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CompareEconomy.com Comparison of world economies

India

World Rank 3 26.49 India flag svg
Capital
Area
Currency
New Delhi
3,287,263 km 2
Indian rupee (INR)

Table of Contents

Introduction

One of the fastest developing countries at this moment and the third biggest economy in the world if we include PPP factor into equations. The Republic of India is located in South Asia and it is the second most populous country in the entire world. In terms of land, they are the seventh-largest. Interestingly, this is the most populous democracy in the world. They also have an enormous amount of native languages (around 447).

In the case of government type, India is a federal parliamentary constitutional republic, which is governed by President Ram Nath Kovind. Prime Minister of the country is Narendra Modi.

Economy

Indian economy is one of the best in the world. The GDP (PPP) is estimated to be $9.5 trillion, which is the third largest number in the entire world. It means that Indian economy accounts for 7% of the worldwide GDP. Let’s also remember about its growth, which is incredibly large for a country of such size. The GDP growth was 4% in 2019. Interestingly, it dropped quite significantly, because it was around 6-8% in 2014-2017. Still, it shows how fast the Indian Republic is developing when compared to other nations.

Although the GDP is so large, their exports and imports numbers are relatively low. For example, the amount of goods and services they send to other countries is estimated to be at around $0.5 trillion, which is only 18% of their GDP. Their import, on the other hand, is $0.6 trillion, namely 21% of their annual Gross Domestic Product. As a result, they need more than they produce and send abroad.

Sadly, huge GDP does not translate into large wealthiness of the citizens. On average, every Indian has $7,000 yearly, which is lower than the average worldwide ($17,000) and much lower than in the case of European Union ($46,000). Still, the annual growth of the GDP per capita is greater than in many other rich countries, and it is around 3%.

Population

India is home for 1.35 billion people, which is approximately 17.5% of the population of the entire human species. It only shows how enormous the nation really is. As a result of such large numbers, they are also quite densely populated with the average of 410 per square kilometer. As a result, they are the 19th most densely populated country in the world.

Gross domestic product (GDP, GDP PPP)

Gross domestic product (GDP)

  • Last
  • Historical chart
#5 (2021)
3,176,295,065,497 US$

List of countries by GDP

(United States of America (USA))

Gross domestic product growth rate

Gross domestic product per capita

Gross domestic product (PPP)

Gross domestic product (PPP) per capita

International trade (Export, Import)

External balance on goods and services

  • Last
  • Historical chart
#153 (2021)
-79,191,303,181 US$

List of countries by external balance on goods and services

(China)

External balance on goods and services (% of GDP)

Exports of goods and services (current US$)

Exports of goods and services (% of GDP)

Imports of goods and services (current US$)

Imports of goods and services (% of GDP)

Employment by sector, Unemployment

Unemployment (% of total labor force)

  • Last
  • Historical chart
#64 (2021)
7.71 %

List of countries by unemployment

(South Africa)

Employment in agriculture (% of total employment)

Employment in industry (% of total employment)

Employment in services (% of total employment)

Vulnerable employment (% of total employment)