Hindiston Iqtisodiyoti

Literature review (cont.)

3. Agriculture, forestry, and fisheries

• India is largely an agricultural society with a large population depending on agricultural and allied industry for its livelihood and sustenance. With the second largest arable land area in the world, India is the largest producer of milk, pulses, sugarcane and tea.
• It produces more than 33 million tons of fruits and 62 million tons of vegetables. The total size of food market in India is estimated to be US$92 billion with that for processed food to be US$30 billion.
• India is the leading livestock country in the world. It ranks first in the cattle (including buffaloes) population, second in goats and fourth in the sheep population.

3. History of economic development

• Period of 1900 to 1947, per capita income in India had either declined or stagnated. Post-Independence, Jawaharal Nehru enacted an economic policy based on import substitution industrialization.
• Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy

3. History of economic development (Cont.)

RECENT DEVELOPMENTS

• As of January 6, 2023, India’s foreign exchange reserves stood at US$ 561,583 million.
• 1,261 deals were recorded of more than US$ 46 billion of Private Equity (PE) – Venture Capitalist (VC) investments in 2022. 111 mega transactions (rounds of US$ 100 million or more) total US$ 31 billion were completed in 2022.
• Merchandise exports in March 2023 stood at US$ 38.38 billion, with total merchandise export of US$ 447.46 billion during the period of April-March 2023. The overall exports (merchandise and service exports) in 2022-23 was estimated at US$ 770.18, exhibiting a positive growth of 13.84%.
• India ranks 3rd position in the global number of scientific publications further improving India’s Global Innovation Index (GII) rank from 81st in 2014 to 40th in 2022.
• PMI Services remained comfortably in the expansionary zone at 57.8 in the month of June 2023.
• In June 2023, the gross Goods and Services Tax (GST) revenue collection stood at US$ 19.63 billion (Rs.1,61,497 crore), of which CGST is US$ 3.77 billion (Rs. 31,013 crore), SGST is US$ 4.65 billion (Rs. 38,292 crore), IGST is US$ 9.76 billion (Rs. 80,292 crore).

https://www.ibef.org/economy/indian-economy-overview