India's gross domestic product advanced 7.3% year-on-year in the third quarter of 2016, following 7.1% expansion in the previous period. Private consumption expanded at a faster pace while government spending slowed down and fixed investment dropped further. In the long-term, the India GDP Annual Growth Rate is projected to trend around 6.80% in 2020, 5.50% in 2030 and 4.50% percent in 2050, according to Ministry of Statistics and Program implementation (MOSPI).
Structural Reforms Ensuring long term sustenance -
The economic ecosystem of India has undergone extreme overhaul at all levels in recent times. Structural reforms have been forefront in Govt. agenda.
The steps taken by the government in recent times have shown positive results as India's gross domestic product (GDP) at factor cost at constant (2011-12) prices 2014-15 is Rs. 106.4 trillion (US$ 1.58 trillion), as against Rs. 99.21 trillion (US$ 1.47 trillion) in 2013- 14, registering a growth rate of 7.3%. The economic activities which witnessed significant growth were ‘financing, insurance, real estate and business services’ at 11.5% and ‘trade, hotels, transport, communication services’ at 10.7%.
Capital: New Delhi. India consists of 28 states and seven union territories.
Bordering countries - China, Nepal and Bhutan to the north Afghanistan and Pakistan to the north—west; Myanmar and Bangladesh to the east; and Sri Lanka to the south.
Population - 1.2 billion (urban: 30%, rural: 70%)
India has a young population with approximately 65% in the age group of 15 to 64 years. The median age in the country is around 26.2 years, which is lower than many countries in the world.
Religions - Hinduism, Islam, Christianity and Sikhism are the four main religions followed in India.
Education: India has one of the largest school-age populations in the world. It has a well- established education system with more than 1.6 million schools enrolling in excess of 240 million students.
For higher education, India has more than 500 universities, as well as more than 30,000 colleges and 7,000 technical institutions.
India’s labor force stood at approximately 487.6 million in 2011. Approximately 4.2 million people are added to India’s talent pool every year, with 4 million graduates and 0.26 million post- graduates. Indian Institute of Technology (IIT) and Indian Institute of Management (IIM) are a group of premier institutions in India that offer technical and management degrees, respectively.
India is a secular state and the largest democracy in the world with a parliamentary form of government.
Today, the Indian economy is characterized by a liberalized foreign investment and deregulation.
India has grown to become a trillion dollar economy.
India now ranks as the tenth-largest economy in the world and third largest in terms of GDP on PPP basis.
Key economic areas - Aerospace & Defence, Automotive, Banking, Capital markets, Life Sciences, Information Technology, Insurance, Media & Entertainment, Mining & Metals, Oil and Gas, Ports, Power and Utilities, Real Estate, Retail and consumer products, Roads and highways.