Introduction:
India is one of the fastest growing economy in the world and currently it accounts for
15% of global growth. Indian is home to 1.34 billion and this makes up 18% of the world’s
population. “
The current population of India is 1,360,858,592 as of Tuesday, December 18, 2018,
based on the latest United Nations estimates” (Worldometers).
The current GDP in India is
1.90%, while the average growth rate has been 1.68% from for the past decade. Historically, the
country’s GDP was at its highest in 2009 equally 5.40% and being its lowest in the same year at
-1.7%. India is known for the world’s leading exporter of diamonds with 18.8% market share and
annual worth of $127 billion. A few other notable exports that India is known for are refined
petroleum, rice, raw sugar, and aluminum. The country’s highest amount of exports goes to
United States, the United Arab Emirates, Hong Kong, and China (Pines)-
Despite the rapid growth, the country faces many challenges such as poor education,
poverty in rural areas, and low tax collection. It’s important to study the cause of high
unemployment and poverty rates as they go hand in hand and have a major impact on the growth
of the economy. Agriculture is the primary source of income for over 50% of the Indian
population yet it only contributes 17% of economic outputs. Major strengths that makes India
unique is its growth in trade exports, growth in tourism, and growth in service sector. All these
factors have a positive impact on the fastest growing economy. The macroeconomic indicators
for Indian that will be address in this study are unemployment, poverty, healthcare system,
agriculture, and education system.
Data:
Agriculture
is one of the macroeconomic indicators I chosen to study for India because over
half of India’s population relies on it as its main source of income. Most of the population is
directly or indirectly dependent on the agriculture through farming or doing business with the
goods produced. India is considered the main producer of rice, wheat, and spices in the world.
More importantly, agriculture sector accounts for 18% of India’s GDP and is one of the largest
sectors when it comes to employment in India. The country’s exports large amounts of
agricultural commodities.
The chart above represents the growth rate of agriculture sector of India since 1950’s. It has
had its ups and downs through the years and the growth has been fluctuating a bit in the recent
years. Similarly, the chart on the right shows the different agricultural products that India exports
and the increase from 2009-2013. All products exports and value has increased over the years
with a total export value of $39.3 billion in 2013. This accounts for a total increase of 24.5%
from in just a 4-year span. Agriculture sector is not only important for the Indian population,
some commodities such as rice and wheat are important to other countries as well.
