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INDIAN ECONOMY: SOME AMAZING NUMBERS India is the world�s fastest-growing large
economy having outpaced China in 2016. While China�s economy grew at an annual pace of
7.4 percent in the first quarter of this year, India�s gross domestic product grew 4.7
percent in the last quarter, according to latest reports. India�s growth is expected
to be the strongest among BRICS nations: Brazil, Russia, India, China and South Africa. Here�s a quick look at the some of the facts
and figures about Indian economy: Despite Prime Minister Narendra Modi�s cash
crackdown, India�s economy performed better than expected at 7 percent in the third quarter
(Q3) of this financial year. Gross domestic product growth slowed to an annual 7.0 percent
in October-December from 7.4 percent the previous quarter, which was ever higher than China�s
6.8 percent for the last three months of 2016. With 7.3 percent year-over-year growth in
2016 Q3 GDP, India remains the fastest major growing economy in the world. As a result of Modi government�s improved
monetary policies, fiscal policies and recent economic reforms as well as lower oil prices,
India has jumped 16 places in the Global Competitiveness Index to 39th spot as per a report by the
World Economic Forum. The report also highlighted that India happens to be the second-most competitive
economy among the BRICS (Brazil, Russia, India, China and South Africa) countries. The services sector is driving the country�s
economy. As per a CII-KPMG joint report, India is the second fastest growing services economy
in the world. Moreover, India�s share in global services exports was 3.2 percent in
2014-15, double that of its merchandise exports in global merchandise exports at 1.7 percent,
placing India in the eighth place currently amongst the top ten exporters of service in
the world. Indian Railways and Indian armed forces have
been ranked at numbers 8 and 9, respectively, on the list of the world�s 10 top employers.
Indian Railways has a 1.4-million strong workforce, while the Indian armed forces have 1.3 million
personnel. Agriculture is the backbone of India�s economy.
Over 70% of Indians live in rural areas, 58% of whom are employed by the agriculture sector,
as in completely depend on agriculture as their primary source of income. India is the 2nd largest reservoir of scientific
and technical manpower, the 3rd largest army, the 6th member of the nuclear club, the 6th
member in the race for space, and the 10th largest industrial power. As per an Oxfam India report, 1 taxpayer owes
11% of India�s individual income tax in 2014-15. The richest 1 per cent Indians own
58 per cent of India�s wealth, and 57 billionaires have the same wealth as the bottom 70 percent
of India. In 2014-15, over 36 million Indians declared a salary income of nearly Rs 9.8
trillion, the equivalent of 7 percent of the gross national income of Rs 134.2 trillion in 2015-16.