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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers.
Economy of India
Currency Indian Rupee
Fiscal Year 01 January - 31 December
GDP (PPP) $3.56 trillion (2009 est.)
GDP (per capita) $3100 (2009 est.)
Exports $165 billion (2009 est.)
Imports $253.9 billion (2009 est.)
Main Industries Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, Machinery, Software, Pharmaceuticals
Exports - Commodities Petroleum Products, Precious Stones, Machinery, Iron and Steel, Chemicals, Vehicles, Apparel
Imports - Commodities Crude Oil, Precious Stones, Machinery, Fertilizer, Iron and Steel, Chemicals
Exports Partners UAE 12.3%, US 11.7%, China 5.4%, Singapore 4.5% (2008)
Imports Partners China 10.8%, Saudi Arabia 6.9%, US 6.7%, UAE 6.7%, Iran 4.2% (2008)