India Economic Profile

Key Facts

$1.8 trillion
GDP growth rate: 6.5 percent (FY 2011-12)
Exchange rate: $1.676 trillion (2011 est.)
Inflation rate: 8.5% (2012 est.)
Budget: revenues: $196.4 billion; expenditures: $308.8 billion (2011 est.)
Budget Deficit: 5.9 percent of GDP
Unemployment: 9.8% (2011 est.)
Foreign Direct Investment: $46.8 billion (FY 2011-12)
Fiscal year: April 1 to March 31
Sources: International Monetary Fund, The World Bank, Reserve Bank of India, CIA World Fact Book

Market Data

Central Bank:
Reserve Bank of India
S VIP: BBB- (triple-B minus). Outlook: negative.
Moody's: Baa3. Outlook: stable
Fitch: BBB- (triple-B minus). Outlook: negative.
Foreign Reserves: $294 billion as of Sept. 21, 2012
Sources: Standard & Poor’s Corp., Moody’s, Fitch Ratings, Reserve Bank of India 

Importing & Exporting

Top Import Markets:
China 12.1%, UAE 8.3%, Saudi Arabia 5.8%, US 5.1%, Switzerland 4.7% (2011)
Top Export Markets: UAE 13%, US 11.4%, China 6.3%, Singapore 5.3% (2011)
Top Imports: crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals
Top Exports: petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel
Balance of Trade: -$57.5 billion (2012 est.) (negative $57.5 billion)
Source: CIA Fact book, International Monetary Fund

Government and Legal

Form of Government:
Federal Republic
Legal System: common law system based on the English model; separate personal law codes apply to Muslims, Christians, and Hindus; judicial review of legislative acts
Sources: CIA Factbook