Economy
Though the constitution proclaims
India to be a socialist country, it
is in truth a mixed economy with a
strong and influential private
sector. Public sector undertakings
controlled by the state are involved
in many industries though the need
for disinvestment is being
increasingly felt. India has a
planned economy.
It is largely an agrarian economy.
Rice, wheat, oilseed, cotton, jute,
tea, coffee, rubber, sugarcane and
potatoes are the bulk of the
produce. Livestock include cattle,
water buffalo, sheep, goats and
poultry. Coastal communities and
those who live on riverbanks are
often dependent on fishing for
livelihood.
The major foreign exchange earner
for India is textile, followed by
Information Technology. With Indian
IT professionals making it big in
the United States and Indian IT
companies proving to be among the
best in the crop, there is new
international interest in Indian
professionals. Precious and
semi-precious stones, leather
products, engineering goods and
chemicals are also exported.
Major trading partners include US,
UK, Germany, Hong Kong, Japan and
the UAE.
Major industries include steel,
chemicals, food processing, steel,
transportation equipment, cement,
mining, petroleum and machinery.
Around 25% of the population lives
below the poverty line.
GDP: $2.664 trillion (purchasing
power parity)
Per Capita income: $2600 (purchasing
power parity
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