Indias economy
india is the second most populated country in the world(1.2 bn ) behind china. its is the seventh largest country by area. the population is seen to be young compared to chinas old population and the population is mostly hindu.
india are seen to be the tenth largest economy buy gdp and the third largest economy by purchasing power. According to the World Bank, as of 2011, the Indian economy is nominally worth US$1.848 trillion . its annual growth rate over the past two decades is 5,8% making it one of the fastest growing and powerful economy in the world. its gdp currently stands at $1.8 trillion made up of the service sector (55.6%) , the industrial sector (26.3%) and other sectors make up the rest.
india has recently moved towards a free economy allowing free trade between countries and them and to encourage foreign direct investment.this was because of a acute balance of payments crisis in 1991 forced them to liberalise their economy. Indias recent economic model is largely capitalist and has been a member of the WTO since 1995.
imported goods: crude oil, machinery, gems, fertilizer, chemicals
exported goods: petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
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