INDIA – A BRIEF ECONOMIC & TRADE PROFILE
- India is among the fastest growing economies of the world & has registered 9.4% growth in GDP in the year 2006-07 (Source: Press Information Bureau, Government of India). It is the world’s fourth largest economy in terms of purchasing power parity (Source: World Bank, Yr. 2006). India is the 7th largest country by geographical area and second most populous country of the World (Source: UN Database, Yr. 2007 est.). India’s foreign exchange reserves have risen from US$ 5.8 Billion in March 1991 to US$ 208 Billion in June, 2007 (Source: Reserve Bank of India).
- India’s GDP (Official Exchange Rate) is US$ 805 billion while its GDP per capita (purchasing power parity) is US$ 3800. (Source World Factbook, Yr 2006 est.)
- During the last 10 years, India’s total trade has risen by more than 4 times from US$ 72.60 Billion in 1996-97 to US$ 316.90 Billion in 2006-07.
- A major shift in India’s export destinations has been observed during the last 10 years. Top 5 export destinations of India in Yr. 1996-97 were USA, UK, Japan, Germany and Hong Kong with 43% share. In the Yr. 2006-07, top 5 destinations are USA, UAE, China, Singapore and UK with a share of 40.17%. India’s exports registered significant growth in case of UAE & China at 39.84% & 22.7% respectively (Yr. 2006-07 over yr. 2005-06).
- India’s trade with CIS Region has risen by 19.41% in the year 2006-07 over the previous year with total trade worth US$ 5 Billion. Major trading partner of India in the CIS region is Russia with 61.2% share in exports & 59.8% share in India’s total imports from the region. Ukraine with a share of 25.8% in India’s total trade with CIS region is the second most important trading partner. India’s major export commodities to the CIS region are Pharmaceuticals, Coffee/Tea/Spices, Readymade Garments, Iron & Steel & Machinery whereas major import commodities from the CIS region are Iron/Steel/Nickel, Fertilizers, Mineral Fuel, Cereals & Rubber.