The largest democracy in the world has a total GDP of $ 2,288.720 billion. According to nominal GDP it stands at rank 7 in the world.
While by purchasing power parity it is at rank 3 in the world after China and the United States, Its GDP by purchasing power parity is $ 8,642.760 billion. In the third quarter of financial year 2015-16, Indian GDP growth rate reached 7.3% & it surpassed China in terms of growth which had growth rate of 6.9 percent during the same period.
It made India the fastest growing economy in the world. India the second largest country in the world by population has a population of 1254.02 million people of which 29650 thousand are employed. The unemployment rate of the country is 4.9 percent while the total unemployed people are 44.79 million.
The main industries of India are software, petroleum products, chemicals, pharmaceuticals, agriculture, textiles, steel, transportation equipment, machinery, leather, cement, mining, construction. Due to economic reforms Indian services sector lead the economy. Services sector contributes to 52.9% of Gross Value Added (GVA) to India's total GVA of INR 115.50 lakh crore.
India's main export partners are European Union, United States, United Arab Emirates and China. With a value of $ 61.2 billion, the petroleum products are exported the most by India. The list of goods exported is followed by precious stones ($ 41.2 billion) and automobile ($ 14.5 billion ). The total export stands at $ 26000.00 million.
The total import by India is $45200.00 million. India has good import relations with are China, European Union, Saudi Arabia, and United Arab Emirates. Most imported commodity is crude oil. Indians' fascination with gold makes it a prime importer of precious stones also. The balance of trade stands at $ -19200 million.
Interest rate in India is at 6.5% and corporate taxes are being charged at 34.61%. The foreign exchange reserves of India is at $ 361030.00 million.