India reported a trade deficit equivalent to 14965 Millions USD in May of 2011. Other imported products are: machinery, gems, fertilizers and chemicals. India is poor in oil resources and is currently heavily dependent on coal and foreign oil imports for its energy needs. India’s main export partners are European Union, United States, United Arab Emirates and China. India is also leading exporter of textile goods, engineering goods, chemicals, leather manufactures and services. ![]() Gems and jewelry constitute the single largest export item, accounting for 16 percent of exports. India exports were worth 25941 Millions USD in May of 2011. According to the world bank India’s current growth rate of GDP is 7. ![]() The country’s per capita GDP (PPP) is $3,586 (IMF, 129th) in 2010. The Economy of India is the ninth largest in the world by nominal GDP and the fourth largest by purchasing power parity (PPP). CHAPTER 1 INTRODUCTION ECONOMIC SCENARIO India is blessed in terms of natural resources, skilled labor and a well educated young people with a population of over 1210.
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