Top 10 Amazing Facts about Indian Economy
India is an amazing country, be it culture, heritage or economy. The economy of India is made up of three sectors agriculture, industry and services, where services account for 53%. We all contribute to the economy of our country, directly or indirectly. Indian economy is one of the fastest growing economies in the world.
It is the seventh largest in terms of nominal GDP and third largest by purchasing power parity (PPP) in the world. Because of its young blood, it is the favorite business place for all industries. Here are some interesting facts about the economy that will surely mesmerize you. So, go on and grab the top 10 amazing facts about Indian economy:
- India is the third largest economy in the world in terms of purchasing power parity or nominal GDP. The purchasing power parity defines the exchange rates between the currencies of two countries.
- India is one of the fastest growing economies of the world. It is expected to grow at 7.5 per cent in 2016-17 as per the report of the International Monetary Fund.
- You will be surprised to know that world’s 42% poor people live in India. According to the World Bank, in India, 450 million people are below the poverty line.
- India is known as the Young Nation because of the majority of the youth population. India has a vast number of people under the age of 25. The young talent will drive Indian Economy to the new heights. Counting the average age of an Indian, it is 20 years younger than Japanese./li>
- More than 460 million people are working in India. According to stats, in next 3 years, more than 25% new workers in the world will be Indians.
- Bangalore which is known as the silicon valley of India has more grade A offices than Singapore. Famous as the startup hub and tech capital, Bangalore plays a key role in the economy of India.
- India is leading in providing outsourced IT services to the world. According to a report, the services sector of India is a 47 billion dollar industry. As the employment cost is low, World’s leading companies love to outsource services from India.
- India is the 3rd country in the list having more number of billionaire people. The US has top the list and China comes at the second place. India has more than 55 rich people in the country and this number is still increasing.
- We Indians love movies and entertainment. India’s Bollywood industry is the largest film industry in the world. The facts say that 14 million people in India go to watch movies in a day which is 60% of the Australia’s population.
- India contributes 6% to the global economy in terms of GDP nominal and ranked 3rd in the top 10 contributors list. The contribution of China is 51% and the USA is 31%.