With an estimated 1.2 billion inhabitants India is the world’s second-most populous country and was ranked as 11th largest economy in the world in 2013 by nominal GDP. With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12, India is one of the world’s fastest-growing economies. During the next four decades, Indian GDP is expected to grow at an annualized average of 8%, making it potentially the world’s fastest-growing major economy until 2050.
Agriculture: Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. Industry: Major exports include petroleum products, textile goods, jewelry, software (With 7 of the world’s top 15 information technology outsourcing companies based in India), engineering goods, chemicals, and leather manufactures.
In 2012 India’s main export market included UAE 12.3%, United States 12.2%, China 5%, Singapore 4.9%, and Hong Kong 4.1%.
The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labor regulations, education, energy security, and public health and nutrition. Corruption is also one of the pervasive problems affecting India. In 2011, Transparency International ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption.
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