- The Indian economy is the fifth largest in the world by nominal GDP and the third largest by purchasing power parity.
- The economy is growing at a rapid pace, with an average growth rate of 6-7% in recent years.
- The main drivers of growth are the services sector, which accounts for about 54% of GDP, and the manufacturing sector, which accounts for about 29% of GDP.
- India is a major exporter of services, such as IT and IT-enabled services, and it is also a major exporter of goods, such as textiles and gems and jewelry.
- The Indian economy is facing some challenges, such as high levels of poverty and inequality, but it is also making progress in areas such as education and healthcare.
Here are some specific details about the Indian economy:
- GDP: The nominal GDP of India was estimated to be $3.75 trillion in 2023. The purchasing power parity (PPP) GDP of India was estimated to be $13.033 trillion in 2023.
- Growth rate: The average GDP growth rate of India was 6.9% in the fiscal year 2022-23.
- Sectors: The services sector is the largest sector in the Indian economy, accounting for about 54% of GDP. The manufacturing sector is the second largest sector, accounting for about 29% of GDP. The agriculture sector is the third largest sector, accounting for about 16% of GDP.
- Exports: The top exports of India are services, such as IT and IT-enabled services, and goods, such as textiles and gems and jewelry.
- Imports: The top imports of India are machinery and equipment, fuel, and chemicals.