Economic Growth

India’s economy in numbers

Workers are seen at their workstations on the floor of  an outsourcing centre in Bangalore, February 29, 2012. Picture taken on February 29, 2012. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS EMPLOYMENT) - RTR30CVC

1% ... the percentage of the population who paid tax on their earnings in 2013 Image: REUTERS/Vivek Prakash

Rosamond Hutt
Senior Writer, Forum Agenda

India is the world’s fastest-growing large economy, having outpaced China over the past year.

Yet though economic growth has improved living standards, India, which has the largest number of poor in the world, is still struggling to lift its 1.2 billion population out of poverty.

Here are some facts and figures about India’s economic rise, and the challenges ahead.

7.6%

The IMF predicts a robust growth rate of 7.6% for India’s economy in 2016 and 2017.

"India has benefited from lower oil prices and remains the fastest-growing large economy in the world," the IMF said.

However, the reliability of India’s GDP numbers has been questioned, and concerns remain about jobs, which have not kept pace with economic growth.

Image: WSJ
39

India now ranks 39th among the world’s most competitive economies, up 16 places from last year – the biggest leap for any country in the World Economic Forum’s Global Competitiveness Report 2016-2017.

Image: World Economic Forum
Have you read?
$108 billion

India is now the second fastest growing services economy in the world, up 10% in the past year, according to a report by the industry body Confederation of Indian Industry (CII) and KPMG.

Information technology alone accounted for $108 billion worth of services exports in 2014-15, primarily to the United States and Europe.

Image: World Economic Forum
Up to 70%

Up to 70% of Indians live in rural areas, 58% of whom depend on agriculture as their primary source of income.

Farmers walk through a paddy field towards a sugarcane field at Moynaguri village, about 66 km (41 miles) north of the eastern Indian city of Siliguri, August 19, 2009.
Image: REUTERS/Rupak De Chowdhuri
1%

Only about 12.5 million Indians – roughly 1% of the population – paid tax on their earnings in 2013. The figure emerged after the Indian government published income tax data for the first time since 2000.

Image: Quartz
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Stay up to date:

India

Related topics:
Economic GrowthGeographies in Depth
Share:
The Big Picture
Explore and monitor how India is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

Sustainable trade could be an opportunity for Indonesia. Here’s how

Kimberley Botwright

November 4, 2024

Global public debt to exceed $100 trillion, says IMF - plus other economy stories to read this week

About us

Engage with us

  • Sign in
  • Partner with us
  • Become a member
  • Sign up for our press releases
  • Subscribe to our newsletters
  • Contact us

Quick links

Language editions

Privacy Policy & Terms of Service

Sitemap

© 2024 World Economic Forum