India Economy
The economy of India is a mixed, middle-income, developing social market economy.[43] It is the world’s fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
India is the world’s largest manufacturer of generic drugs, and its pharmaceutical sector fulfills over 50% of the global demand for vaccines.
The Indian IT industry is a major exporter of IT services with $196 billion in revenue and employs over 4.47 million people. India’s chemical industry is extremely diversified and estimated at $178 billion. The tourism industry contributes about 9.2% of India’s GDP and employs over 4.2 crore (42 million) people. India ranks second globally in food and agricultural production, while agricultural exports were $35.09 billion. The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy.
The Indian textiles industry is estimated at $100 billion and contributes 13% of industrial output and 2.3% of India’s GDP while employs over 4.5 crore (45 million) people directly. India’s telecommunication industry is the world’s second largest by the number of mobile phone, smartphone, and internet users. It is the world’s 24th-largest oil producer and the third-largest oil consumer.The Indian automobile industry is the world’s fifth-largest by production. India has retail market worth $1.17 trillion, which contributes over 10% of India’s GDP. It also has one of the world’s fastest growing e-commerce markets
