| The economic growth levels have been achieved with a sustainable current account deficit, stable inflation rate, a rise in the domestic savings rate as a percent of GDP and a lower fiscal deficit. India's Private Sector accounts for 75 percent of its GDP. Private sector investment has responded vigorously to the Government policy of promoting competition, removing policy distortions and hurdles, and improving access to factors of production such as technology and capital. With domestic industry developing an increasingly global focus, the Indian corporate sector has expanded capacity and upgraded technology. Simultaneously, it has been clocking higher sales and profits. The external sector's role in the Indian economy has changed dramatically over the last six years, largely as a result of the following developments: |
| India's Economy on the fast track... |
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| Countries with highest Gross Domestic Product in the world (2000): |
| Source: World Bank report, 30 April 2001 |
| ALL FIGURES ARE IN US DOLLARS (TRILLIONS) |
| Note: - China may have overstated their figures by as much as 25% - Purchasing Power Parity (PPP) involves the use of international dollar weights applied to quantities of goods and services produced in a given economy. |
| INDIA has achieved impressive economic growth with mortality rate and poverty showing a decline, the World Bank said in a report in April 2001. Successes in various sectors of the economy "have taken place against a backdrop of India's well-established democratic system -- the largest in the world -- which provides its population with a significant degree of political freedom and stability," the report said. On 26 April 2001, The International Monetary Fund (IMF) has termed India and China as �an important source of stability� for the global economy marred by slowdown in the United States and Japan. Although the US Economy which had slowed down may beheaded for �a deeper and more prolonged downturn� and Japan�s growth is projected to fall to 0.6 per cent, �activity in China and India is expected to remain relatively well sustained, providing an important source of stability,� it said. India's GDP grew by 6.4% in the year 2000. India and has the second largest GDP among emerging economies, based on purchasing power parity (PPP). India�s average annual GDP growth rate in terms of PPP for the last 33 years has been a decent 4.9 per cent. This indicates a sustained growth in the economy. Though the growth rate is lower than that in China (8.6 per cent), it is still higher than the average growth rate in 1965-98 of 2.6 per cent in USA and 2.1 per cent in Britain and 2.5 per cent in Germany. |
| The top four Indian companies Source: Ranked in the Fortune global 800 |
| Companies Comments State Bank of India Ranked 438 in the world with sales of $5.324 billion Bharat Petroleum Ranked 453 with sales of $5.135 billion ONGC Ranked 617 with sales of $ 3.755 billion Steel Authority of India Ranked 624 with sales of $ 3.681 billion |
| Copyrights � 2003, Parsi Community of United States. All Rights Reserved |
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| U.S.A. China Japan India Germany France U.K. Italy Brazil Russia Indonesia Canada |
| $8.88 $4.45 $3.19 $2.23 $1.93 $1.35 $1.32 $1.27 $1.15 $1.02 $0.96 $0.08 |
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