Emerging as one of the leading nations of Asia, India already has a stronghold on the economy of the region, and in many aspects parallels the progress of nations like China. Although slow growth was prominent for years after the independence, it was the Economic Liberalization of the nation in 1991 that brought a spurt of drastic changes, the fruits of which the nation is still reaping. So, here’s for you, top 10 mind blowing facts about the Indian Economics.
10. Low in per capita and yet India is the third largest economy in Asia:
Indian economy presents one of those interesting case studies that can take you by surprise as you get deeper into their statistical structures. India has a per capita income of $ 1400, but still qualifies as the third largest economy in Asia after China and Japan. This is only possible due to the large size of its population, which is its ultimate consumer.
9. High Purchasing Power Parity (PPP):
Indian economy is regarded as one of the top 10 economies in the world in terms of nominal GDP. Also, it is among the top five economies in the world for sheer PPP numbers. A lot has been achieved because of rising demand and favorable demographic conditions in the country of 1.2 billion people.
8. BSE rules:
Bombay Stock Exchange or Sensex is considered to be among the largest stock exchanges in the world and surely one of the oldest. Due to the high equity market capitalization of all the 30 companies listed on the exchange, it is listed among the top 10 largest stock exchanges in the world.
7. Young India:
India is among the few countries in the world whose young population would keep driving its economy to new heights even in the times to come. Unlike other economies including China, India has vast population of people under 25 and it sets up as a boon for the country. As per official data more than 460 million constitute the working population of the country and it is second largest in the world after China.
6.More offices in a city:
Bangalore, a software hub of India is the city that possesses more number of Grade-A offices than Singapore. As per the official data Bangalore has increased the number of offices by six times since the year 2006 and regarded as one of the best cities in the world to set up your office in.
5. Most number of rich people:
Though, the figure looks vulgar in comparison to the number of poor people in the country, but India is the only country apart from China and US to possess more number of billionaires than any other country. We have 55 billionaires at present and still increasing.
4. Leader in outsourcing services:
India is the world leader in terms of providing outsourced IT services. Of late India is experiencing some pressure in the sector after the arrival of Philippines in the market, and still we manage to deliver around half of the world’s outsourced IT services. It roughly accounts to be more than $ 45 billion.
3. Foreign reserves:
India has the seventh largest foreign currency reserves in the world. Indian economics sits proud on reserves of around $ 300 billion. It makes it certain that the Indian economy despite some hiccups recently is all set to grow more and acquire larger capital assets in the years to come. At present our GDP has reduced to 5%, but as per wide expectations we would be clocking 8% growth in coming in 2015-16.
2. Arms import:
Though, India lacks sincere facilities regarding arms manufacture, it is the world’s second largest importer and on the verge of becoming the largest in the field of importing arms and ammunitions from foreign countries. As per the figures from Defense Ministry, India has spent around $50 billion on defense purchases in the last decade.
Even if we don’t consider the amount of revenues the world’s largest retail chain Wallmart offers to India in terms of revenues through Bharti-Wallmart venture, at present, it still manages to outsource around $ 1 billion in IT contracts to India. This is surely a surprising fact because Wallmart is known for absorbing wealth of countries more than offering revenues to them.