About India

For most of its post-independence history, India adhered to a quasi-socialistprivate sector participation, foreign trade, and foreign direct investment. However, since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment.^[31] Foreign exchange reserves have risen from US$5.8 billion in March 1991 to US$275 billion in 2007,^[88] while federal and state budget deficits have decreased.^[89] Privatization of publicly-owned companies and the opening of certain sectors to private and foreign participation has continued amid political debate.^[90] With a GDP growth rate of 9.4% in 2006-07, the economy is among the fastest growing in the world.^[91] India's GDP in terms of USD exchange-rate is US$ 778.7 billion. When measured in terms of purchasing power parity (PPP), India has the world's third largest GDP at US$4.164 trillion. India's per capita income (nominal) is US$ 707, while its per capita (PPP) is US$ 3600. approach with strict government control over

India has the world's second largest labour force, with 516.3 million people, 60% of whom are employed in agriculture and related industries; 28% in services and related industries; and 12% in industry.^[92] Major agricultural crops include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. The agricultural sector accounts for 28% of GDP; the service and industrial sectors make up 54% and 18% respectively. Major industries include automobiles, cement, chemicals, consumer electronics, food processing, machinery, mining, petroleum, pharmaceuticals, steel, transportation equipment, and textiles.

Although the Indian economy has grown steadily over the last two decades; its growth has been uneven when comparing different social groups, economic groups, geographic regions, and rural and urban areas.^[93] Income inequality in India is relatively small (Gini coefficient: 32.5 in year 1999–2000),^{[citation needed]}Wealth distribution in India is fairly uneven, with the top 10% of income groups earning 33% of the income.^[94]poverty threshold of $0.40 per day. In 2004–2005, 27.5% of the population was living below the poverty line.^[95] though it has been increasing of late. Despite significant economic progress, a quarter of the nation's population earns less than the government-specified

More recently, India has capitalised on its large pool of educated, English-speaking people, and trained professionals to become an important outsourcing destination for multinational corporations and a popular destination for medical tourism.^[96] India has also become a major exporter of software as well as financial, research, and technological services. Its natural resources include arable land, bauxite, chromite, coal, diamonds, iron ore, limestone, manganese, mica, natural gas, petroleum, and titanium ore.^[49]

In 2007, estimated exports stood at US$140 billion and imports were around US$224.9 billion. Textiles, jewellery, engineering goods and software are major export commodities. While crude oil, machineries, fertilizers, and chemicals are major imports. India's most important trading partners are the United States, the European Union, and China.