India - Barriers to Growth in the World's most Populous Country
This in an interesting article, highlighting the fact that India is now the most populous nation in the world, and potentially the source of massive growth in the next few years.
However, Nouriel Roubini notes that although it appears to be on the point of becoming a major economic power, there are still a number of structural issues that require tackling: the power of its successful conglomerates and their ability to influence economic policy in their self-interest; the high levels of protectionism that remain; an increased focus on higher-value added, and more innovative sectors of the economy rather than simply labour-intensive sectors.
Please have a read of: India is a big global player – but there are problems it must tackleNouriel Roubini
Here are ten facts on the Indian economy from 2021 including population data
- GDP: India's Gross Domestic Product (GDP) in 2021 is estimated to be around $2.7 trillion, making it the sixth-largest economy in the world.
- Growth Rate: Despite the economic disruption caused by the COVID-19 pandemic, India's economy is projected to grow by 9.5% in 2021-22, according to the International Monetary Fund (IMF).
- Industries: The service sector is the largest sector in the Indian economy, followed by agriculture and manufacturing.
- Population: As of 2021, India's population is estimated to be around 1.366 billion, making it the second-most populous country in the world after China.
- Unemployment: Unemployment rate in India was estimated to be 6.9% in 2021, according to the International Labour Organization (ILO).
- Inflation: The Consumer Price Index (CPI) inflation rate in India was 5.59% in 2021, according to the Ministry of Statistics and Programme Implementation.
- FDI: Foreign Direct Investment (FDI) inflows into India in 2021 were estimated to be around $81.72 billion, according to the Ministry of Commerce and Industry.
- Exports and Imports: India's merchandise exports in 2021 were estimated to be around $290.63 billion, while its merchandise imports were estimated to be around $418.89 billion, according to the Ministry of Commerce and Industry.
- Poverty: As of 2021, about 17% of India's population is estimated to live below the poverty line, according to the World Bank.
- Digital economy: India is one of the fastest-growing digital economies in the world, with over 700 million internet users as of 2021.