Interesting Economics related facts about India
The country has grown financially six fold over the past years
Once proudly called the Golden Bird aka Sonay Ki Chidya, India has had a fascinating economic growth since the time of its formation as an independent country. There is a lot of growth and downfall in the Indian economical field has seen and most of us do not know about many things. A thriving nation with a population of more than a billion, the Indian economy is the fastest growing and the largest in the world. So here are some interesting facts about Indian economics.
India is a massive global exporter in agriculture and home to 10 of the fastest-growing cities in the world.
India has the seventh-largest economy, based on GDP. However, the position may change places and move up the list.
In less than 20 years, India’s economy has increased sixfold. According to World Bank, India’s gross domestic product was approximately $459 billion dollars in 1999. But in 2018, India generated the equivalent of $2.726 trillion US dollars.
According to the World Bank, in 2019 India’s annual GDP surpassed that of France’s in 2018, which made India the seventh-largest GDP country. It stated that India’s 2017 GDP of $2.726 trillion was short of France’s GDP of $2.778 trillion.
In terms of average annual income, India ranks 70th on the list. As of 2015, the average annual income of an Indian worker was 1,38,828 which equates to 11,556 a month.
The agricultural land, India secures 50 percent of jobs in this field. Fun fact, India is the world’s largest producer of milk and the second-largest producer of fruits and vegetables.
Another export, fuel from India is at the top position, as it accounts for 15 percent of its total exports. The mineral fuel this fertile land of India generates brings in most revenue through exports. According to statistics, in 2018 India exported about $48.3 billion worth of petroleum products.
With a population of billions, more than 460 million people are working class in India. Reports suggest that the services sector of India is a 47 billion dollar industry.
The silicon valley of India – Bangalore – which is famous for being the startup hub and tech capital of India has a large part in contributing to the economy. The state is said to have more grade A offices than Singapore.
When counting billionaires in India, the country stands third on the list after the US on the top and China on the second place. India has more than 55 rich people and the number continues to increase.