.[16]

Science and technology

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Main articles: Science and technology in India and Transport in India
Corporate Office of i-flex Solutions at Bangalore, India

In line with its constitution which exhorts Indians to develop a scientific temper, science and technology in India forms a major commitments for both the Govt and Private sector in India. India posseses one of the world's largest scientific and technological infrastructure and manpower. Government spending in [[2006] was at Rs 30 billion, up from the Rs 10 million in [[1947]. India boasts of significant advances in areas of technology which include electronics, space science, defence, nuclear physics, biotechnology, medical science, agricultural science, environmental science etc. The advances in space research have been the most significant and India is one of an elite club of six countries with satellite launch facilities.[17] and is among the top nations in Asia in terms of success and future potential in space.[18] India has excelled in software engineering and computer science.[19] India also has major ongoing collaborations with a number of countries, including those on space science with Europe, and on Biotechnology and allied fields with Asian countries, inclusing South Korea.


Transport

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India has one of the world's largest roadway networks[20], with a network of National Highways connecting all the major cities and state capitals. As of 2005, India has a total of 65,569 km of highways, of which 4,885 km are classified as expressways. India has Asia's oldest and longest rail network.[21][22] The rail network traverses through the length and breadth of the country, covering a total length of around 63,000 km. With a booming economy and a growing middle-class population, there is growth in air travel with entry of more than a dozen low-cost airlines.


Nikkul's Version

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India has a vast network of rail, road, and air transport. The Indian road network, the second largest in the world[23] with 3.3 million km, is made of expressways, National Highways, State Highways, major district roads, and rural roads. With more than 63,000 km of railway, the world's fourth largest network,[24] trains are used for long-distance travel. Recent economic growth has made air travel more affordable. The entry of numerous low cost airlines has made India the world's fastest growing aviation market.[25] Overall, infrastructural development has not kept pace with economic growth, though recent government spending has seen some improvement in transport.

Comments

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Info about the following needs to be added to the section - Green revolution and how it led to self sufficiency, nuclear capabilites, India's premier research institutions and pioneers and anything else that is as notable. Once all this info is added the section can be pruned and cpedited further and eventually we can get rid of the "===Science and technology===" and change it to ";Science and technology" so that it doesnt clutter the TOC. If all the info can be condensed into a 4-5 line paragraph, we could(perhaps) just as well merge it with the main section (ie., "Economy"). Similarly with the transport section. Sarvagnya 08:05, 13 October 2007 (UTC)[reply]

Income, human development, and social class should be given as a separate subsection. Otolemur crassicaudatus 18:39, 13 October 2007 (UTC)[reply]

I feel we should first get in as much information as we can and then examine the question of subsections. Right now, I have not removed any information that you added yesterday. I have just merged it with the body of the text. The Science and technology and transport sections have been retained as is with minor cpedit perhaps.. so we should start bulking up those subsections. Let us see how it goes. I request you to add info to s&t and transport. Thanks. Sarvagnya 18:46, 13 October 2007 (UTC)[reply]

Notes

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  1. ^ "Weekly Statistical Supplement". Reserve Bank of India. June 1, 2007. Retrieved 2007-06-11. {{cite web}}: Check date values in: |date= (help)
  2. ^ ""Revenue surge boosts fiscal health"". Business Standard. Retrieved 2006-12-28.
  3. ^ Mohan, T.T.Ram. "Privatization in India: Issues and Evidence" (PDF). Indian Institute of Management, Ahmedabad. Retrieved 2007-08-03. {{cite journal}}: Cite journal requires |journal= (help)
  4. ^ ""Quarterly estimates of gross domestic product, 2006-07"". Government of India. Retrieved 2007-05-31.
  5. ^ ""India twelfth wealthiest nation in 2005: World Bank"". The Economic Times. Retrieved 2006-07-08.
  6. ^ a b c d "CIA Factbook: India". CIA Factbook. Retrieved 2007-03-10.
  7. ^ a b ""Inclusive Growth and Service delivery: Building on India's Success"" (PDF). World Bank. 2006. Retrieved 2007-04-28.
  8. ^ "Fact Sheet: Gini Coefficient" (PDF). Source: The World Bank (2004) and Census and Statistics Department (2002). Legislative Council Secretariat Hong Kong. Retrieved 2007-08-01. Note: The Gini coeffecient in this datasheet is calculated on a scale of 0 to 1 and not 0 to 100. Hence, on a scale of 100 India's Gini coeffecient (1999-2000) is 32.5 rather than 3.25
  9. ^ "In Pictures – Middle Class, or Upper Class? ". India Together. Civil Society Information Exchange. August 2003
  10. ^ This figure is extremely sensitive to the surveying methodology used. The Uniform Recall Period (URP) gives 27.5%. The Mixed Recall Period (MRP) gives a figure of 21.8%
  11. ^ Planning commision of India. Poverty estimates for 2004-2005 [1]
  12. ^ This figure has been variously reported as either "2 dollars per day" or "0.5 dollars per day". The former figure comes from the the PPP conversion rate, while the latter comes from the official exchange rate. Also note that this figure does not contradict the NSS dervied figure, which uses calorie consumption as the basis for its poverty line. It just uses a more inclusive poverty line
  13. ^ "Nearly 80 Percent of India Lives On Half Dollar A Day". Reuters. August 10 2007. {{cite news}}: Check date values in: |date= (help); Unknown parameter |accessed= ignored (help)
  14. ^ Page, Jeremy (February 22, 2007). ""Indian children suffer more malnutrition than in Ethiopia"". The Times. Retrieved 2007-04-28. {{cite web}}: Check date values in: |date= (help)
  15. ^ Mudur, Ganapati (2004). "Hospitals in India woo foreign patients". British Medical Journal. 328: 1338. Retrieved 2007-09-05. {{cite journal}}: Unknown parameter |month= ignored (help)
  16. ^ "Country Profile: India" (PDF). Library of Congress - Federal Research Division. December 2004. Retrieved 2007-06-24.
  17. ^ FAS article on ISRO
  18. ^ Jeff Foust. "The other rising Asian space power". The Space Review. Retrieved 2007-06-02.
  19. ^ [2]
  20. ^ [3]
  21. ^ [4]
  22. ^ [5]
  23. ^ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2085rank.html
  24. ^ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2121rank.html
  25. ^ http://news.bbc.co.uk/2/hi/south_asia/6640147.stm
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