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Way
back in 1951, India adopted the Soviet model of planning
by setting targets in each sector for a five year period.
During successive five-year plans, in force since 1951 the
economy grew in real terms at an annual average rate of 4.9%
during the period from 1965 to 1980 and 7% during the period
from 1980 to 1992. Situations created by poor balance of
payment, rupee devaluation, rising oil pool deficit, inflation,
sluggish capital markets, general industrial slowdown and
the Asian and Global recession have provided impetus to economic
reforms initiated in 1991. The reforms covered economic liberalization,
reducing government controls on production, trade, and investment.
The result was reduction in the inflation rate and growth
in export earnings. The process of economic liberalization
unleashed by the Indian government has transformed the Indian
economy from an inward looking and highly regulated economy
to a transparent and market oriented one with emphasis on
private sector participation.
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- Area (land): 2,973,590 sq km
- Capital: New Delhi
- Government: Federal Republic
- Population: 1.05 Billion,
growth rate ~1.5% (2002 est.)
- Languages: Hindi, English,
Urdu and 14 other official languages
- Religion: Hindu
(81%), Muslim (12%), Christian (2%), Sikh (2%), Others
(3%)
- GDP (PPP): $2.5 Trillion (2001 est.)
- GDP Per Capita
(PPP): $2,500
- GDP real growth rate: 5% (2001 est.)
- Telephone Lines:
39 Million, 4% penetration (2002 est.)
- Mobile phones:
9.7 Million, 109% CAGR (10/2002 data)
- Internet
penetration: 11% (2002 est.)
- PCs: Approximately
2,000,000
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