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Economy of India
The Economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purch
Engineering industry of India is the largest sub sector of its industry GDP and is one of three largest foreign exchange earning sectors for the country. It includes transport equipment, machine tools, capital goods, transformers, switchgears, furnaces, cast and forged simple to precision parts for turbines, automobiles and railways. The industry employs about four million workers. On value added basis, India s engineering industry sector exported $67 billion worth of engineering goods in 2013 14 fiscal year, as well served part of the domestic demand for engineering goods.
The engineering industry of India includes its growing car, motorcycle and scooters industry, as well as productivity machinery such as tractors. India manufactured and assembled about 18 million passenger and utility vehicles in 2011, of which 2.3 million were exported. India is the world s largest producer of and the largest market for tractors, accounting for 29 Percent of world s tractor production in 2013. India is the 12th largest producer and 7th largest consumer of machine tools in the world.
12. Gems and jewelry
India is one of the world s largest diamonds and gem polishing and jewelry manufacturing center; it is also one of the two largest consumers of gold. After crude oil and petroleum products, the export and import of gold, precious metals, precious stones, gems and jewelry accounts for the largest portion of India s global trade. The industry contributes about 7 Percent of India s GDP, employs millions, and is a major source of its foreign exchange earnings. The gems and jewellery industry, in 2013, created INR251000 crore US$39 billion in economic output on value added basis. It is growing sector of Indian economy, and A.T. Kearney projects it to grow to INR500000 crore US$79 billion by 2018.
The gems and jewelry industry has been an ancient art and continuous economic activity in India, traced over several thousand years. Till 18th century, India was the world s only known major reliable source of diamond mining and its processing. Now, South Africa and Australia are the major sources of diamonds and precious metals, but along with Antwerp, New York, and Ramat Gan, Indian cities such as Surat and Mumbai are the hubs of world s jewelry polishing, cutting, precision finishing, supply and trade. Unlike other centers, the gems and jewelry economic activity in India is primarily artisans driven, is manual, the sector is highly fragmented, and 96 Percent of the industry is served by family owned operations.
Indian gem and jewelry economy s particular strength is in precision cutting, polishing and processing small diamonds below one carat . Yet, India is also a hub for processing of larger diamonds, pearls and other precious stones. About 11 out of 12 diamonds set in any jewellery in the world are cut and polished in India. It is also a major hub of gold and other precious metal based precision jewelry industry. Its domestic demand for gold and jewelry products is another driver of India s GDP.
Textile industry contributes about 4 per cent to the country
India s mining industry was the 4th largest producer of minerals in the world by volume, and 8th largest producer by value in 2009. In 2013, it mined and processed 89 minerals, of which 4 were fuel, 3 were atomic energy minerals, and 80 non fuel. The government owned public sector accounted for 68 Percent of mineral produced by volume, in 2011 12.
Nearly 50 Percent of India s mining industry, by output value, is concentrated in eight states Odisha, Rajasthan, Chhattisgarh, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25 Percent of the output by value comes from its offshore oil and gas resources. India operated about 3,000 mines in 2010, half of which were coal, limestone and iron ore. On output value basis, India s was one of five largest producers of mica, chromite, coal, lignite, iron ore, bauxite, barites, zinc, manganese; while being one of the 10 largest global producers of many other minerals. India was fourth largest producer of steel in the world in 2013, and seventh largest producer of aluminum.
India s mineral resources are vast. However, its mining industry has declined contributing 2.3 Percent of its GDP in 2010 compared to 3 Percent in 2000, and employed 2.9 million people a decreasing percentage of its total labor. India is a net importer of many minerals including coal. India s mining sector decline is because of complex permit, regulatory and administrative procedures that take 6 to 20 fold more time than other mining countries such as Australia and South Africa, inadequate infrastructure, shortage of capital resources, and slow adoption of ecologically and environmentally sustainable technologies.
India s services sector has the largest share in the GDP, accounting for 57 Percent in 2012, up from 15 Percent in 1950. It is the 12th largest in the world by nominal GDP, and fourth largest when purchasing power is taken into account. The services sector provides employment to 27 Percent of the work force. Information technology and business process outsourcing are among the fastest growing sectors, having a cumulative growth rate of revenue 33.6 Percent between 1997 and 1998 and 2002 03 and contributing to 25 Percent of the country s total exports in 2007 08. The growth in the IT sector is attributed to increased specialisation, and an availability of a large pool of low cost, highly skilled, educated and fluent English speaking workers, on the supply side, matched on the demand side by increased demand from foreign consumers interested in India s service exports, or those looking to outsource their operations. The share of the Indian IT industry in the country s GDP increased from 4.8 Percent in 2005 06 to 7 Percent in 2008. In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.
16. Energy and power
As of 2009, India is the fourth largest producer of electricity and oil products and the fourth largest importer of coal and crude oil in the world. Coal and oil together account for 66 Percent of the energy consumption of India.
India s oil reserves meet 25 Percent of the country s domestic oil demand. As of 2012, India s total proven oil reserves of 5.5 million barrels 870 million litres , while gas reserves stood at 43,800 million cubic feet 1,240 million cubic metres . Oil and natural gas fields are located offshore at Mumbai High, Krishna Godavari Basin and the Cauvery Delta, and onshore mainly in the states of Assam, Gujarat and Rajasthan. India is the fourth largest consumer of oil in the world and imported INR726386 crore US$110 billion worth of oil in 2011 12, which had an adverse effect on its current account deficit. The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation ONGC , Hindustan Petroleum Corporation Limited HPCL , Bharat Petroleum Corporation Limited BPCL and Indian Oil Corporation Limited IOCL . There are some major private Indian companies in the oil sector such as Reliance Industries Limited RIL which operates the world s largest oil refining complex.
As of December 2011, India had an installed power generation capacity of 233.929 GW as of December 2013, of which thermal power contributed 68.31 Percent, hydroelectricity 17.05 Percent, other sources of renewable energy 12.59 Percent, and nuclear power 2.04 Percent. India meets most of its domestic energy demand through its 106 billion tonnes of coal reserves. India is also rich in certain alternative sources of energy with significant future potential such as solar, wind and biofuels jatropha, sugarcane . India s dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years. Recent discoveries of natural uranium in Tummalapalle belt, which promises to be one of the top 20 of the world s reserves, and an estimated reserve of 846,477 metric tons 933,081 short tons of thorium about 25 Percent of world s reserves are expected to fuel the country s ambitious nuclear energy program in the long run. The Indo US nuclear deal has also paved the way for India to import uranium from other countries.
India s infrastructure and transport sector contributes about 5 Percent of its GDP. India has the world s second largest road network in quantitative terms, covering more than 4.3 million kilometers. Qualitatively, India s roads are a mix of modern highways and narrow, unpaved roads. India also has the lowest kilometer lane road density per 100,000 people among G 27 countries leading to traffic congestion. It is upgrading its infrastructure. As of May 2014, India had completed and placed in use over 22,600 kilometres of recently built 4 or 6 lane highways connecting most of its major manufacturing, commercial and cultural centers. India s road infrastructure carries 60 Percent of freight and 87 Percent of passenger traffic.
Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers and 7,172 stations. This government owned and operated railway network carried an average of 23 million passengers a day, and over a billion tonnes of freight a year. India has a coastline of 7,500 kilometers with 13 major ports and 60 operational non major ports, which together handle 95 Percent of the country
Retail industry contributes between 14 15 Percent to 20 Percent of India s GDP. The Indian retail market is estimated to be US$450 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail market in the world, and is projected to reach $1.3 trillion by 2020.
India s retailing industry mostly consists of the local mom and pop store, owner manned shops and street vendors. Organised retail supermarkets are growing but small, with a market share of 4 Percent as of 2008. In 2012 government permitted 51 Percent FDI in multi brand retail and 100 Percent FDI in single brand retail. However, a lack of back end warehouse retail infrastructure, as well as state level permits and red tape continues to limit organized retail s growth in Indian economy. Over thirty regulations such as signboard licences and anti hoarding measures have to be complied before a store can open doors. There are taxes for moving goods from state to state, and even within states. The lack of infrastructure and efficient retail network, according to The Wall Street Journal, causes a third of India s agriculture produce to be lost from spoilage.
International and domestic tourism industry contributes more to India s GDP than its textile sector. India attracted 6.85 million international tourist arrivals and $18.4 billion in foreign exchange earnings from tourism receipts in 2013. Tourism to India has seen a steady growth, year on year, from 4.45 million arrivals in 2006 to nearly 7 million arrivals in 2013. The United States is the largest source of international tourists to India, while European Union nations and Japan are other major sources of international tourists. Less than 10 Percent of international tourists visit the Taj Mahal, with majority visiting other cultural, thematic and holiday circuits. Over 12 million Indian citizens take international trips each year for tourism, while domestic tourism within India adds about 740 million Indian travelers. The combined international and domestic tourism contributed 5.92 Percent of India s GDP, and 9.3 Percent to its employment in 2011. India has a fast growing medical tourism sector of its health care economy offering low cost health and long term care.
20. Banking and finance
The Indian money market is classified into the organised sector, comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks, and the unorganised sector, which includes individual or family owned indigenous bankers or money lenders and non banking financial companies. The unorganised sector and microcredit are still preferred over traditional banks in rural and sub urban areas, especially for non productive purposes, like ceremonies and short duration loans.
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40 Percent of their net credit to priority sectors like agriculture, small scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 8,260 in 1969 to 72,170 in 2007 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total bank deposits increased from INR59.1 billion US$930 million in 1970 71 to INR38309.22 billion US$600 billion in 2008 09. Despite an increase of rural branches, from 1,860 or 22 Percent of the total number of branches in 1969 to 30,590 or 42 Percent in 2007, only 32,270 out of 500,000 villages are covered by a scheduled bank.
India s gross domestic saving in 2006 07 as a percentage of GDP stood at a high 32.8 Percent. More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold. The government owned public sector banks hold over 75 Percent of total assets of the banking industry, with the private and foreign banks holding 18.2 Percent and 6.5 Percent respectively. Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks, like encouraging mergers, reducing government interference and increasing profitability and competitiveness, other reforms have opened up the banking and insurance sectors to private and foreign players.
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