India is a developing country with a diversified culture and a huge population, and its economic scale is also growing. The following is an overview of Indian economic data.
India's total GDP reached US $ 2.87 trillion in 2019, and is the fifth largest economy in the world. The GDP growth rate was 5%in 2019, and in 2020 due to the impact of the new crown epidemic to -7.7%. Nevertheless, India is still one of the fastest growing economies in the world.
In the Indian economy, the service industry occupies a dominant position. The service industry contributed about 55%of Indian GDP. The country is also one of the main destinations of the global IT service outsourcing. India's software and information technology service industry is one of the most successful and international competitive industries in the country.
India is also one of the largest gold consumer in the world. India's gold consumption accounts for about 25%of global. In addition, India is also one of the largest diamond processing countries in the world. This is an important part of the Indian jewelry and gem industry.
Agriculture is another important part of the Indian economy, accounting for about 17%of GDP. Rice, wheat, cotton, oil seeds, tea, coffee, etc. are the country's main agricultural products. However, India's agriculture still faces some challenges, such as waste of food, water resources management, and lack of technical.
Although India has a huge economic scale, the country's poverty rate is still high. According to UN data, India has more than 200 million people living below the poverty line. In addition, India's social inequality is also more prominent, which is another challenge facing the country's economic development.
In general, India's economic growth has a strong momentum and has huge potential. The Indian government has adopted a series of policy measures to attract more foreign investment and promote economic development. As India continues to strengthen its economic infrastructure, increase investment in education and technology, and solve some social problems, the Indian economy will continue to develop in a good direction.