India’s Economy

The economy of India is the fourth largest in the world as measured by purchasing power parity (PPP). When measured in USD exchange-rate terms, it is the tenth largest in the world, with a GDP of US $1.0 trillion (2007).[1] India is the second fastest growing major economy in the world, with a GDP growth rate of 9.2% at the end of the second quarter of 2006–2007.[2] However, India’s huge population results in a per capita income of $3700 at PPP and $820 at nominal.[3] The World Bank classifies India as a low-income economy.[4]India’s economy is diverse and encompasses agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and are playing an increasingly important role of India’s economy. The advent of the digital age, and trade]], and foreign direct investment. However, since the early 1990s, India has gradually opened up its and economic reformsCurrency	1 Indian Rupee (INR) (₨) = 100 Paise
Statistics
Population below poverty line	25% (2006 est.) [3]
Labour force	509.3 million (2006 est.)
Labour force by occupation	agriculture: 60%, industry: 12%, services: 28% (2003)
Trading partners
Export goods	textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main export partners	US 18%, China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)
Import goods	crude oil, machinery, gems, fertilizer, chemicals
Main import partners	China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)
Public finances