India Infrastructure & Economy
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INDIA ECONOMY & INFRASR+TRUCTURE
OVERVIEW
India is rich in natural resources and manpower and has made significant economic progress since attaining independence in 1947. Indias economy encompasses traditional village farming, forestry, fishing, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services.
Economy transformed from primarily agriculture, forestry, fishing, and textile manufacturing in 1947 to major heavy industry, transportation, and telecommunications industries by late 1970s. Central government planning in 1950 through late 1970s giving way to economic reforms and more private-sector initiatives in 1980s and 1990s. A sophisticated industrial base has been created and a large pool of skilled manpower has emerged. Nevertheless, 67% of Indias labor force (nearly 400 million) works in agriculture, which contributes 30% of the countrys GDP.
Production, trade, and investment reforms since 1991 have provided new opportunities for Indian businesspersons and an estimated 300 million middle class consumers. New Delhi has avoided debt rescheduling, attracted foreign investment, and revived confidence in Indias economic prospects since 1991. Many of the countrys fundamentals – including savings rates (26% of GDP) and reserves