HUMAN GEOGRAPHY – 3b(ii) India & its Economy
India has the ninth-largest economy in the world.
By 2030, India will become the world’s third largest economy with a projected income of around $13,716 billion.
India is the 19th-largest exporter and the 10th-largest importer in the world. The Indian currency is called the Rupee.
More than half of the land in India is used for farming which results in India producing the second largest amount of farm products globally. India is the largest producer in the world of milk, jute and pulses. After agriculture the textile industry is the second largest source of employment.
In 2012 the average salary in India was 5,729 rupees per month (which is the equivalent of roughly £67)
Since becoming independent from Britain in 1947 the economy of India has grown rapidly. In 1947 the economy was mainly focussed around farming. The farming industry needed to improve as it needed to be able to feed the growing population. It managed to grow very successfully, so now it is able to export lots of the food it produces. The government also explored other industries, which resulted in a huge increase in manufacturing in the country. To be different from China, India has tried to focus in recent years on the development of high-tech industries.
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