INCOME OF INDIA

The US Central Intelligence Agency (CIA) reports that in 2002 India’s gross domestic product (GDP) was estimated at $2.66 trillion. The per capita GDP was estimated at $2,540. The average inflation rate in 2002 was 5.4%. The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity (PPP) rather than value as measured on the basis of the rate of exchange. It was estimated that agriculture accounted for 25% of GDP, industry 25%, and services 50%. According to the United Nations, in 2000 remittances from citizens working abroad totaled $9.034 billion or about $9 per capita and accounted for approximately 1.9% of GDP. Worker remittances in 2001 totaled $11.36 billion. Foreign aid receipts amounted to about $2 per capita. The World Bank reports that in 2001 per capita household consumption (in constant 1995 US dollars) was $294. Household consumption includes expenditures of individuals, households, and nongovernmental organizations on goods and services, excluding purchases of dwellings. It was estimated that for the same period private consumption grew at an annual rate of 3%. The richest 10% of the population accounted for approximately 33.5% of household consumption and the poorest 10% approximately 3.5%. It was estimated that in 2002 about 25% of the population had incomes below the poverty line.