India Economy

Working abroad sounds like an adventure to many people. However, India job search requires more than just the obvious Indian CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to find a job in India.

Do not take too lightly the influence an employment in India can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning India EconomyMost visits to India are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

India economy - overview: India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. About three-fifths of the work force is in agriculture.

India is capitalizing on its large numbers of well-educated people skilled in the English language to become a major exporter of software 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 in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms.

High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to courruption scandals that have slowed legislative work.

India's medium-term growth outlook 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 not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration. The huge and growing population is the fundamental social, economic, and environmental problem.

Labor force - by occupation: agriculture: 60%, industry: 12%, services: 28% (2003)

Unemployment rate: 9.8% (2011 est.), 6.8% (2008 est.), 8.8% (2002)

Natural resources: coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land

Industries: textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software

IndiaCurrency India EconomyCurrency: Indian Rupee (INR; symbol Rs) = 100 paise. Notes are in denominations of Rs1,000, 500, 100, 50, 20 and 10. Coins are in denominations of Rs5, 2 and 1, and 50, 25, 20, 10 and 5 paise.

Credit/Debit Cards and ATMs: An increasing number of cards are accepted including American Express, Diners Club, MasterCard and Visa

Traveler is Cheques: These are widely accepted and may be changed at banks and larger hotels. The most widely accepted currencies include US Dollars and Pounds Sterling. Some banks may refuse to change certain brands of traveler’s cheques, which others exchange quite happily.

Exchange rates: Indian rupees (INR) per US dollar - 44.64 (2011 est.), 45.726 (2010 est.), 48.405 (2009), 43.319 (2008), 41.487 (2007), 45.3 (2006), 44.101 (2005), 45.317 (2004), 46.583 (2003), 48.61 (2002), 47.19 (2001), 44.94 (2000), 43.06 (1999), 41.26 (1998)

Inflation rate (consumer prices): 6.8% (2011 est.), 7.8% (2008 est.)

Other India Economy Info

We hope that your India job search has been successful and you will get India visa too. So, if your India cover letter and India CV are ready, you may distribute them to your future employers & recruiters and start preparing for a India job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the India economy info!


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