The Indian economy is one of the fastest growing economies in the world. The country had a growth rate of 5.33% in the year 2009 and it is expected to grow at the rate of 6.5% in 2010 even with the ongoing global financial recession. India has maintained its stability because of robust domestic demand and rising private investment.
The economy of India is the twelfth largest in the world by market exchange rates and among the ten largest in the world by GDP after EU27, USA, China and Japan, measured on purchasing power parity (PPP) basis in the year 2008. The growth in GDP was 7.4% in the year 2008.Since 1991 the continuing process of economy’s liberalization has moved the economy towards a market-based system.
Agriculture is the predominant occupation in India, accounting for about 60% of employment. The service sector makes up a further 28% and industrial sector around 12%. For output, the agricultural sector accounts for 17.6% of GDP, the service and industrial sectors make up 54% and 29% respectively. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish. Major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery and software design. In 2008, India's GDP was $3.30 trillion, which makes it the twelfth-largest economy in the world or fourth largest by purchasing power adjusted exchange rates. India's nominal per capita income of $2900(2008 est.) is ranked 29th in the world.
Previously a closed economy, India's trade has grown fast. India currently accounts for 1.58% of World trade as of 2008 according to UN. According to the UN in 2008, India's total merchandise trade (counting exports and imports) was valued at $497 billion in 2008. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985. As per WTO figures available, India’s total merchandise trade in the year 1948 was US$ 2.72 Billion only.
India’s total trade with African Region is being growing fast at a CAGR of over 19% over the last 13 years period as is visible
from the figures that India’s total trade with African Region in the year 1996-97 was to the tune of US$ 4.48 Billion which rose
to $ 39.54 Billion in the year 2008-09.
The tabulation below shows share of African Region in India’s total trade over the last 13 years period and trend thereof:
The above tabulations indicates that African Region which constituted 6.17% share in India’s Total Trade in the year 1996-97 now constitute 8.09% share in the year 2008-09. Top ten trading partner countries of India in African Region are Nigeria, South Africa, Egypt, Angola, Algeria Kenya, Tanzania, Morocco, Mauritius and Sudan in that order which constituted 6.34% share in India’s total trade in the year 2008-09. These 10 countries constituted 78.41% share in India’s Total Trade with the region.
INDIA'S GlOBAL EXPORTS OF ENGINEERING PRODUCTS (HS Chapter 72 to 90) DURING THE LAST 12 YEARS
India's global exports of Engineering items was USD 47.64 billion in 2008 -09, this sector had a CAGR of 21.87 since the 1997 - 98.The share of these imports in india's total global exports has increased from 15.23% in 1997 - 98 to 25.71% in 2008-09 .