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Economy
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Economy
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Overview
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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output, with less than one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth began slowing in 2011 because of a slowdown in government spending and a decline in investment, caused by investor pessimism about the government's commitment to further economic reforms and about the global situation. High international crude prices have exacerbated the government's fuel subsidy expenditures, contributing to a higher fiscal deficit and a worsening current account deficit. In late 2012, the Indian Government announced additional reforms and deficit reduction measures to reverse India's slowdown, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's medium-term growth is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration.
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Fisheries in 2005-06 landed 128,081 metric tons, of which 83% (106,591 tons) was krill (Euphausia superba) and 9.7% (12,364 tons) Patagonian toothfish (Dissostichus eleginoides), compared to 147,506 tons in 2004-05 of which 86% (127,035 tons) was krill and 8% (11,821 tons) Patagonian toothfish (estimated fishing from the area covered by the Convention of the Conservation of Antarctic Marine Living Resources (CCAMLR), which extends slightly beyond the Southern Ocean area). International agreements were adopted in late 1999 to reduce illegal, unreported, and unregulated fishing, which in the 2000-01 season landed, by one estimate, 8,376 metric tons of Patagonian and Antarctic toothfish. In the 2006-07 Antarctic summer, 35,552 tourists visited the Southern Ocean, compared to 29,799 in 2005-2006 (estimates provided to the Antarctic Treaty by the International Association of Antarctica Tour Operators (IAATO), and does not include passengers on overflights and those flying directly in and out of Antarctica).
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Environment
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Current issues
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deforestation; soil erosion; overgrazing; desertification; air pollution from industrial effluents and vehicle emissions; water pollution from raw sewage and runoff of agricultural pesticides; tap water is not potable throughout the country; huge and growing population is overstraining natural resources
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increased solar ultraviolet radiation resulting from the Antarctic ozone hole in recent years, reducing marine primary productivity (phytoplankton) by as much as 15% and damaging the DNA of some fish; illegal, unreported, and unregulated fishing in recent years, especially the landing of an estimated five to six times more Patagonian toothfish than the regulated fishery, which is likely to affect the sustainability of the stock; large amount of incidental mortality of seabirds resulting from long-line fishing for toothfish; <i>note:</i> the now-protected fur seal population is making a strong comeback after severe overexploitation in the 18th and 19th centuries
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Geography
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Area
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Comparative
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slightly more than one-third the size of the US
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slightly more than twice the size of the US
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Geography
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Area
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Comparative to US places
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slightly more than one-third the size of the US
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slightly more than twice the size of the US
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Geography
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Area
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Total
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3.29 million sq km
Ranked 8th.
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20.33 million sq km
Ranked 4th.
6 times more
than
India
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Geography
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Climate
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varies from tropical monsoon in south to temperate in north
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sea temperatures vary from about 10 degrees Celsius to -2 degrees Celsius; cyclonic storms travel eastward around the continent and frequently are intense because of the temperature contrast between ice and open ocean; the ocean area from about latitude 40 south to the Antarctic Circle has the strongest average winds found anywhere on Earth; in winter the ocean freezes outward to 65 degrees south latitude in the Pacific sector and 55 degrees south latitude in the Atlantic sector, lowering surface temperatures well below 0 degrees Celsius; at some coastal points intense persistent drainage winds from the interior keep the shoreline ice-free throughout the winter
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Geography
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Coastline
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7,000 km
Ranked 20th.
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17,968 km
Ranked 16th.
3 times more
than
India
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Geography
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Elevation extremes
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Highest point
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Kanchenjunga 8,598 m
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sea level 0 m
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Geography
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Geographic coordinates
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20 00 N, 77 00 E
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60 00 S, 90 00 E (nominally), but the Southern Ocean has the unique distinction of being a large circumpolar body of water totally encircling the continent of Antarctica; this ring of water lies between 60 degrees south latitude and the coast of Antarctica and encompasses 360 degrees of longitude
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Geography
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Location
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Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan
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body of water between 60 degrees south latitude and Antarctica
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Geography
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Natural hazards
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droughts; flash floods, as well as widespread and destructive flooding from monsoonal rains; severe thunderstorms; earthquakes
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huge icebergs with drafts up to several hundred meters; smaller bergs and iceberg fragments; sea ice (generally 0.5 to 1 m thick) with sometimes dynamic short-term variations and with large annual and interannual variations; deep continental shelf floored by glacial deposits varying widely over short distances; high winds and large waves much of the year; ship icing, especially May-October; most of region is remote from sources of search and rescue
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Geography
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Natural resources
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coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, rare earth elements, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land
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probable large and possible giant oil and gas fields on the continental margin; manganese nodules, possible placer deposits, sand and gravel, fresh water as icebergs; squid, whales, and seals - none exploited; krill, fish
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Geography
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Terrain
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upland plain (Deccan Plateau) in south, flat to rolling plain along the Ganges, deserts in west, Himalayas in north
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the Southern Ocean is deep, 4,000 to 5,000 m over most of its extent with only limited areas of shallow water; the Antarctic continental shelf is generally narrow and unusually deep, its edge lying at depths of 400 to 800 m (the global mean is 133 m); the Antarctic icepack grows from an average minimum of 2.6 million sq km in March to about 18.8 million sq km in September, better than a sixfold increase in area; the Antarctic Circumpolar Current (21,000 km in length) moves perpetually eastward; it is the world's largest ocean current, transporting 130 million cubic meters of water per second - 100 times the flow of all the world's rivers
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