India is amongst the most populated nations in the world and is one of the oldest civilizations in the world. The economy of India has been an important in the study of world economies for many years. The purpose of this discussion is to provide a detailed view of India's economy. We will focus on Current Statistics such as; exchange rates, inflation, interest rates, Gross National Product, and Gross Domestic Product. The discussion will also discuss the currency that the country currently utilizes. In addition, we will examine current trading partners and policies. We will also discuss trade agreements and dominant industries and companies. Finally, our discussion will focus on the black market transactions that take place in the country.
Current Statistics
According to the world fact book India's economy consist of agriculture, participation in a large range of industries, village farming, and handicrafts. (India) The factbook explains that India's large population has crippled the economy of the country. (India) Other threats to India's economy include conflict between religious and political groups throughout the country. (India)
Exchange Rates, Inflation and Interest rates
According to the Universal currency converter at the current exchange rate 1.00 USD is equivalent to 44.6884 INR. Like wise 1.00 Euro is equivalent to 54.1701 INR. (Universal Currency Converter) Inflation was at 5.91% for the week ending February 7, 2004. Current interest rates for FNCR deposits in India are between 1.19 and 1.35 for 1-2-year loans. (Banknet India) The rates are 1.00 to 2.14 for 2-3-year loans and they are at 1.40 to 2.76 for 3 yr loans. (Banknet India) Interest rates for other instruments are displayed in the graph below, which was taken from India Profile: Monetary system, currency and exchange rates.
Interest Rate
30-Mar-01
11-Jan-02
29-Mar-02
10-Jan-03
Bank Rate
IDBI1
PLR2
Deposit Rate3 (>one year)
Call Money (Borrowings)
(low/high) 4
CDs
CPs
91-day T-Bills
364 days T-Bills
Relates to January 15, 2003
Relates to December 27, 2002
** Relates to January 15, 2002
Notes:
1. Minimum Term Lending Rate (MTLR).
2. Prime Lending Rate relates to five major banks.
3. Deposit rate relates to major banks for term deposits of more than one year maturity.
4. Data cover 90-95 per cent of total transactions reported by...
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