The RBI Cut rates, surging imports, raising tax-GDP ratio, growth strategies etc, are few things that are making the Indian economy the most debatable topic for most of the economists. While some argued that accommodative RBI policy is needed to support growth, others said that high inflation has reduced return on financial savings, increasing the allure of gold.
However, among many ambivalent contradictions there are few feel good factors about the Indian economy too. As the country approaches its 67th year of independence, read on to know about its achievements and future prospects, as listed by Rediff.com.
Fact1# Among World’s Fastest Growing Economies
India will be world’s third largest economy by 2030, said global energy giant BP plc (one of the world’s leading international oil and gas companies) in 2012.
“By 2030 China and India will be the world’s largest and third largest economies and energy consumers, jointly accounting for about 35 per cent of global population, GDP and energy demand,” BP’s chief economist Christof Ruhl said releasing BP’s Energy Outlook 2030, reported PTI.
Fact2# 19th-Largest Exporter
“As per WTO’s International Statistics, 2012, in merchandise trade, India is 19th largest exporter in the world with a share of 1.7 per cent and 12th largest importer with a share of 2.5 per cent in 2011,” minister of state for finance Namo Narain Meena said in a written reply to the Lok Sabha.
In commercial services, the country is the eighth largest exporter in the world with a share of 3.3 per cent and the seventh largest importer with a share of 3.1 per cent, the minister said.
Fact3# 11th in the World In Terms Of Nominal Factory Output
According to the CIA World Fact Book, India is 11th in the world in terms of nominal factory output.
The Indian industrial sector had undergone significant changes as a result of the economic liberalization in India economic reforms of 1991, which removed import restrictions, brought in foreign competition, led to the privatization of certain public sector industries and liberalized the FDI regime.
Fact4# Textile Manufacturing Is the Second Largest Source of Employment
Textile manufacturing is the 2nd largest source of employment after agriculture and accounts for 20 percent of manufacturing output, providing employment to over 20 million people.
The share of textiles in total exports was 11.04 percent during April–July 2010, as per the Ministry of Textiles. During 2009-2010, Indian textiles industry was pegged at $55 billion, 64 percent of which services domestic demand.
Fact5# Fastest Growing Retail Markets in the World
India is one of the fastest growing retail markets in the world. The sector has been growing at impressive pace creating many job opportunities in different areas. India ranks fifth among the top 30 emerging markets for retail according to the Global Retail Development Index 2012.
The sector is expected to improve further after Indian government announced 100 percent FDI in single brands and multi-brand.
One of the top five retail markets in the world by economic value, the retail industry is estimated to be $450 billion.
Fact6# Largest Producer in the World of Milk, Jute and Pulses
Agriculture in India has an important history. Today, India ranks second worldwide in farm output. Agriculture and allied sectors like forestry and fisheries accounted for 16.6 percent of the GDP in 2009, about 50 percent of the total workforce. Agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India.
India exported around 2 million metric tonnes of wheat and 2.1 million metric tonnes of rice in 2011 to Africa, Nepal, Bangladesh and other regions around the world.
Fact7# India Has the World’s Third Largest Road Network
India had a road network of over 4,236,000 kilometres (2,632,000 mi) in 2011, the third largest road network in the world. At 0.66 km of roads per square kilometre of land, the quantitative density of India’s road network is similar to that of the United States (0.65) and far higher than that of China (0.16) or Brazil (0.20). However, qualitatively India’s roads are a mix of modern highways and narrow, unpaved roads, and are undergoing drastic improvement. As of 2008, 49 percent about 2.1 million kilometres of Indian roads were paved.
Fact8# Fourth Largest Rail Network in the World
Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers. It is one of the world’s largest railway networks comprising of track over a route of 65,000 km (40,000 mi) and 7,500 stations. As of December 2012, it transported over 25 million passengers daily (over 9 billion on an annual basis). In 2011–2012 Indian Railways had revenues of 1119848.9 million ($19 billion) which consists of 696759.7 million ($12 billion) from freight and 286455.2 million ($4.8 billion) from passengers tickets.
Fact9# India Has 122 Billionaires
The world is home to 1.2 crore millionaires with collective net worth reaching a record high of $46.2 trillions, with India clocking the second highest growth of 22.2 percent in its HNI population last year after Hong Kong, reported PTI.
India, which is at the fifth spot in global ranking with 122 dollar-billionaires in 2012, is likely to see a whopping 84 percent growth in this number with 225 billionaires by 2022, real estate consultancy Knight Frank has said in a report.
Fact10# Largest Postal Network in the World
The core activity of the Department is processing, transmission and delivery of mail which is collected from more than 5.7 lakh letter boxes, processed by network of mail offices and conveyed by rail, road and airlines all over the country. The postal department handles around 177.9 million registered letters, 6157.6 million unregistered mail traffic and 281 million Premium Products (speed post and express parcel post) each year.
- The Indian Economy ? (ktrmurali.wordpress.com)