Economic Resources in India
Geography: KS3, topic 18.2.4
The Indian Economy
India has one of the fastest growing economies in the world.
Economic development
- India has one of the fastest growing economies in the world, owing to a shift in economic sectors from primary/secondary to tertiary/quaternary since its independence in 1947.
- The IMF (International Monetary Fund) expect that by 2030 the country will be one of the most powerful economies in the world.
Economic measures
- During 2017, the economy grew by 6.6% and economists expect the country’s GDP growth rate to continue with the same trend over the coming years.
- In 2016, India had a GDP per capita of 1,709.39 US Dollars and a Gross National Income of 8.594 trillion dollars.
- India’s main exporter is the USA and its main importer is China.
Natural resources
- The country has numerous natural resources including; iron ore, coal, bauxite and copper.
- The most valuable resource for India is petroleum and coal, with petroleum sourced from Bombay High Field offshore and coal from 500 mines spread across different states.
Test yourself on Economic Resources in India
In which year did India gain independence?