Economy of India
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Economy of The Republic of India
Modern Indian notes
Rank 11th (nominal) / 4th (PPP)
Currency 1 Indian Rupee (INR) () = 100 Paise
Fiscal year Calendar year (1 April — 31 March)
Trade organizations WTO, SAFTA, G-20 and others
Statistics
GDP
$1.235 trillion (nominal: 11th; 2009)[1]
$3.526 trillion (PPP: 4th; 2009)[1]
GDP growth 8.8% (2010, Q1)[2]
GDP per capita
$1,032 (nominal: 142th; 2009)[1]
$3,015 (PPP: 127th; 2009)[1]
GDP by sector agriculture (18%), industry (22%), services (60%) (2009)
Inflation (CPI) 8.62% (September 2010)[3]
Population
below poverty line 37% (2010)[4]
Gini index 36.8 (List of countries)
Labour force 467 million (2nd; 2009)
Labour force
by occupation agriculture (52%), industry (14%), services (34%) (2009 est.)
Unemployment 10.7% (2010 est.)[5]
Main industries telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology, pharmaceuticals
Ease of Doing Business Rank 133rd[6]
External
Exports $176.5 billion (18th; 2009)
Export goods software, petroleum products, textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main export partners US 12.3%, UAE 9.4%, China 9.3% (2008)
Imports $287.5 billion (15th; 2009)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import partners China 11.1%, Saudi Arabia 7.5%, US 6.6%, UAE 5.1%, Iran 4.2%, Singapore 4.2%, Germany 4.2% (2008)
FDI stock Home: $161.3 billion (24th; 2009)
Abroad: $77.4 billion (24th; 2009)
Gross external debt $223.9 billion (31 December 2009 est.)
Public finances
Public debt 58% of GDP (2009 est.)[7]
Revenues $129.8 billion (2009 est.)
Expenses $214.6 billion (2009 est.)
Economic aid $1.724 billion (2005)[8]
Foreign reserves $294.01 billion (6th; Oct 2010)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars
Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar.
The economy of India is the eleventh largest economy in the world by nominal GDP[1] and the fourth largest by purchasing power parity (PPP).[9] Following strong economic reforms from the socialist inspired economy of a post-independence Indian nation, the country began to develop a fast-paced economic growth, as free market principles were initiated in 1990 for international competition and foreign investment.[10] India is an emerging economic power with a very large pool of human and natural resources, and a growing large pool of skilled professionals. According to the book 'Contours of the World Economy, 1-2030AD' by Angus Maddison, India was the largest economy from the year 1 AD until the colonial period whereupon it was taken over by other countries such as China and the U.K. Economists predict that by 2020,[11] India will be among the leading economies of the world. According to the BRIC report, published by Goldman Sachs, India will be the second largest economy after China by 2043.
India was under social democratic-based policies from 1947 to 1991. The economy was characterised by extensive regulation, protectionism, public ownership, pervasive corruption and slow growth.[12][13][14][15] Since 1991, continuing economic liberalisation has moved the country toward a market-based economy.[13][14] A revival of economic reforms and better economic policy in first decade of the 21st century accelerated India's economic growth rate. In recent years, Indian cities have continued to liberalize business regulations.[6] By 2008, India had established itself as the world's second-fastest growing major economy.[16][17][18] However, the year 2009 saw a significant slowdown in India's GDP growth rate to 6.8%[19] as well as the return of a large projected fiscal deficit of 6.8% of GDP which would be among the highest in the world.[20][21]
India's large service industry accounts for 55% of the country's Gross Domestic Product (GDP) while the industrial and agricultural sector contribute 28% and 17% respectively.[22] Agriculture is the predominant occupation in India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.[22] The labour force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[23] Major industries include telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology enabled services and pharmaceuticals.[23]
India's per capita income (nominal) is $1,030, ranked 139th in the world,[24] while its per capita (PPP) of US$2,940 is ranked 128th.[25][26] Previously a closed economy, India's trade has grown fast.[13] India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.[13]
Contents [hide]
1 History
1.1 Pre-colonial
1.2 Colonial
1.3 Independence to 1991
1.4 Since 1991
2 Sectors
2.1 Industry and services
2.2 Agriculture
2.3 Banking and finance
2.4 Natural resources
2.4.1 Petroleum and Natural gas
2.5 Pharmaceuticals
3 External trade and investment
3.1 Global trade relations
3.2 Balance of payments
3.3 Foreign direct investment in India
4 Currency
5 Income and consumption
6 Employment
7 Economic trends
7.1 Issues
7.1.1 Agriculture
7.1.2 Corruption
7.1.3 Government
7.1.4 Education
7.1.5 Infrastructure
7.1.6 Labour laws
7.1.7 Economic disparities
8 See also
9 Notes
10 References
11 External links
[edit]History
Main articles: Economic history of India and Timeline of the economy of India
The spice trade between India and Europe was one of the main drivers of the world economy[27] and the main catalyst for the Age of Discovery.[28]
India's economic history can be broadly divided into three eras, beginning with the pre-colonial period lasting up to the 18th century. The advent of British colonisation started the colonial period in the early 19th century, which ended with independence in 1947. The third period stretches from independence in 1947 until now.
[edit]Pre-colonial
The citizens of the Indus Valley civilisation, a permanent settlement that flourished between 2800 BC and 1800 BC, practiced agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. Evidence of well planned streets, a drainage system and water supply reveals their knowledge of urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal government.[29]
The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided in villages,[30] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation. This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as textiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at harvest time for their services.[31]
Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping economic activities.[32] The caste system functioned much like medieval European guilds, ensuring the division of labour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrow specialization. For instance, in certain regions, producing each variety of cloth was the specialty of a particular sub-caste.
Estimates of the per capita income of India (1857–1900) as per 1948–49 prices.[33]
Textiles such as muslin, Calicos, shawls, and agricultural products such as pepper, cinnamon, opium and indigo were exported to Europe, the Middle East and South East Asia in return for gold and silver.[34]
Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of quantitative information. INDIA has 32.33% gdp of the whole world at that time.One estimate puts the revenue of Akbar's Mughal Empire in 1600 at £17.5 million, in contrast with the total revenue of Great Britain in 1800, which totalled £16 million.[35] India, by the time of the arrival of the British, was a largely traditional agrarian economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitively developed network of commerce, manufacturing and credit. After the decline of the Mughals, western, central and parts of south and north India were integrated and administered by the Maratha Empire. The Maratha Empire's budget in 1740s, at its peak, was 100 million. After the loss at Panipat, the Maratha Empire disintegrated into confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of 30 million. However, at this time, British East India company entered the Indian political theatre. Until 1857, when India was firmly under the British crown, the country remained in a state of political instability due to internecine wars and conflicts.[36]
[edit]Colonial
An aerial view of Calcutta Port taken in 1945. Calcutta, which was the economic hub of British India, saw increased industrial activity during World War II.
Company rule in India brought a major change in the taxation environment from revenue taxes to property taxes, resulting in mass impoverishment and destitution of majority of farmers and led to numerous famines.[37] The economic policies of the British Raj effectively bankrupted India's large handicrafts industry and caused a massive drain of India's resources.[38][39] Indian Nationalists employed the successful Swadeshi movement, as strategy to diminish British economic superiority by boycotting British products and the reviving the market for domestic-made products and production techniques. India had become a strong market for superior finished European goods. This was because of vast gains made by the Industrial revolution in Europe, the effects of which was deprived to Colonial India.
The Nationalists had hoped to revive the domestic industries that were badly effected by policies implemented by British Raj which had made them uncompetitive to British made goods.
An estimate by Cambridge University historian Angus Maddison reveals that "India's share of the world income fell from 22.6% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952".[40] It also created an institutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, and created a single currency with fixed exchange rates, standardized weights and measures, capital markets. It also established a well developed system of railways and telegraphs, a civil service that aimed to be free from political interference, a common-law and an adversarial legal system.[41] India's colonisation by the British coincided with major changes in the world economy—industrialisation, and significant growth in production and trade. However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,[42] with industrial development stalled, agriculture unable to feed a rapidly growing population, India had one of the world's lowest life expectancies, and low rates for literacy.
The impact of the British rule on India's economy is a controversial topic. Leaders of the Indian independence movement, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economy in its aftermath and that financial strength required for Industrial development in Europe was derived from the wealth taken from Colonies in Asia and Africa. At the same time right-wing historians have countered that India's low economic performance was due to various sectors being in a state of growth and decline due to changes brought in by colonialism and a world that was moving towards industrialization and economic integration.[43]
[edit]Independence to 1991
Compare India (orange) with South Korea (yellow). Both started from about the same income level in 1950. The graph shows GDP per capita of South Asian economies and South Korea as a percent of the American GDP per capita.
Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labour and financial markets, a large public sector, business regulation, and central planning.[44] Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalized in the mid-1950s.[45] Capitalism and Private enterprise did not exist before 1991. Elaborate licences, regulations and the accompanying red tape, commonly referred to as Licence Raj, were required to set up business in India between 1947 and 1990.[46]
Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. They expected favorable outcomes from this strategy, because it involved both public and private sectors and was based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.[47][dead link] The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidizing manual, low-skill cottage industries was criticized by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers.[48][dead link] The rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[41]
The Rockefeller Foundation's research in high-yielding varieties of seeds, their introduction after 1965 and the increased use of fertilizers and irrigation are known collectively as the Green Revolution in India, which provided the increase in production needed to make India self-sufficient in food grains, thus improving agriculture in India. Famine in India, once accepted as inevitable, has not returned since independence.
[edit]Since 1991
Main articles: Economic liberalization in India and Economic development in India
In the late 70s, the government led by Morarji Desai eased restrictions on capacity expansion for incumbents, removed price controls and reduced corporate taxes and small scale industries are created in large numbers. However the subsequent government policy of fabian socialism hampered the benefits of the economy leading to high fiscal deficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner, and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, which found itself facing the prospect of defaulting on its loans.[49] India asked for a $1.8 billion bailout loan from IMF, which in return demanded reforms.[50]
An industrial zone near Mumbai, India.
In response, Prime Minister Narasimha Rao along with his finance minister and current Prime Minister of India Dr. Manmohan Singh initiated the economic liberalization of 1991. The reforms did away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.[51] Since then, the overall direction of liberalisation has remained the same, irrespective of the ruling party, although no party has tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agricultural subsidies.[52] Since 1990 India has a free-market economy and emerged as one of the fastest-growing economies in the developing world; during this period, the economy has grown constantly, but with a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates and food security.
While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 by S&P and Moody's.[53] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France and Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largest economy of the world, behind US and China. India is often seen by most economists as a rising economic superpower and is believed to play a major role in the global economy in the 21st century.[54][55] In 2009 India purchased 200 Tons of Gold for $6.7 billion from IMF[56] as a total role reversal from 1991.
[edit]Sectors
[edit]Industry and services
See also: Information technology in India, Business process outsourcing in India, and Retailing in India
India has one of the world's fastest growing automobile industries[57][58] Shown here is the Tata Motors' Nano, the world's cheapest car.[59]
Industry accounts for 28% of the GDP and employ 14% of the total workforce.[22] However, about one-third of the industrial labour force is engaged in simple household manufacturing only.[60][dead link] In absolute terms, India is 16th in the world in terms of nominal factory output.[61]
Economic reforms brought foreign competition, led to privatisation of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to an expansion in the production of fast-moving consumer goods.[62] Post-liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and required political connections to prosper was faced with foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on designing new products and relying on low labour costs and technology.[63]
Textile manufacturing is the second largest source for employment after agriculture and accounts for 26% of manufacturing output.[64] Ludhiana produces 90% of woolens in India and is also known as the Manchester of India. Tirupur has gained universal recognition as the leading source of hosiery, knitted garments, casual wear and sportswear.[65] Dharavi slum in Mumbai has gained fame for leather products. Tata Motors' Nano attempts to be the world's cheapest car.[59]
India is fifteenth in services output. It provides employment to 23% of work force, and it is growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 55% in 2007 up from 15% in 1950.[22]
Business services (information technology, information technology enabled services, business process outsourcing) are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth in the IT sector is attributed to increased specialization, and an availability of a large pool of low cost, but highly skilled, educated and fluent English-speaking workers, on the supply side, matched on the demand side by an increased demand from foreign consumers interested in India's service exports, or those looking to outsource their operations. The share of India's IT industry to the country's GDP increased from 4.8 % in 2005-06 to 7% in 2008.[66][67] In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.[68] In March 2009, annual revenues from outsourcing operations in India amounted to US$60 billion and this is expected to increase to US$225 billion by 2020.[69]
Organized retail such supermarkets accounts for 24% of the market as of 2008.[70] Regulations prevent most foreign investment in retailing. Moreover, over thirty regulations such as "signboard licences" and "anti-hoarding measures" may have to be complied before a store can open doors. There are taxes for moving goods to states, from states, and even within states.[70]
Tourism in India is relatively undeveloped, but growing at double digits. Some hospitals woo medical tourism.[71]
[edit]Agriculture
Farmers work inside a rice field in Andhra Pradesh. India is the second largest producer of rice in the world after China[72] and Andhra Pradesh is the 2nd largest rice producing state in India with West Bengal being the largest.[73]
Main articles: Agriculture in India, Forestry in India, Animal husbandry in India, and Fishing in India
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 17% of the GDP in 2009, employed 52% of the total workforce[22] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic development of India. Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since Green revolution in India. However, international comparisons reveal the average yield in India is generally 30% to 50% of the highest average yield in the world.[74]
Paddy fields at Kanyakumari district in Tamil Nadu
India is the largest producer in the world of milk, cashew nuts, coconuts, tea, ginger, turmeric and black pepper.[75] It also has the world's largest cattle population: 193 million.[76] It is the second largest producer of wheat, rice, sugar, cotton, silk, peanuts and inland fish.[77] It is the third largest producer of tobacco.[77] India is the largest fruit producer, accounting for 10% of the world fruit production. It is the leading producer of bananas, sapotas and mangoes.[77]
India is the second largest producer and the largest consumer of silk in the world, with the majority of the 77 million kg (2005)[78] production taking place in Karnataka State, particularly in Mysore and the North Bangalore regions of Muddenahalli, Kanivenarayanapura, and Doddaballapura, the upcoming sites of a INR 700 million "Silk City".[79][80]
[edit]Banking and finance
Main article: Finance in India
See also: Banking in India and Insurance in India
The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes, like ceremonies and short duration loans.[81]
Mumbai is the financial and commercial capital of India. Shown here is the World Trade Centre of Mumbai
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6 times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank.[82][83]
The public sector banks hold over 75% of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.[84] Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks (like encouraging mergers, reducing government interference and increasing profitability and competitiveness), other reforms have opened up the banking and insurance sectors to private and foreign players.[22][85]
More than half of personal savings are invested in physical assets such as land, houses, cattle, and gold.[86] Indian has the highest saving rate in the world at 36 percent.
[edit]Natural resources
Main article: Natural resources in India
See also: Energy policy of India
India has the world's fifth largest wind power industry, with an installed wind power capacity of 9,587 MW. Shown here is a wind farm in Muppandal, Tamil Nadu.
India's total cultivable area is 1,269,219 km² (56.78% of total land area), which is decreasing due to constant pressure from an ever growing population and increased urbanisation. India has a total water surface area of 314,400 km² and receives an average annual rainfall of 1,100 mm. Irrigation accounts for 92% of the water utilisation, and comprised 380 km² in 1974, and is expected to rise to 1,050 km² by 2025, with the balance accounted for by industrial and domestic consumers. India's inland water resources comprising rivers, canals, ponds and lakes and marine resources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheries sector. In 2008, India had the world's third largest fishing industry.[87]
India's major mineral resources include coal, iron, manganese, mica, bauxite, titanium, chromite, limestone and thorium. India meets most of its domestic energy demand through its 92 billion tonnes of coal reserves (about 10% of world's coal reserves).[88]
India's huge thorium reserves — about 25% of world's reserves — is expected to fuel the country's ambitious nuclear energy program in the long-run. India's dwindling uranium reserves stagnated the growth of nuclear energy in the country for many years.[89] However, the Indo-US nuclear deal has paved the way for India to import uranium from other countries.[90] India is also believed to be rich in certain renewable sources of energy with significant future potential such as solar, wind and biofuels (jatropha, sugarcane).
[edit]Petroleum and Natural gas
ONGC platform at Mumbai High in the Arabian Sea. As of 2010, India is the world's fifth largest consumer of oil.[91]
India's oil reserves, found in Mumbai High, parts of Gujarat, Rajasthan and eastern Assam, meet 25% of the country's domestic oil demand.[22][92] India's total proven oil reserves stand at 11 billion barrels (1.7×109 m3),[93] of which Mumbai High is believed to hold 6.1 billion barrels (970×106 m3)[94] and Mangala Area in Rajasthan an additional 3.6 billion barrels (570×106 m3).[95]
In 2009, India imported 2,560,000 barrels (407,000 m3) of oil per day, making it one of largest buyers of crude oil in the world.[96] The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL). There are some major private Indian companies in oil sector such as Reliance Industries Limited (RIL) which operates the world's largest oil refining complex.[97]
[edit]Pharmaceuticals
India has a self reliant Pharmaceuticals industry. The majority of its medical consumables are produced domestically. Pharmaceutical Industry in India is dotted with companies like Ranbaxy Pharmaceutical, Dr. Reddy's Laboratories, Cipla which have created a niche for themselves at world level. India including China, Brazil, Turkey, Mexico, Russia and South Korea are called “pharmerging” countries.[98]
Today, India is an exporter to countries like the United States and Russia. In terms of the global market, India currently holds a modest 1-2% share, but it has been growing at approximately 10% per year. India is unable to capture much of the value as most of the innovation taking place is by non-Indian firms. They are developing products in their own R&D centres or outsourcing to Indian engineering services firms and getting the stuff manufactured at either their own factories or through contract manufacturing, as in pharmaceuticals.[99]
[edit]External trade and investment
Further information: Globalisation in India
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India's large service industry accounts for 55% of the country's Gross Domestic Product (GDP) while the industrial and agricultural sector contribute 28% and 17% respectively.[22] Agriculture is the predominant occupation in India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.[22] The labour force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish.[23] Major industries include telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology enabled services and pharmaceuticals.[23]
