Trade and economy in India
Being one of the BRIC countries, India is one of the leading emerging market countries worldwide, and one of the fastest-growing economies. It is ranked second among the countries with the largest population, and is expected to have surpassed China in about 50 years. As for India’s economy, the country has been reporting a promising development of key figures over the last few years: Gross domestic product / gdp in India has been increasing significantly, while inflation in India and other indicators, such as the country’s unemployment rate, have been more or less stable. India is also among the countries with the largest gross domestic product / gdp and among those with the highest gross domestic product growth.
The vast majority of India’s labor force works in agriculture – the industrial and the services sector both make up about 25 percent each of the country’s economy. India’s main export partners are the United Arab Emirates, the United States and China; the country’s leading exports include textile goods, software, and petroleum products. As for import, India mainly imports crude oil, chemicals and machinery, again, from China, the United States and the United Arab Emirates, among others.