India - Economy, Currency and Monetary Policy
India
India is a federal parliamentary republic, located in Southern Asia. The prime minister is the leader of the government. The president is the head of state and, although limited in executive power, can influence the formation of governments at both state and national levels. India is the 5th largest economy in the world (by GDP PPP), but is ranked only 156th by GDP per capita. Around 45% of India’s merchandise exports are directed to just three markets (European Union, United States and United Arab Emirates). Total external trade volume is 22% of GDP. The central bank, Reserve Bank of India (RBI) pursues an inflation-targeting approach to monetary policy and maintains a floating exchange rate regime. Poverty, income inequality, inadequate infrastructure and current and fiscal deficits are usually named among key weaknesses of the Indian economy.
Names and Codes
Country Name | India |
Country code | IND |
Currency Name | Indian rupee |
Currency Code | INR |
Currency Symbol | ₹; Rs |
Subunit | Rs1 = 100 paise |
Key Pair | USD/INR |
Forex Quote | direct |
Central Bank Name | Reserve Bank of India |
Central Bank Abb. | RBI |
Economy and Trade
GDP (USD billion, 2017) | 2600 |
GDP per capita (USD, PPP, 2017) | 7060 |
Real GDP growth (2013-17) | 5.8 |
Inflation (2013-17) | 3.9 |
FDI inflows (% GDP, 2013-17) | 1.8 |
Current account balance (% GDP, 2013-17) | -1.4 |
Trade (% GDP, 2014-16) | 22.4 |
Share in world total exports (%, 2016) | 1.65 |
Monetary Policy and Currency
Exchange rate regime | Floating |
Monetary policy | Inflation targeting |
Price stability | 4.00% |
Real Interest Rate | 1.12 |
Currency - global turnover (USD billion, 2016) | 58 |
Currency - global share (%, 2016) | 1.10 |
Key Pair - global turnover (USD billion, 2016) | 56 |
Key Pair - global share (%, 2016) | 1.10 |