It is common knowledge that India is among the top contenders in the fastest growing economies in theÂ world. Researchers also believe that by 2030, India will the third largest economy in the world. Let usÂ take a look at some interesting facts that you may or may not know about this growing nation.
The economy of India is among the fastest growing in the world with India currently ranking as theÂ ninth largest economy in terms of its nominal GDP. In fact, India is already at the third place in termsÂ of Purchasing Power Parity (PPP) which only emphasizes on the fact that we are indeed growingÂ faster. According to a survey by Goldman Sachs, the GDP of Indians is expected to quadruple byÂ 2020 compared to what it was in 2007, in just over a decade. The recent forecast by IMF predicts aÂ growth percentage of 7.5% in the current financial year 2016-17.
By the year 2020, India will have an average citizen age of 29 years, youngest in any nation, whichÂ means we will have a fresh and young workforce to contend in the world market. A study made byÂ Deutsche bank shows that the workforce from India will increase by nearly 240 million in the nextÂ couple of decades. This means that with a fresh work force in hand, India is expected to reap theÂ benefits of the energetic team. Also, the country has the maximum number of doctors andÂ engineers in its wake.
Another interesting and a well established fact is that India hosts the third largest road network inÂ the entire world. When you compare the density and reach of roadways in India, it matches withÂ that of the United States and is much better than our neighboring countries like China. While it isÂ only third in the road network, India continues to retain the first place with the largest rail networkÂ in the world.
While there are many other industries flourishing in this Detroit of Asia, our major input is fromÂ Agriculture where we rank second in terms of the output from farming. We are still the largestÂ producer of pulses, milk and jute across the world.
Another flourishing industry in India is the banking industry, with a total worth of more than Rs.75Â trillion. The FDI has increased considerably and it is currently at USD 40 billion, which is nearly a 29%Â increase from that of the last year.Â With the liberalization of economy, India has been growing at a faster pace and the growth has beenÂ massive in the last decade.