"By the turn of the century, I believe India will be one of the most vibrant,
important and powerful of all
the Big Emerging Markets,"
Mr. Jeffrey E. Garten, Under Secretary of Commerce for International Trade, U.S. Government.

Economy - overview: India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. More than a third of the population is too poor to be able to afford an adequate diet, and market surveys indicate that fewer than 5% of all households had an annual income equivalent to $2,300 or more in 1995-96. India's international payments position remained strong in 1999 with adequate foreign exchange reserves, reasonably stable exchange rates, and booming exports of software services. Lower production of some non-food-grain crops offset recovery in industrial production. Strong demand for India's high technology exports will bolster growth in 2000. (Source: CIA Fact-book 2000)

India is the fifth largest economy in the world and has the second largest GDP among emerging economies, based on purchasing power parity. In 1995-96, India's GDP was Rs 9,858 billion (US$ 295 billion) at current prices.

In 1991, India embarked on a bold economic reforms programme, with a view to integrate its economy with the global economy, and attain the type of growth that countries in the Asia Pacific have exhibited over the last two decades.

Six years after the reforms began, the Indian economy stands transformed to a great extent. Economic growth accelerated to 7.2 per cent in 1994-95 and 7.1 per cent in 1995-96 in terms of GDP at factor cost. And this has been achieved with a sustainable current account deficit (1.6 per cent of the GDP in 1995-96), a stable inflation rate (as average of 5.7 per cent in 1996-97), a rise in the domestic savings rate to 24.9 per cent of GDP and a lower fiscal deficit (5 per cent of the GDP in 1996-97, and targeted to be 4 per cent in 1997-98). (source: http://www.nic.in/indiainfra/)

Traditional national industries
Current major industries
Major natural resources