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| Capital city: |
New Delhi |
| Surface area: |
3,287,000 sq km |
| Population: |
1,124 million |
| Official language(s): |
Hindi, English |
| Head of State: |
HE Mrs Pratibha Devisingh Patil |
| Head of Government: |
Prime Minister The Hon Dr Manmohan Singh |
| Australian exports to India: |
A$9,329 million |
| Australian imports from India: |
A$1,606 million |
| India's principal export destinations: |
USA, United Arab Emirates, China |
| India's principal import sources: |
China, Saudi Arabia, USA | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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Economic climate
In the last decade, significant structural reforms helped India become one of the world's fastest growing emerging economies. Economic liberalisation and rising incomes also stimulated rapid trade growth with Australia and significantly increased Australia's foreign direct investment in India.
India is a big, diverse economy with a current growth outlook that overshadows most Asian markets. While the pace of growth in the medium to longer term will depend largely on the speed and extent of ongoing reform, at a time when almost all other Asian economies are anticipating contraction or slow growth, the Indian market cannot be ignored. Several fast growing sectors and states provide increasing opportunities for Australian exporters and investors to build on that success.
The Department of Foreign Affairs and Trade in conjunction with Austrade have developed a publication called 'India: New Economy, Old Economy'. It looks at factors that have helped India become one of the world's fastest growing emerging economies, as well as highlighting the fast growing sectors and states that provide increasing opportunities for Australian business.
Since the liberalisation of its economy in 1991, India has opened up many sectors that were previously reserved for the government, to the private, including foreign, investment.
Competition in the telecommunication, infrastructure, power, petroleum and transport sectors is being actively encouraged.
Key economic indicators and statistics for 2008:
- GDP – US$1,237.4 billion
- GDP per capita – US$1,043
- Real GDP growth – 7.3 per cent
- Inflation – 9.2 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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India is the largest democracy in the world. It is a sovereign democratic republic and has a parliamentary system of government with a federal structure.
The central government in New Delhi has exclusive jurisdiction over all matters of national interest such as defence, communication, banking and finance, international trade and foreign affairs. The state governments have primary responsibility for matters such as law and order, education, health and agriculture.
The current ruling government is a coalition of several political parties, which came together to form the United Progressive Alliance.
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Trade relations and statistics
India is a member of the World Trade Organization and has a well-evolved foreign policy based on tenets of non-alignment and peace. A member of the United Nations and Commonwealth, an important achievement of India’s foreign policy has been the strengthening of regional cooperation. India is an active member of the South Asian Association for Regional Cooperation (SAARC).
As members of the Commonwealth, India and Australia have a shared language and similar legal and government systems. Strong belief in democracy and common interests as the Indian Ocean littoral states puts the two countries on the same side of political dialogue. With the increasing importance of the Asia-Pacific region, there are concerted efforts on both sides to expand and diversify bilateral relations.
http://commerce.nic.in provides an overview of India’s trade policies, trade statistics and trade agreements.
Major Australian exports to India (2007-08):
- Gold – A$4,022 million
- Coal – A$2,709 million
- Copper ores and concentrates – A$1,005 million
- Crude petroleum – A$177 million
Major Australian imports from India (2007-08):
- Rotating electric plant and parts– A$154 million
- Pearls and gems – A$107 million
- Jewellery – A$67 million
- Made-up textile articles – A$53 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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