Portal:India/SC Summary/SA Economy of India
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The economy of India is the fourth-largest in the world as measured by purchasing power parity (PPP), with a GDP of $3.3 trillion. When measured in USD exchange rates it is the tenth largest in the world, with a GDP of $691.8 billion. However India's huge population results in a relatively low per capita income ($3,100 at PPP). Services are the major source of economic growth in India today, though two-thirds of Indian workforce earn their livelihood directly or indirectly through agriculture. In recent times, India has also capitalised on its large number of highly-educated populace fluent in the English language to become a major exporter of software services, financial services and software engineers. For most of India's independent history, a socialist inspired approach was adhered to, with strict government control and regulation on private sector participation, foreign trade and foreign direct investment. Since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The socio-economic problems India faces are the burgeoning population, growing inequality, lack of infrastructure, growing unemployment and growing poverty. (more...)