India´s Economy

India is a country that is currently part of the BRIC block, therefore it can become one of the most economically important countries in the future.

From the 1950s to the 1980s, the economy of India had followed socialist tendencies. The economy was paralyzed by rules and regulations imposed by the government, protectionism and public property, which led to widespread corruption and slow economic growth. It was in 1991 when the national economy became a market economy.

This change in economic policy in 1991 came shortly after an acute balance of payments, so that since then the emphasis was on making the foreign trade and foreign investment a key sector of the economy of India.

The rupee is the official currency of the Republic of India

In recent decades India's economy has had an annual growth rate of GDP of around 5.8%, making it one of the world fastest growing economies:

• The service sector represents 54%
• The agricultural sector represents 28%
• The industry represents 18%.

In addition, India has the largest workforce in the world, with just over 516.3 million people in terms of production.

The main agricultural and livestock products include rice, wheat, oilseeds, cotton, jute, tea, sugarcane, potatoes, water buffalo, sheep, goats, poultry and fish.

The main industries are textiles, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software trade.

Nowadays India's the 13th largest economy in the world.

However, the nominal per capita income in India is U.S. $ 1,016, ranking 143 ° in the world.

Despite its impressive economic growth in recent decades, India still has the largest concentration of poor people in the world and has a high rate of malnutrition among children less than three years (46% in 2007).