India is thriving nation with a population estimated at around 1.37 billion people, so it is no wonder that its economy would have some great attributes. This article will not just contain facts about the GDP but also its features and how it got there, I promise I will not make it boring for you and that all the time reading this will be worth it.
Ø India has one of the largest economies in the world. Currently we stand at the seventh position based on GDP.
· Economy has nearly sextupled in less than 2 decades.
· In 1999, India’s GDP was approximately $459 billion dollars, according to the World Bank. Fast-forwarding to 2018, the country generated the equivalent of $2.726 trillion US dollars
· India became a trillion dollar economy in 2007.
· That is an expansion of just short of six times less than two decades!
Ø Fastest growing Economy in the world.
· According to World Bank, India’s 2017 GDP was $2.726 trillion was just short of France’s GDP of 2.778 trillion. If not for the on going, Pandemic India would have surpassed France.
· Oh! By the way, wear a mask every time going out.
· According to the World Bank, India has the fastest growing economy in the world.
· The country’s growth rate was 8.2% in the first quarter of 2018-19.
Ø Agriculture accounts for 50% of jobs.
· India is the world’s largest producer of milk, and the 2nd largest producer of fruits and vegetables.
· The country also has a thriving trade in seafood.
· Overall, Agriculture production accounts for more than half of all jobs in India.
Ø Fuel exports account for 15% of the total exports.
· Most Indians may work in agriculture, but its mineral fuels that generate the most revenue in exports. In 2018, India exported about $48.3 billion worth of petroleum products, much of it already refined.
· Therefore, Fuel exports constitute India’s No.1 export, accounting for 15% of its total exports.
Corruption and bribery hit India’s economy severely
· India would have already enjoyed a more robust economy – economists estimated India lost out on more than $1 trillion because of corruption at all levels of government and by endemic violence that plagues many of India’s 29 states.
· In 2019, India held national elections filling hundreds of parliamentary positions. In the run up to the polls, police and other officials confiscated more than $502 million worth of gold, drugs, alcohol, hard cash, and other bribes intended to buy votes.
Ø Violence cost India approximately 9% of GDP in 2017
· Hundreds of incident of communal violence, active aggression in the disputed Kashmir region, and a cold standoff with china all contribute to huge losses of potential value for India year after year.
· Economists estimate that in 2017 alone, violence cost India $1.2 trillion.
· That equates to roughly 9% of its overall GDP, or about 44,000 RS. Per citizen.
Support the show (https://www.youtube.com/channel/UCpo00Gr2UYgA-EQzrQRGaiQ?view_as=subscriber)
Our TOPPODCAST Picks 
Stay Connected
