Statistics and Market Data on India
India, located in East Asia with New Delhi as its capital, is the world’s second most populous county behind China. In 2014, the population of India was forecast to reach over 1.25 billion people.
After having gained independence within the British Commonwealth in 1947, a new constitution was proclaimed on January 26, 1950 and the Republic of India was established. India is a federal republic consisting of 28 states and seven union territories. The country’s parliamentary democracy is considered to be the largest democracy in the world.
India’s economy has been subject to considerable growth since its liberation in the early 1990s. India’s GDP growth rate has consistently been well above five percent for the last ten years. As a result of its growth, the country’s economy is the eighth largest in the world according to this 2014 GDP country ranking. Data from the IMF suggests that India’s GDP is set to hit 2.3 trillion U.S. dollars in 2014.
India has a large and highly skilled workforce. The country’s reputation as a breeding ground for IT specialists and the relatively low wage levels make India a very popular destination for outsourcing.
Though economic progress continues to be made, India still struggles with issues such as poverty and illiteracy. The literacy rate among adults in India was only 63 percent in 2006 according to Worldbank statistics. Parts of India’s population continue to suffer the consequences of the caste system which still impedes social mobility to a large extent. The fact that a substantial part of the population still lives in poverty is reflected in India’s life expectancy. Though steadily improving, life expectancy for Indians born in 2012 was only 66 years compared to 79 years in the United States and 75 years in China.