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→Economy
The '''economy of India''', measured in [[Dollar|USD]] [[exchange rate|exchange-rate]] terms, is the [[List of countries by GDP (nominal)|seventh-largest]] in the world, with a GDP of around $3 trillion as of 2020. India recorded a GDP growth rate of 9.1% for the fiscal year 2007–2008 which makes its growth the second fastest among emerging economies in the world, after China.<ref name="gdp-growthrate">{{cite news | title=India Defies Turmoil With Growth of 8.8% | date= May 31, 2007 | publisher=MarketWatch | url=http://online.wsj.com/article/SB121213639165032371.html?mod=googlenews_wsj}}</ref> At this rate of sustained growth many economists forecast that India would, over the coming decades, have a more pronounced economic effect on the world stage. Despite this phenomenal rate of growth, India's large [[population of India|population]] has an estimated [[per capita]] income of $2,563, measured by PPP, and $941, measured in nominal terms as of 2007.
The '''economy of India''', measured in [[Dollar|USD]] [[exchange rate|exchange-rate]] terms, is the [[List of countries by GDP (nominal)|seventh-largest]] in the world, with a GDP of around $3 trillion as of 2020. India recorded a GDP growth rate of 9.1% for the fiscal year 2007–2008 which makes its growth the second fastest among emerging economies in the world, after China.<ref name="gdp-growthrate">{{cite news | title=India Defies Turmoil With Growth of 8.8% | date= May 31, 2007 | publisher=MarketWatch | url=http://online.wsj.com/article/SB121213639165032371.html?mod=googlenews_wsj}}</ref> At this rate of sustained growth many economists forecast that India would, over the coming decades, have a more pronounced economic effect on the world stage. Despite this phenomenal rate of growth, India's large [[population of India|population]] has an estimated [[per capita]] income of $2,563, measured by PPP, and $941, measured in nominal terms as of 2007.
India is the world's third-largest oil importer and sources roughly 60–65% of its [[crude pol]] from the [[Persian Gulf]] region, primarily [[Iraq]], [[Saudi Arabia]], and the [[UAE]]. It has limited domestic production and strategic reserves of only around 10–15 days — among the smallest relative to [[import]] volume of any major economy. India's fuel subsidy architecture means the government would face enormous fiscal pressure as global oil prices surged, at the same moment that import costs were consuming foreign exchange reserves. For India's 1.4 billion population — many of whom have limited financial buffers — the pass-through of [[energy]] and [[food]] cost increases would be devastating. India's industrial heartland, its [[agricultural]] sector (which depends heavily on [[diesel]] for irrigation pumps), and its nascent manufacturing base would all be severely disrupted by a closure of the [[Strait of Hormuz]].
46% of India's workforce is employed in [[agriculture]]. India is the second-largest mobile phone manufacturer in the world.
46% of India's workforce is employed in [[agriculture]]. India is the second-largest mobile phone manufacturer in the world.