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Running head: EVALUATION OF INDIA’S ECONOMIC TREND AND SITUATION
Evaluation of India’s economic trend and situation
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EVALUATION OF INDIA’S ECONOMIC TREND AND SITUATION
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EVALUATION OF INDIA’S ECONOMIC TREND AND SITUATION
Introduction
History and geography
India, which is also called Republic of India is one of the countries of South Asia and
is the second most populous country in the world with a population of over 1,210,193,422
citizens according to 2011 census (Virmani, 2012). It is also the seventh largest country by
area globally. It borders the India Ocean towards the south, the Bay of Bengal to the
southeast and Arabian Sea to the southwest. Its neighboring countries include Bhutan,
Myanmar, Nepal, Pakistan, Bangladesh and China. India got independence in 1947 and
became a republic in 1950 when its constitution was officially drafted. India was initially
bigger but was divided into India and Pakistan during the independence struggles of 1947
(Keay, 2000). It is run by a democratic governance and is headed by a president.
Summary of the economic situation of India
India has the sixth largest economy in the world in regard to GDP. It is also rated as
the third largest country as rated using the purchasing power parity (PPP) (Virmani, 2012). It
records an average growth rate of 7% annually as calculated for the past two decades. India
has also been rated as the fastest growing economy in the year 2014 surpassing China
(Virmani, 2012). It is estimated that India can become the world’s third largest economy in
the next decade. It currently offers a bright spot for most international investors, which has
helped it to grow their economy at a fast rate (Nagaraj, 2016). In the year 2015-2016, India
was the fastest growing economy with a growth rate of 7.6%. India has a GDP of $2.45
trillion and a PPP of $9.49 trillion. It is the sixth largest economy in terms of GDP. It has a
GDP per capita of $1,852 and records a GDP growth of 7.6% annually (Nagaraj, 2016).
According to 2014 statistics, the agricultural sector contributes 17.9% of the GDP, the
services sector contributes 57.9% while industry contributes about 24.2%. The agricultural
EVALUATION OF INDIA’S ECONOMIC TREND AND SITUATION
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sector gives about 366.92 billion, the industry sector gives about 495.62 billion and the
service sector gives 1185.79 billion (Nagaraj, 2016).
Table 1: Showing GDP trend
Year
2008
GDP (USD Billion) 1186.91
2009
2010
2011
2012
1323.9
1656.56 1822....