India is one of world’s fastest growing economies. Apart from China, no other country has as high an economic growth rate as India. This country offers several economic advantages to its nationals as well as foreign investors. India’s economic boom has been made possible mainly through its information technology and outsourcing business. India’s rise as an Asian economic powerhouse has been quite remarkable. Economic conditions in India are now favorable for a wider cross section of people.
Some economic facts about India
India GDP (purchasing power parity) stood at around $2965 billion, as per CIA’s 2007 estimates, of which services accounted for maximum percentage, followed by industry and agriculture. As per CIA estimates, total Indian exports totaled $140.8 billion and total imports totaled about $224 billion.
Inflation in India rose to more than 11 percent in July 2008. But due to government measures and role played Reserve Bank of India, inflation was brought down to about 6 percent. Earlier in 2007, average inflation was around 5.3 percent.
Foreign direct investment
Foreign direct investment data
In 2007-08, foreign direct investment in India touched $25 billion. In previous time period, this figure was around $15.7 billion. As of May 21, 2008 India’s foreign exchange exceeded $341 billion. Ministry of Commerce and Industry projections indicate that India is slated to attract more then $35 billion as foreign direct investment. Ernst and Young had carried out a survey in June 2008, which identified India as fourth most attractive investment destination of world. All this augurs well for economic condition of India.