| |
India
4th largest economy on PPP terms
India has retained its position as the fourth largest economy in the
world on the basis of Purchasing Power Parity (PPP), behind the United
States, China and Japan. The size of the economy is calculated according
to what a nation's currency actually buys in goods and services and
not on the basis of its exchange rate against the US dollar. The United
States has by far the largest economy in the world worth $10,978 billion,
followed by China at $6,410 billion, Japan at $3,629 billion and India
with $3,062 billion. Germany comes next with $2,279 billion. France,
Italy, the UK, Brazil and Russia are other countries above the $1,000-billion
mark.
Manufacturing Sector Records 20 % growth
Of the 102 sectors, manufacturing and production operations mostly
related to electric and telecom equipment along with construction
equipment, tractors, colour picture tubes and air-conditioners have
achieved an impressive growth of more than 20 per cent during the
year 2004-05. An extensive survey on the performance of the manufacturing
sector by the Federation of Indian Chambers of Commerce and Industry
(Ficci) shows that electrical equipment and machinery, electric motors,
circuit |
|
breakers, telecom cables,
transmission line towers and distribution transformers have reported
a growth of over 20 per cent. When it comes to exports, cement, scooters
and leather products have recorded high growth in the last fiscal
over the previous year, according to the survey.
IMF predicts robust economic growth
IMF in its semi-annual World Economic Outlook has projected a 'robust'
economic growth for India despite uneven monsoons and higher global
oil prices. During the year under review, GDP growth in India has
slowed modestly, but is expected to remain robust, with the impact
of uneven monsoon and higher oil prices being offset by buoyant industrial
activity and strong investments, IMF said.
India’s Export Share increases
India’s share in the world merchandise exports has increased
to 0.82% at the end of 2004 as compared to 0.66% in 2000, commerce
& industry minister Kamal Nath. Quoting statistics complied by
the World Trade Organization (WTO), he said the growth was achieved
despite depreciation of the dollar against the rupee and sluggish
demand in some key markets. The government has set a target of 1.5%
share in global |
|
exports by 2010 and estimates indicate that India’s exports
should growth to around $150 billion to achieve this goal.
Exports of solar power equipment
Exports of solar power generation equipment from India are set to
double in the next three years. After the Kyoto protocol was signed,
several developed countries like Japan, US, UK and Germany are giving
top priority to generate solar power and bring down pollution levels
in the power generation sector. These countries are now importing
solar power generation equipment from India in a big way. At present,
the equipment cost is high. Generation of 1 MW of power through
solar systems, needs an investment of about Rs 30 crore. Out of
the country’s total power generation of 1,00,000 MW, only 4,000
MW has been generated through renewable energy sources like solar,
wind and bio-waste. Now the central government has targeted the
generation of another 10,000 MW of power by renewable energy sources
by 2012. India has the best technology and R & D facility in
solar power generation. For cooking and water heating solar power
is the best alternative and it will be cheaper too
|
