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India

Overview

India is South Asia's largest economy with a Real GDP (PPP) of $14.244 trillion in 2024, growing at 6.5% annually. The economy is driven by technology and service sectors, foreign investment, and improved regulatory framework, though it faces high poverty rates and income inequality. Services comprise 49.9% of GDP, industry 24.5%, and agriculture 16.4%. Per capita income stands at $9,800 (PPP) in 2024, with a population of 1.45 billion.

Exports

refined petroleum (top export commodity by value (2023))packaged medicine (pharmaceutical exports ranked second)diamonds (third-ranked export commodity)broadcasting equipment (technology sector exports)garments (textile and apparel exports)

Imports

crude petroleum (primary energy import)gold (precious metals imports)coal (energy supplement to domestic production)natural gas (energy import, 29.337 billion cubic meters in 2023)integrated circuits (technology and semiconductor imports)

Strengths

Technology and software sector leadership driving GDP growth and service sector dominance (49.9% of economy)Large pharmaceutical industry ('packaged medicine' among top five exports)Textile and garment manufacturing with established global supply chainsDiamond processing and export capabilitiesMassive labor force of 607.691 million with relatively low unemployment (4.3%)Strong foreign exchange reserves of $643.043 billion (2024)Agricultural output across diverse products: sugarcane, rice, wheat, vegetables, pulsesIndustrial capacity in steel, chemicals, food processing, and petroleum refining

Dependencies

Crude petroleum imports are largest single import commodity; domestic production of only 822,000 bbl/day cannot meet refined consumption of 5.271 million bbl/dayNatural gas import dependency: produces 35.168 billion cubic meters but consumes 62.196 billion cubic meters; imports 29.337 billion cubic meters (2023)Coal imports of 243.488 million metric tons despite domestic production of 1.02 billion metric tons, indicating quality/type requirementsGold imports reflect jewelry and industrial demandIntegrated circuits and semiconductor imports from global suppliers for technology sectorHeavy dependence on China for 19% of importsReliance on energy exports from Russia (10% of imports) and Saudi Arabia (5%)High vulnerability to global energy price fluctuations given energy import intensity

Trade impact

India's $822 billion in exports (2024) and $923 billion in imports shape regional and global trade flows. As a 19% supplier to the USA, India provides critical pharmaceuticals, refined petroleum, and technology products that stabilize US supply chains and reduce costs for consumers. Diamond exports through India influence global precious metals markets. India's import of $175 billion from China (19% of imports) makes it a major consumer of Chinese manufacturing and technology, supporting Chinese factory employment. As the world's largest pharmaceutical exporter by volume, India supplies affordable generic medicines globally, impacting healthcare costs in developing nations. Oil imports of $300+ billion annually support OPEC producers, particularly Russia and Saudi Arabia. India's trade deficit of approximately $100 billion annually (exports $822B vs imports $923B, 2024) is managed through foreign exchange reserves of $643 billion and service sector surpluses, positioning it as a net services exporter that absorbs manufactured goods from developed economies.

Sources: CIA World Factbook - India Economy · World Bank Open Data - India

India

📋Overview

📈Economy

📤Exports

📥Imports

💪Strengths

🔗Dependencies

⚖Trade impact

🏢Top contributors to GDP