According to the United Nations Conference on Trade and Development (UNCTAD), India’s Gross Domestic Product (GDP) increased by 8.7% in FY22, making it one of the fastest-growing economies in the world. India’s growing economy attracts foreign investment and is a lucrative destination for foreign investors and startups.
According to OECD estimates, India’s GDP increased by 0.8% in the 1st quarter of 2022 over the previous quarter.
India GDP Growth Rate
More than 60% of GDP is accounted for by trade; hotels, transportation, and communication; financial, insurance, real estate, and business services; and community, social, and personal services.
Agriculture, forestry, and fisheries account for around 12% of total production but employ more than 50% of the working force. 15% of the GDP comes from manufacturing, 8% from construction, and the other 5% comes from mining, quarrying, delivering electricity, gas, and water, and delivering electricity, gas, and water.
In 2020, India ranked 63rd out of 190 countries in the World Bank’s Ease of Doing Business Index. It ascended 17 notches from its rank in 2019, firing up India’s start-up scene.
Today, the Indian startup ecosystem is home to approximately 38,815 active startups, which is inclusive of both funded and bootstrapped startups. As the launch of new startups pushes the culture of entrepreneurship forward, one cannot ignore the investors either. India is also home to over 5,694 active investors.
India’s recent success can be largely attributed to its prominence in international trade. India is a country that is heavily reliant on international trade. Since 2015, India has made many new trading partners and gotten along much better with the ones it already had. Let’s have a look at the top trading partners of India.
