Economy Of INDIA

The Economy Of India is a mixed , middle – income, developing market economy. It is world’s fifth
largest economy by normal GDP and the third largest by purchasing power parity(PPP). According to
the international monetary Fund (IMF) , on the per capita income basis, India ranked 142nd by GDP
(nominal ) and 125th by GDP (PPP). From independence in 1947 until 1991 , successive governments
promoted protectionist economic policies , with extensive state intervention and economic
regulation.

The end of cold war and an acute balance of payments crisis in 1991 led by the adoption of a
board economic liberalization in India. Share of Indian economy is 7.5% of world economy by PPP
terms.

Fiscal year – 1 April -- 31 March

Trade organisations – WTO,BIMSTEC,WFTU,BRICS,G20,BIS and others

GDP -- $3.469 TRILLION (Nominal)

$11.665 trillion ( PPP)

GDP Per Capita – $2,466 (Nominal)

$8,293(PPP)

GDP By sector – Agricultutre : 16.38%

Industry : 29.34%

Service : 54.27% (FY 20-21)

Unemployment – 7.77% (oct 2022)

Country Group – Developing/ Emerging

Lower Middle income Economy

Indian Economy was slowed in 2017 , due to the shocks of “demonetisation” in 2016 and
introduction of the Goods and service Tax in 2017. Nearly 70% of India’s GDP is driven by domestic
private consumption. The country remains the world’s sixth largest consumer market.

In 2020 pandamic had affected trade and India was the world’s 14th largest importer and 21st
largest exporter. India has been Member of World Trade Organization since 1st January 1995.

In 2020 , India’s ten largest trading partners were US, China, UAE, Saudi Arabia, Switzerland,
Germany, Hong Kong, Indonesia, South Korea and Malaysia.

India is the world’s largest manufacture of genetic Drugs , and its pharmaceutical sdector fulfills
over 50% of the global demand for vaccines. The Indian IT industry is a major exporter of IT services
with $196 billion in revenue and employs over 4.47 million People.

Curruption has bbem a pervasive problem in India. A 2005 study by Transparency International (TI)
found that more than half of those surveyed had firdt hand exoerience of paying a bribe or peddling
influence to vget a job done in a public office in the previous year. A followw up study in 2008 found
this rate to be 40%. In 2011, TI ranked India at 95th place amongst 183 countries in perceved levels of
public sector curruption.

University of Calcutta establishedin 1857, was the first multidisciplinary and secular Western-
Stylr institution in Asia.
 Economy of Assam
The Economy of Assam is largely agriculture based with 69% of the population engaged in it.

GDP - 44.81 Lakh crore

GDP Rank - 17th

GDP Per capita – 122,654 Indian rupee

GDP Per capita Rank – 28th

GDP By Sector – Agriculture 25%

Industry 30%

Service 45%

Population Below – 31.98% in Poverty

Economy of Assam today represents a unique juxtaposition of backwardness amidst plenty.

Growth Rate of Assam’s income has not kept pace with that of India’s during Post-British Era.

Agriculture : Agriculture accounts for more than a third of Assam’s income and employs 69% of total
workforce. Assam’s biggest contribution to the world is its tea. Assam produces some of the finest
and most expensive teas in the world. Other than the Chinese tea variety Camellia sinensis, Assam is
the only region in the world that has its own variety of tea, called Camellia assamica.

Assam also accounts for fair share of India’s production of rice, rapeseed, mustard , jute , potato,
sweet potato, banana , papaya, areca nut and turmeric

Oil And Gas: Assam is a major producer of crude oil and natural gas in India. It was placed as the
second in the world. Where petroleum was discovered . Asia’s first successful mechanically drilled in
Makum way back in 1867 . The second oldest oil well in the world still produces crudes oil. Most of
the oilfields of Assam are located in the Upper Assam region of the Brahmaputra Valley. Assam has
four oil refineries located at Guwahati , Digboi, Numaligarh and Bongaigaon with a total capacity of 7
million tones per year. Bongaigaon Refinery and petrochemicals Limited is the only S&P CNX 500
conglomerate with a corporate office in Assam.

Other Industries : Apart from tea and petroleum refineries Assam has few industries of significance.
Industrial development is inhibited by its physical and political isolation from neighboring countries
such as Myanmar, China and Thailand and from there other growing South East Asian economics.

The international airport if Guwahati is yet to find airlines providing better direct international
flights. The Brahmaputra suitable for navigation does not have sufficient infrastructure for
international trade and success of such a navigable trade route will be dependent on proper channel
maintenance , and diplomatic and trade relationship with Bangladesh.

Although having a poor overall industrial performance , there are several other industries , including
a chemical fertilizer plant at Namrup, petrochemical industries at Namrup and Bongaigaon , paper
mills at Jagirod , Panchgram and Jogighopa, Suger mills at Barua Bamun Gaon, Chargola , Kampur ,
cement plant at Bokajan, cosmetics plant of Hindustan Unilever at Doom Dooma, etc Moreover ,
there are other industries such as jute mills, silk mill, etc. Many of these industries are facing loss
and closer due to lake of infrastructure and improper management practices.