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Though
the constitution proclaims India to be a socialist
country, it is in truth a mixed economy with
a strong and influential private sector. Public
sector undertakings controlled by the state
are involved in many industries though the need
for disinvestment is being increasingly felt.
India has a planned economy..
It
is largely an agrarian economy. Rice, wheat,
oilseed, cotton, jute, tea, coffee, rubber,
sugarcane and potatoes are the bulk of the produce.
Livestock include cattle, water buffalo, sheep,
goats and poultry. Coastal communities and those
who live on riverbanks are often dependent on
fishing for livelihood.
The major
foreign exchange earner for India is textile,
followed by Information Technology. With Indian
IT professionals making it big in the United
States and Indian IT companies proving to be
among the best in the crop, there is new international
interest in Indian professionals. Precious and
semi-precious stones, leather products, engineering
goods and chemicals are also exported.
Major
trading partners include US, UK, Germany, Hong
Kong, Japan and the UAE.
Major industries include steel, chemicals, food
processing, steel, transportation equipment,
cement, mining, petroleum and machinery.
Around 25% of the population lives below the
poverty line.
GDP: $2.664 trillion (purchasing power parity)
Per Capita income: $2600 (purchasing power parity)
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