Statistics Of The Economy Of India

India has emerged as the fastest growing major economy in the world and is expected to be one of the three economic powers along side China and U.S.A. India is expected to be a Super Power in the coming 5-10 years.

MARKET-SIZE

According to a study by ASSOCHAM and Thought Arbitrage Research Institute, India's labour force is expected to increase to 160-180 million by 2020 based on the factors like rate of population growth, increased labour participation, and higher studies enrolment.

India's GDP is estimated to have increased at the rate of 7.2% in 2017-18 and at the rate of 7% in 2018-19

India is the third largest startup base in the world with around 4,700 technology startups.

According to RBI data, India's foreign exchange reserves were US$ 405.64 bn in the week up to March 15, 2019

RECENT DEVELOPMENTS

1.) During 2018-19 (up to February 2019), merchandise exports from India have increased 8.85 per cent year-on-year to US$ 298.47 billion, while services exports have grown 8.54 per cent year-on-year to US$ 185.51 billion.

2.) Net direct tax collection for 2018-19 had crossed Rs 10 trillion (US$ 144.57 billion) by March 16, 2019, while goods and services tax (GST) collection stood at Rs 10.70 trillion (US$ 154.69 billion) as of February 2019.

3.) India's Foreign Direct Investment (FDI) inflows crossed US$ 409.15 billion between April 2000 and December 2018, with maximum contribution from services, computer software and hardware workers, telecommunications, trading and automobiles.

4.) India's Index of Industrial Production (IIP) rose 4.4 per cent year-on-year in 2018-19 (up to January 2019).

5.) Consumer Price Index (CPI) inflation stood at 2.57 per cent in February 2019.

6.) Net employment generation in the country reached a 17-month high in January 2019.

GOVERNMENT INITIATIVES

1.) In February 2019, the Government of India approved the National Policy on Software Products – 2019, to develop the country as a software hub.

2.) The National Mineral Policy 2019, National Electronics Policy 2019 and Faster Adoption and Manufacturing of Electric Vehicles (FAME II) have also been approved by the Indian Government in 2019.

3.) Village electrification in India was completed in April 2018. Universal household electrification is expected to be achieved by March 2019 end.

4.) The Government of India released the maiden Agriculture Export Policy, 2018 which seeks to double agricultural exports from the country to US$ 60 billion by 2022.

5.) Around 1.29 million houses have been constructed up to December 24, 2018, under Government of India’s housing scheme named Pradhan Mantri Awas Yojana (Urban).

6.) Prime Minister's Employment Generation Programme (PMEGP) will be continued with an outlay of Rs 5,500 crore (US$ 755.36 million) for three years from 2017-18 to 2019-20, according to the Cabinet Committee on Economic Affairs (CCEA).