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India Factfile - Indian Economy |
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| Outsourcing
Services |
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Accounting
& Finance |
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Financial Accounting |
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General Ledger |
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Accounts Payable |
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Accounts Receivable |
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Billing |
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Payroll |
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Bank Reconciliation |
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Financial Analysis |
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Budgeting & Forecasting |
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Tax
Preparation Services |
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| 1. |
Natural
Resources - Coal (fourth-largest reserves in the world),
iron ore, manganese, mica, bauxite, titanium ore, chromite, natural
gas, diamonds, petroleum, limestone. |
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| 2. |
Agricultural
Products - Rice, wheat, oilseed, cotton, jute, tea, sugarcane,
potatoes; cattle, water buffalo, sheep, goats, poultry, fish. |
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| 3. |
Primary
Industries - Textiles, chemicals, food processing, steel,
transportation equipment, cement, mining, petroleum, machinery, software. |
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| 4. |
Statistical
Estimates - According to the advanced estimates of the
Central Statistical Organisation (CSO), Ministry of Statistics and
Programme Implementation, Gross Domestic Product (GDP) at factor cost
at constant (1993-94) prices in the year 2004-05 is likely to attain
a level of Rs. 15,29,366 crore, as against the Quick Estimates of
GDP for the year 2003-04 of Rs. 14,30,548 crore. The growth in GDP
during 2004-05 is estimated at 6.9 per cent as compared to the growth
rate of 8.5 per cent during 2003-04.
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| 5. |
Growth
Rates - The "agriculture, forestry and fishing"
sector is likely to show a low growth rate of 1.1 per cent in it GDP
during 2004-05, as against the previous year's growth rate of 9.6
per cent. In fact, the growth rate of 6.9 per cent in GDP during 2004-05
has mainly been due to the growth rates of over 5 per cent in the
sectors of mining, manufacturing, electricity, gas & water supply,
construction, trade, hotels, transport & communication, financing,
insurance, real estate & business services, and community, social
& personal services. |
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| 6. |
National
Income - The net national product (NNP) at factor cost,
also known as national income, at 1993-94 prices is likely to be Rs.
13,54,385 crore during 2004-05. In terms of growth rates, the national
income is expected to rise by 7.0 per cent during 2004-05 in comparison
to the growth rate of 9.0 per cent in 2003-04. . |
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| 7. |
Per
Capita Income - The per capita income in real terms (at
1993-94 prices) during 2004-05 is likely to attain a level of Rs.
12,414 as compared to the Quick Estimate for the year 2003-04 of Rs.
11,799. The growth rate in per capita income is estimated at 5.2 per
cent during 2004-05, as against the previous year's estimate of 7.1
per cent. GDP per capita average annual growth rate (1960-1990) -
1.7%.
GDP per capita average annual growth rate (1990-2003) - 4.0%. |
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| 8. |
Growth
in Income Levels - India's per capita income (average income
of an Indian) has risen at the fastest rate in the country's history
over the past 10 years. Over the past decade, India has witnessed
a high rate of GDP growth (average of 6.2% a year) and a declining
rate of population growth (from 2.1% to 1.7%). The result is the highest
ever growth in income levels of India.. |
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| 9. |
Some
basic statistics - |
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2002-03 |
2003-04 (estimates)
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| Gross National Product at current prices |
223027.2 million |
249769.1 million |
| Gross National Product at 1993-94 prices |
130681.1 million |
141299.7 million |
| Per Capita Net National Product (Rs.) at current
prices |
18912 |
20860 |
| Per Capita Net National Product (Rs.) at
1993-94 prices |
10964 |
11684 |
| Index number of Gross National Product with
1993-94 as base at current prices |
290 |
325 |
| Index number of Gross National Product with
1993-94 as base at current prices |
170 |
184 |
| Gross Domestic Product |
224949.3 million |
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| 10. |
Sectorwise
composition of GDP (2002 estimates) - Agriculture: 23.6%,
industry: 28.4%, services: 48%. |
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| 11. |
Inflation
Rate - The Reserve Bank of India had predicted the inflation
rate to close fiscal 2004-05 at 6.5 per cent in its credit policy
unveiled in May 2004 but revised the figure in October 2004 to 5.5
per cent. Average annual rate of inflation (1990-2003) - 7% |
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| 12. |
The
Poor - Percentage of population living below $1 a day (1992-2002):
35%. Population below poverty line (2002 estimates): 25%. |
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| 13. |
Household
income or consumption by percentage share - Lowest 10%:
3.5% , highest 10%: 33.5% (1997). |
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| 14. |
Labor
force - 472 million (2004 estimates). Labour force by occupation
- agriculture 60%, industry 17%, services 23% (1999). |
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| 15. |
Unemployment
rate - 9.5% (2004 estimates). |
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| 16. |
Exports
& Imports - |
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i. |
Currently India is the 31st leading
exporter and 24th leading importer in world merchandise trade. In
2003 India had a share of 0.8% in world exports. |
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ii. |
Exports - $57.24 billion F.O.B.
(2003 est.) |
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iii. |
Principal exports - Traditional
exports include cotton yarn and textiles, readymade garments, leather
goods, gems and jewellery and agricultural and processed food products.
However, chemicals, pharmaceuticals, engineering goods, automotive
components, transport equipment, software, electronic goods and manufactured
metals constitute the rapidly growing export segments. |
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iv. |
Principal markets for exports
- USA, Canada, UK, Germany, Japan, Russia, Belgium, Iran, Kuwait,
Saudi Arabia, Chile, Argentina, Brazil, Mexico, China, Hong Kong,
Singapore, Thailand, Malaysia and Sri Lanka. |
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v. |
Export Partners - US 22.4%,
UK 5.1%, Hong Kong 4.5%, Germany 4.3%, China 4.1% (2002) |
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vi. |
Imports - $74.15 billion F.O.B.
(2003 est.) |
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vii. |
Principal imports - Capital
goods, crude oil, lubricants and other petroleum products, precious
and semi-precious stones, chemicals, edible oils and fertilizers. |
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viii. |
Import Partners - US 6.9%, Belgium
6.4%, China 4.5%, Singapore 4.4%, UK 4.4% (2002) |
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ix. |
Principal markets of imports -
USA, UK, Japan, Germany, Nigeria, Iran, Kuwait, Saudi Arabia, Brazil,
Chile, Egypt, Ghana, South Africa, China, Hong Kong, Singapore, Malaysia
and Thailand. |
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x. |
India's major Trading Partners (2000-2004)
- (Percentage share in total trade (exports + imports) |
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Country |
2000-01 |
2001-02 |
2002-03 |
2002-03 |
2003-04 |
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April-February |
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| 1. |
USA |
13.0 |
12.2 |
13.4 |
13.4 |
11.6 |
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UK |
5.7 |
5.0 |
4.6 |
4.7 |
4.4 |
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Belgium |
4.6 |
4.4 |
4.7 |
4.7 |
4.1 |
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Germany |
3.9 |
4.0 |
4.0 |
3.9 |
3.9 |
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Japan |
3.8 |
3.8 |
3.2 |
3.3 |
3.1 |
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Switzerland |
3.8 |
3.4 |
2.4 |
2.3 |
2.7 |
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Hong Kong |
3.7 |
3.2 |
3.1 |
3.1 |
3.4 |
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