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Economy

[edit]
Main article: Economy of India
See also: Economic History of India and Economic development in India
A farmer in Rajasthan milks his cow. Milk is India's largest crop by economic value. Worldwide, as of 2011, India had the largest herds of buffalo and cattle, and was the largest producer of milk.

According to the International Monetary Fund (IMF), the Indian economy in 2017 was nominally worth US$2.454 trillion; it is the sixth-largest economy by market exchange rates, and is, at US$9.489 trillion, the third-largest by purchasing power parity, or PPP.[4] With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12,[5] India is one of the world's fastest-growing economies.[6] However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.[7] Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy;[8] since then it has slowly moved towards a free-market system[9][10] by emphasising both foreign trade and direct investment inflows.[11] India has been a member of WTO since 1 January 1995.[12]

The 513.7-million-worker Indian labour force is the world's second-largest, as of 2016.[13] The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances of US$70 billion in 2014, the largest in the world, contributed to its economy by 25 million Indians working in foreign countries.[14] Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes.[15] Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software.[15] In 2006, the share of external trade in India's GDP stood at 24%, up from 6% in 1985.[9] In 2008, India's share of world trade was 1.68%;[16] In 2011, India was the world's tenth-largest importer and the nineteenth-largest exporter.[17] Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather manufactures.[15] Major imports include crude oil, machinery, gems, fertiliser, and chemicals.[15] Between 2001 and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.[18] India was the second largest textile exporter after China in the world in calendar year 2013.[19]

Averaging an economic growth rate of 7.5% for several years prior to 2007,[9] India has more than doubled its hourly wage rates during the first decade of the 21st century.[20] Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030.[21] Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010.[22] With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009.[23] India's consumer market, the world's eleventh-largest, is expected to become fifth-largest by 2030.[21]

Driven by growth, India's nominal GDP per capita has steadily increased from US$329 in 1991, when economic liberalisation began, to US$1,265 in 2010, to an estimated US$1,723 in 2016, and is expected to grow to US$2,358 by 2020;[4] however, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future. However, it is higher than Pakistan, Nepal, Afghanistan, Bangladesh and others.[24]

According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045.[25] During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050.[25] The report highlights key growth factors: a young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class.[25] The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition.[26]

According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bangalore (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th).[27]

Sectors

[edit]
Power Loom used inside a house in a village near Salem, Tamil Nadu. Power loom accounts for more than 60% of textile production in India.

India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11,[28] and after the first quarter of 2013, India surpassed Japan to become the third-largest smartphone market in the world after China and the US.[29]

The Indian automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10,[30] and exports by 36% during 2008–09.[31] India's capacity to generate electrical power is 250 gigawatts, of which 8% is renewable. At the end of 2011, the Indian IT industry employed 2.8 million professionals, generated revenues close to US$100 billion equalling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.[32]

The pharmaceutical industry in India is among the significant emerging markets for the global pharmaceutical industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of the biopharmaceutical industry.[33][34] India is among the top 12 biotech destinations of the world.[35][36] The Indian biotech industry grew by 15.1% in 2012–13, increasing its revenues from 204.4 billion INR (Indian rupees) to 235.24 billion INR (3.94 B US$ – exchange rate June 2013: 1 US$ approx. 60 INR).[37] However, hardly 2% of Indians pay income taxes.[38]

Poverty

[edit]
Main article: Poverty in India

Despite economic growth during recent decades, India continues to face socio-economic challenges. In 2006, India contained the largest number of people living below the World Bank's international poverty line of US$1.25 per day,[39] the proportion having decreased from 60% in 1981 to 42% in 2005;[40] under its later revised poverty line, it was 21% in 2011.[a][42] 30.7% of India's children under the age of five are underweight.[43] According to a Food and Agriculture Organization report in 2015, 15% of the population is undernourished.[44][45] The Mid-Day Meal Scheme attempts to lower these rates.[3] Since 1991, economic inequality between India's states has consistently grown: the per-capita net state domestic product of the richest states in 2007 was 3.2 times that of the poorest.[46] Corruption in India is perceived to have increased significantly,[47] with one report estimating the illegal capital flows since independence to be US$462 billion.[48]

India has the most people living in conditions of slavery, 18 million, most of whom are in bonded labour.[49] India has the largest number of child labourers under the age of 14 in the world with an estimated 12.6 million children engaged in hazardous occupations.[50][51][52][needs update]


Proposal (1)

[edit]
  • Moved "However, hardly 2% of Indians pay income taxes" to GDP growth paragraph.
  • Removed subsection headings of Sector and Poverty.
  • Updated corruption information.
  • Updated child labour statistics.
  • Removed the information about modern slavery.

Economy

[edit]
Main article: Economy of India
See also: Economic History of India and Economic development in India
A washing plant for mined iron ore in Orissa. India's iron ore reserves of 25 billion tonnes comprise 6% of global reserves. India is the world's 4th largest producer and 3rd largest exporter.

According to the International Monetary Fund (IMF), the Indian economy in 2017 was nominally worth US$2.454 trillion; it is the sixth-largest economy by market exchange rates, and is, at US$9.489 trillion, the third-largest by purchasing power parity, or PPP.[4] With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12,[5] India is one of the world's fastest-growing economies.[6] However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.[7] Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy;[8] since then it has slowly moved towards a free-market system[9][10] by emphasising both foreign trade and direct investment inflows.[11] India has been a member of WTO since 1 January 1995.[12]

The 513.7-million-worker Indian labour force is the world's second-largest, as of 2016.[13] The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances of US$70 billion in 2014, the largest in the world, contributed to its economy by 25 million Indians working in foreign countries.[53] Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes.[15] Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software.[15] In 2006, the share of external trade in India's GDP stood at 24%, up from 6% in 1985.[9] In 2008, India's share of world trade was 1.68%;[16] In 2011, India was the world's tenth-largest importer and the nineteenth-largest exporter.[17] Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather manufactures.[15] Major imports include crude oil, machinery, gems, fertiliser, and chemicals.[15] Between 2001 and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.[18] India was the second largest textile exporter after China in the world in calendar year 2013.[54]

Averaging an economic growth rate of 7.5% for several years prior to 2007,[9] India has more than doubled its hourly wage rates during the first decade of the 21st century.[20] Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030.[21] Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010.[22] With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009.[23] India's consumer market, the world's eleventh-largest, is expected to become fifth-largest by 2030.[21] However, hardly 2% of Indians pay income taxes.[55]

Driven by growth, India's nominal GDP per capita has steadily increased from US$329 in 1991, when economic liberalisation began, to US$1,265 in 2010, to an estimated US$1,723 in 2016, and is expected to grow to US$2,358 by 2020;[4] however, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future. However, it is higher than Pakistan, Nepal, Afghanistan, Bangladesh and others.[24]

According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045.[25] During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050.[25] The report highlights key growth factors: a young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class.[25] The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition.[26]

According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bangalore (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th).[56]

Despite economic growth during recent decades, India continues to face socio-economic challenges. In 2006, India contained the largest number of people living below the World Bank's international poverty line of US$1.25 per day,[39] the proportion having decreased from 60% in 1981 to 42% in 2005;[40] under its later revised poverty line, it was 21% in 2011.[b][42] 30.7% of India's children under the age of five are underweight.[58] According to a Food and Agriculture Organization report in 2015, 15% of the population is undernourished.[59][60] The Mid-Day Meal Scheme attempts to lower these rates.[3] Since 1991, economic inequality between India's states has consistently grown: the per-capita net state domestic product of the richest states in 2007 was 3.2 times that of the poorest.[46]

Corruption in India is perceived to have decreased. According to Corruption Perceptions Index in 2016, India ranked 76th from 85th in 2014.[61] According to 2011 census, there were 4.3 million child labourers in the country, 65% of decline from 12.6 million labourers in 2001.[62][63]

A vegetable retailer in Tamil Nadu. More than 95% of retail industry in India is unorganised.

India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11,[28] and after the first quarter of 2013, India surpassed Japan to become the third-largest smartphone market in the world after China and the US.[64]

The Indian automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10,[30] and exports by 36% during 2008–09.[31] India's capacity to generate electrical power is 250 gigawatts, of which 8% is renewable. At the end of 2011, the Indian IT industry employed 2.8 million professionals, generated revenues close to US$100 billion equalling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.[32]

The pharmaceutical industry in India is among the significant emerging markets for the global pharmaceutical industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of the biopharmaceutical industry.[65][66] India is among the top 12 biotech destinations of the world.[67][36] The Indian biotech industry grew by 15.1% in 2012–13, increasing its revenues from 204.4 billion INR (Indian rupees) to 235.24 billion INR (3.94 B US$ – exchange rate June 2013: 1 US$ approx. 60 INR).[68]

Proposal (2)

[edit]
  • Same as above, but statistics of contemporary slavery are included, with the definition of slavery provided by the organisation.

Economy

[edit]
Main article: Economy of India
See also: Economic History of India and Economic development in India
A farmer in Rajasthan milks his cow. Milk is India's largest crop by economic value. Worldwide, as of 2011, India had the largest herds of buffalo and cattle, and was the largest producer of milk.

According to the International Monetary Fund (IMF), the Indian economy in 2017 was nominally worth US$2.454 trillion; it is the sixth-largest economy by market exchange rates, and is, at US$9.489 trillion, the third-largest by purchasing power parity, or PPP.[4] With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12,[5] India is one of the world's fastest-growing economies.[6] However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.[7] Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy;[8] since then it has slowly moved towards a free-market system[9][10] by emphasising both foreign trade and direct investment inflows.[11] India has been a member of WTO since 1 January 1995.[12]

The 513.7-million-worker Indian labour force is the world's second-largest, as of 2016.[13] The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances of US$70 billion in 2014, the largest in the world, contributed to its economy by 25 million Indians working in foreign countries.[69] Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes.[15] Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software.[15] In 2006, the share of external trade in India's GDP stood at 24%, up from 6% in 1985.[9] In 2008, India's share of world trade was 1.68%;[16] In 2011, India was the world's tenth-largest importer and the nineteenth-largest exporter.[17] Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather manufactures.[15] Major imports include crude oil, machinery, gems, fertiliser, and chemicals.[15] Between 2001 and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.[18] India was the second largest textile exporter after China in the world in calendar year 2013.[70]

Averaging an economic growth rate of 7.5% for several years prior to 2007,[9] India has more than doubled its hourly wage rates during the first decade of the 21st century.[20] Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030.[21] Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010.[22] With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009.[23] India's consumer market, the world's eleventh-largest, is expected to become fifth-largest by 2030.[21] However, hardly 2% of Indians pay income taxes.[71]

Driven by growth, India's nominal GDP per capita has steadily increased from US$329 in 1991, when economic liberalisation began, to US$1,265 in 2010, to an estimated US$1,723 in 2016, and is expected to grow to US$2,358 by 2020;[4] however, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future. However, it is higher than Pakistan, Nepal, Afghanistan, Bangladesh and others.[24]

According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045.[25] During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050.[25] The report highlights key growth factors: a young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class.[25] The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition.[26]

According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bangalore (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th).[72]

Despite economic growth during recent decades, India continues to face socio-economic challenges. In 2006, India contained the largest number of people living below the World Bank's international poverty line of US$1.25 per day,[39] the proportion having decreased from 60% in 1981 to 42% in 2005;[40] under its later revised poverty line, it was 21% in 2011.[c][42] 30.7% of India's children under the age of five are underweight.[74] According to a Food and Agriculture Organization report in 2015, 15% of the population is undernourished.[75][76] The Mid-Day Meal Scheme attempts to lower these rates.[3] Since 1991, economic inequality between India's states has consistently grown: the per-capita net state domestic product of the richest states in 2007 was 3.2 times that of the poorest.[46]

Corruption in India is perceived to have decreased. According to Corruption Perceptions Index in 2016, India ranked 76th from 85th in 2014.[77] According to 2011 census, there were 4.3 million child labourers in the country, 65% of decline from 12.6 million labourers in 2001.[78][79] According to Walk Free Foundation, there were an estimated of 18.3 million people in India living in the forms of modern slavery such as bonded labour, forced labour, commercial sexual exploitation, forced begging, forced recruitment into nonstate armed groups, human trafficking and forced marriage.[80][81]

The Delhi Metro rapid transit system and the low-floor CNG buses. Infrastructure in India in the next five years is estimated to bring in $1 trillion in investment, half of it by India's private sector.

India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11,[28] and after the first quarter of 2013, India surpassed Japan to become the third-largest smartphone market in the world after China and the US.[82]

The Indian automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10,[30] and exports by 36% during 2008–09.[31] India's capacity to generate electrical power is 250 gigawatts, of which 8% is renewable. At the end of 2011, the Indian IT industry employed 2.8 million professionals, generated revenues close to US$100 billion equalling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.[32]

The pharmaceutical industry in India is among the significant emerging markets for the global pharmaceutical industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of the biopharmaceutical industry.[83][84] India is among the top 12 biotech destinations of the world.[85][36] The Indian biotech industry grew by 15.1% in 2012–13, increasing its revenues from 204.4 billion INR (Indian rupees) to 235.24 billion INR (3.94 B US$ – exchange rate June 2013: 1 US$ approx. 60 INR).[86]

Proposal (3)

[edit]
  • Same as above, but a new section called "Challenges".

Economy

[edit]
Main article: Economy of India
See also: Economic History of India and Economic development in India
India's GDP has increased more than ten-fold after the economic reforms in 1991.

According to the International Monetary Fund (IMF), the Indian economy in 2017 was nominally worth US$2.454 trillion; it is the sixth-largest economy by market exchange rates, and is, at US$9.489 trillion, the third-largest by purchasing power parity, or PPP.[4] With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12,[5] India is one of the world's fastest-growing economies.[6] However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP.[7] Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy;[8] since then it has slowly moved towards a free-market system[9][10] by emphasising both foreign trade and direct investment inflows.[11] India has been a member of WTO since 1 January 1995.[12]

The 513.7-million-worker Indian labour force is the world's second-largest, as of 2016.[13] The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances of US$70 billion in 2014, the largest in the world, contributed to its economy by 25 million Indians working in foreign countries.[87] Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes.[15] Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software.[15] In 2006, the share of external trade in India's GDP stood at 24%, up from 6% in 1985.[9] In 2008, India's share of world trade was 1.68%;[16] In 2011, India was the world's tenth-largest importer and the nineteenth-largest exporter.[17] Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather manufactures.[15] Major imports include crude oil, machinery, gems, fertiliser, and chemicals.[15] Between 2001 and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.[18] India was the second largest textile exporter after China in the world in calendar year 2013.[88]

Averaging an economic growth rate of 7.5% for several years prior to 2007,[9] India has more than doubled its hourly wage rates during the first decade of the 21st century.[20] Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030.[21] Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010.[22] With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009.[23] India's consumer market, the world's eleventh-largest, is expected to become fifth-largest by 2030.[21] However, hardly 2% of Indians pay income taxes.[89]

Driven by growth, India's nominal GDP per capita has steadily increased from US$329 in 1991, when economic liberalisation began, to US$1,265 in 2010, to an estimated US$1,723 in 2016, and is expected to grow to US$2,358 by 2020;[4] however, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future. However, it is higher than Pakistan, Nepal, Afghanistan, Bangladesh and others.[24]

According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045.[25] During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050.[25] The report highlights key growth factors: a young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class.[25] The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition.[26]

According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bangalore (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th).[90]

Industry

[edit]
A small hydro-electric dam on the Ganges Canal at Nagla Kabir, UP. The electricity sector in India has an installed capacity of 205.34 Gigawatt (GW), the world's fifth largest. Coal-fired plants account for 56% of India's electricity capacity, renewal hydropower for 19%.

India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11,[28] and after the first quarter of 2013, India surpassed Japan to become the third-largest smartphone market in the world after China and the US.[91]

The Indian automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10,[30] and exports by 36% during 2008–09.[31] India's capacity to generate electrical power is 250 gigawatts, of which 8% is renewable. At the end of 2011, the Indian IT industry employed 2.8 million professionals, generated revenues close to US$100 billion equalling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.[32]

The pharmaceutical industry in India is among the significant emerging markets for the global pharmaceutical industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of the biopharmaceutical industry.[92][93] India is among the top 12 biotech destinations of the world.[94][36] The Indian biotech industry grew by 15.1% in 2012–13, increasing its revenues from 204.4 billion INR (Indian rupees) to 235.24 billion INR (3.94 B US$ – exchange rate June 2013: 1 US$ approx. 60 INR).[95]

Socio-economic, public health challenges

[edit]

Despite economic growth during recent decades, India continues to face socio-economic challenges. In 2006, India contained the largest number of people living below the World Bank's international poverty line of US$1.25 per day,[39] the proportion having decreased from 60% in 1981 to 42% in 2005;[40] under its later revised poverty line, it was 21% in 2011.[d][42] 30.7% of India's children under the age of five are underweight.[97]

According to a Food and Agriculture Organization report in 2015, 15% of the population is undernourished.[98][99] The Mid-Day Meal Scheme attempts to lower these rates.[3]

According to a Walk Free Foundation report in 2016, there were 18.3 million people in India living in the forms of modern slavery, such as bonded labour, child labour, human trafficking, forced begging, among others.[100][101][102][103]

Corruption in India is perceived to have decreased. According to Corruption Perceptions Index, India ranked 76th out of 176 countries in 2016, from 85th in 2014.[104] Since 1991, economic inequality between India's states has consistently grown: the per-capita net state domestic product of the richest states in 2007 was 3.2 times that of the poorest.[46]



  1. ^ a b c d Srivastava 2008, p. xxx.
  2. ^ a b c d Cite error: The named reference cso-children-2012 was invoked but never defined (see the help page).
  3. ^ a b c d e f g h Drèze & Goyal 2008, p. 46.
  4. ^ a b c d e f g h Cite error: The named reference imf2 was invoked but never defined (see the help page).
  5. ^ a b c d International Monetary Fund 2011, p. 2.
  6. ^ a b c d Nayak, Goldar & Agrawal 2010, p. xxv.
  7. ^ a b c d International Monetary Fund.
  8. ^ a b c d Wolpert 2003, p. xiv.
  9. ^ a b c d e f g h i j k l Organisation for Economic Co-operation and Development 2007.
  10. ^ a b c d Gargan 1992.
  11. ^ a b c d Alamgir 2008, pp. 23, 97.
  12. ^ a b c d WTO 1995.
  13. ^ a b c d Central Intelligence Agency.
  14. ^ Sakib Sherani. "Pakistan's remittances". dawn.com. Retrieved 17 December 2015.
  15. ^ a b c d e f g h i j k l m n o p Library of Congress 2004.
  16. ^ a b c d The Times of India 2009.
  17. ^ a b c d World Trade Organisation 2010.
  18. ^ a b c d Economist 2011.
  19. ^ UN Comtrade (4 February 2015). "India world's second largest textiles exporter". TechCrunch. economictimes. Retrieved 2 June 2014.
  20. ^ a b c d Bonner 2010.
  21. ^ a b c d e f g h Farrell & Beinhocker 2007.
  22. ^ a b c d Schwab 2010.
  23. ^ a b c d Sheth 2009.
  24. ^ a b c d International Monetary Fund 2011.
  25. ^ a b c d e f g h i j k l PricewaterhouseCoopers 2011.
  26. ^ a b c d World Bank 2010.
  27. ^ "Measuring the cost of living worldwide". The Economist. Retrieved 2017-05-25.
  28. ^ a b c d Telecom Regulatory Authority 2011.
  29. ^ Natasha Lomas (26 June 2013). "India Passes Japan To Become Third Largest Global Smartphone Market, After China & U.S." TechCrunch. AOL Inc. Retrieved 27 June 2013.
  30. ^ a b c d Business Line 2010.
  31. ^ a b c d Express India 2009.
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  80. ^ https://www.nytimes.com/2016/06/01/world/asia/global-slavery-index.html?mcubz=0
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