Strengths of India!!!!

The economy of India is the fourth largest in the world, with a GDP of $3.63 trillion at PPP, and is the tenth largest in the world with a $691.9 billion at 2004 USD exchange rates and has a real GDP growth rate of 6.2% at PPP. Growth in the Indian economy has steadily increased since 1979, averaging 5.7% per year in the 23-year growth record. Indian economy has posted an excellent average GDP growth of 6.8% since 1994 India, the fastest growing free-market democracy in the world, registered a growth rate of 9.8 percent in FY 2006. India has emerged the global leader in software and business process outsourcing services, raking in revenues of US$12.5 billion in the year that ended March 2004. Agriculture has fall to a drop because of a bad monsoon in 2005. There is a paramount need to bring more area under irrigation. Export revenues from the sector are expected to grow from $8 billion in 2003 to $46 billion in 2007. India’s foreign exchange reserves are over US$ 200 billion and exceed the forex reserves of USA, France, Russia and Germany. This has strengthened the Rupee and boosted investor confidence greatly. A strong BOP position in recent years has resulted in a steady accumulation of foreign exchange reserves. The level of foreign exchange reserves crossed the US $100 billion mark on Dec 19, 2003 and was $142.13 billion on March 18, 2005. Reserve money growth had doubled to 18.3% in 2003-04 from 9.2 in 2002-03, driven entirely by the increase in the net foreign exchange assets of the RBI. Economics experts and various studies conducted across the globe envisage India and China to rule the world in the 21st century. More than 60% of Indian population is belonging to the working age group. India is one among the leading countries in the world with regard to ICE technology.