Since its independence in 1947, India has maintained cordial relationships with most nations. It took a leading role in the 1950s by advocating the independence of
European colonies in Africa and Asia.India is a founding member of the
Non-Aligned Movement. In recent years, India has played an influential role in the
ASEAN[,
SAARC, and the
WTO. India is a founding member and long time supporter of the
United Nations, with over 55,000
Indian military and police personnel having served in thirty-five UN peace keeping operations deployed across four continents. In the economic sphere, India has close relationships with other developing nations in
South America,
Asia, and
Africa.
Indian Economy
India has the world's second largest
labour force, with 516.3 million people, 60% of whom are employed in
agriculture and related industries; 28% in
services and related industries; and 12% in
industry.
However, since 1991, India has gradually opened up its markets through
economic reforms and reduced government controls on foreign trade and investment.
Foreign exchange reserves have risen from US$5.8 billion in March 1991 to US$300 billion in March, 2008, while federal and state budget deficits have decreased.
Privatization of publicly-owned companies and the opening of certain sectors to private and foreign participation has continued amid political debate.
[94] With a
GDP growth rate of 9.4% in 2006-07, the economy is among the fastest growing in the world
. India's GDP in terms of
USD exchange-rate is US$1.089 trillion. When measured in terms of
purchasing power parity (PPP), India has the world's
fourth largest GDP at US$4.726 trillion. India's
per capita income (nominal) is US$977, while its per capita (PPP) is US$2700.Despite significant economic progress, a quarter of the nation's population earns less than the government-specified
poverty threshold of $0.40 per day. In 2004–2005, 27.5% of the population was living below the poverty line.India has also become a major exporter of software as well as financial, research, and technological services. Its natural resources include arable land, bauxite, chromite, coal, diamonds, iron ore, limestone, manganese, mica, natural gas, petroleum, and titanium ore. Moreover In 2007, estimated exports stood at US$140 billion and imports were around US$224.9 billion.
