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@Krish Shah
Published on
Dec. 30th 2019
Indian economy is considered to be a developing economy but the economy is unstable because there are various unsolved issues still crushing the Indian economy. But still, India has managed to bring its Economy at a moderate rate.
Issues
The Indian economy was considered the best economy in the world before the issues started squeezing the Indian economy.
Present
The Indian fiscal year is between 1st April and 31at March. Today, the Indian economy has developed a lot then it was in the post-independence period. But there also has been an inflation in the prices of every food item.
Statistical details of the GDP growth rate of India.
Points of difference concerning(2019) | Nominal | Purchasing Power Parity(PPP) |
GDP | $2.9 trillion | $11.3 trillion |
GDP Rank | 5th | 3rd |
GDP per capita | $2,172 | $8,378 |
GDP per capita Rank | 142nd | 119th |
Subjects | Points | Percentage |
GDP Distribution by Sectors(2017) | Agriculture | 15.4% |
Industry | 23% | |
Service | 61.5% | |
GDP Distribution by Segments(2017) | Household consumption | 59.1% |
Government consumption | 11.5% | |
Investment in fixed capital | 28.5% | |
Investment in inventories | 3.9% | |
Exports of goods and services | 19.1% | |
Imports of goods and services | -22.1% |
External Trade | ||
Points of Difference | Import(2018-19) | Export(2018-19) |
Amount | $514 billion | $330 billion |
Products | Agricultural – 8.1% Fuels & Mining – 30% Manufacturers – 51.7% Others – 10.2% | Agricultural – 12.8% Fuels & Mining – 13.8% Manufacturers – 70.5% Others – 2.9% |
Main partners | Arab League – 19.88% China – 13.68% ASEAN – 11.53% European Union - 11.35% United States – 6.92 Hong Kong – 3.50% South Korea – 3.26% Japan – 2.48% Others – 27.4% | Arab League – 17.37% European Union – 17.34% United States – 15.88% ASEAN – 11.38% China – 5.08% Hong Kong – 3.94% Japan – 1.47% South Korea – 1.43% Others – 26.11% |
Conclusion
India imports more goods then it exports. India is ranked at 10th largest importer and 19th largest exporter which indicates a lot of gaps. To boost the Indian economy it is important to forget our past look for our present so that we prosper in our future. We should look into deducting the problems of India, the Economy will ultimately grow up. But this task should be carried out as soon as possible because India's economy is still weak and if it crosses its line of weakness then no one can save India to enter into a black hole of poverty and starvation.
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