It is common knowledge that India is among the top contenders in the fastest growing economies in the world. Researchers also believe that by 2030, India will the third largest economy in the world. Let us take a look at some interesting facts that you may or may not know about this growing nation.

 

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The economy of India is among the fastest growing in the world with India currently ranking as the ninth largest economy in terms of its nominal GDP. In fact, India is already at the third place in terms of Purchasing Power Parity (PPP) which only emphasizes on the fact that we are indeed growing faster. According to a survey by Goldman Sachs, the GDP of Indians is expected to quadruple by 2020 compared to what it was in 2007, in just over a decade. The recent forecast by IMF predicts a growth percentage of 7.5% in the current financial year 2016-17.

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Deutsche-Bank

By the year 2020, India will have an average citizen age of 29 years, youngest in any nation, which means we will have a fresh and young workforce to contend in the world market. A study made by Deutsche bank shows that the workforce from India will increase by nearly 240 million in the next couple of decades. This means that with a fresh work force in hand, India is expected to reap the benefits of the energetic team. Also, the country has the maximum number of doctors and engineers in its wake.

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Delhi-Gurgaon_Airport_Expressway,_2007

Another interesting and a well established fact is that India hosts the third largest road network in the entire world. When you compare the density and reach of roadways in India, it matches with that of the United States and is much better than our neighboring countries like China. While it is only third in the road network, India continues to retain the first place with the largest rail network in the world.

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While there are many other industries flourishing in this Detroit of Asia, our major input is from Agriculture where we rank second in terms of the output from farming. We are still the largest producer of pulses, milk and jute across the world.

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Another flourishing industry in India is the banking industry, with a total worth of more than Rs.75 trillion. The FDI has increased considerably and it is currently at USD 40 billion, which is nearly a 29% increase from that of the last year. With the liberalization of economy, India has been growing at a faster pace and the growth has been massive in the last decade.