9 incredible facts about India's economy
- India has one of the largest economies in the world, and it's growing quickly.
- But corruption and violence have cost the nation more than $1 trillion.
- Read on for nine incredible facts about India's economy.
Currently, India has the seventh largest economy based on GDP, but it is poised to move up the list if current expansion trends there continue.
This rapid expansion remains hampered by corruption at all levels of government and by endemic violence that plagues many of India's 29 states. In fact, were it not for these twin issues, India would likely already enjoy a more robust economy - economists estimate India lost out on more than $1 trillion because of violence in 2017 alone.
Troubles aside, India remains a massive global exporter, an agricultural powerhouse, and home to all 10 of the fastest growing cities in the world.
Read on for nine surprising facts about India's economy.
India's economy has nearly sextupled in size in less than 20 years
India's annual GDP surpassed France's last year, and will likely surpass the UK's next yearAdvertisement
But India still has a smaller economy than the state of California by about 8.1%
India has the fastest growing economy in the worldAdvertisement
Officials confiscated at least half a billion dollars' worth of bribes during the 2019 national election
Violence cost India approximately 9% of GDP in 2017Advertisement
India ranks 70th in terms of average annual income
Agriculture accounts for 50% of jobs in IndiaAdvertisement
Fuel exports constitute India's No. 1 export, accounting for 15% of its total exports
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