Miscellaneous Facts

Foreign trade is an important aspect for every country to exchange goods with other countries. It helps a country to grow economically.

Miscellaneous facts about the Indian Economy

As evidenced by a stunning increase in several global indices such as the Start-up Ecosystem Ranking, Global Manufacturing Index, Logistics Performance Index, Global Innovation Index, Global Competitiveness Index, Ease of Doing Business Index, and so on, India has become more competent in terms of doing business and attracting investments. Here are some key facts and figures about the Indian economy and their Miscellaneous facts.

Demographics

With a current population of over 1.3 billion people, India is the world’s second-most populous country after China. With only one-third of China’s land area, India’s population lags by only 47 million. The country also has the highest population density of about 450 people per square kilometre, which promotes economies of scale and provides a large and varied consumer base. Approximately 62.5 per cent of India’s population is between the ages of 15 and 59.

Area

With 2.9 million square kilometres of land area, India has been the 7th largest country on the planet. The overall agricultural land area is approximately 60.4 per cent, with arable land accounting for 52.6 per cent. Forests cover approximately 23.8 per cent of the total area. The region has a land border of 15,200 kilometres and a shoreline of 7,516 kilometres. The Himalayan Range is the world’s largest mountain range that runs from north to northeast across India. It is bounded on the west by the Thar Desert and the Rann of Kutch, and on the east by the water resource regions of the Indo-Gangetic Plain. The Ganga, India’s largest river, continues to flow through 11 northern states before reaching Bangladesh. India is also bounded by the Indian Ocean and the Arabian Sea.

Inflation

In India, inflation is measured by using the Consumer Price Index (CPI), which tracks changes in the retail prices of 260 goods and services. The country switched from the Wholesale Price Index (WPI) to the Consumer Price Index (CPI) in 2014 because the former doesn’t really account for the price of services. In March 2019, India’s wholesale price inflation rate increased year on year to 2.86 per cent, slightly higher than the market’s expectation of 2.8 per cent. In March, rural and urban provisional inflation rates were 1.80 per cent and 4.10 per cent, respectively, especially in comparison to 1.81 per cent and 3.43 per cent in February.

Developing Sectors

Building, financial services, technology, automotive, and healthcare are key sectors driving growth in the Indian economy. With the release of the ‘Make in India’ initiative, the nation has seen an increase in infrastructure construction, with 5.6 per cent expected growth in the industry between 2016 and 20. Rising incomes are driving growth in India’s financial services sector, with India’s financial sector reaching $ 321 billion in February 2019, making this one of the fastest-growing in the world. India has the world’s second-largest online subscriber base and the world’s third-largest tech startup ecosystem. Its domestic technology market is growing rapidly in Asia-Pacific.

Import and Export

India’s exports and imports totalled $ 303.5 billion and $ 465.6 billion, respectively, in 2017-18. Precious metals, stones, mineral fuels, and auto components are major exports for India, while mineral fuels, metals and stones, and electrical machinery are major imports.

Conclusion

To summarise, all economic systems of India are designed to handle the production, utilisation, and exchange of products and services; the degree of control varies along the income spectrum. India is a fantastic country in terms of culture, heritage, and economy. India’s economy is divided into three sectors: agriculture, industry, and services, with services accounting for 53% of the total. We all contribute to our country’s economy, whether directly or indirectly. Because the Indian economy is among the fastest-growing in the world, there are miscellaneous facts associated with it.