The Asian giant continued its forward march in the year 2010. With a strong GDP growth rate of 8.8% (Q1), 8.9% in Q2, the country showed its mettle to the world. However, the cause of concern was the high inflation rate (highest of 11% in April, and 8 % in Nov). The acknowledgement came from none other than US. In a report, the US said India will become the 3rd most powerful nation by 2025.
Exports registered good growth this year. Exports during August, 2010 were valued at USD 16644 million (Rs. 77509 crore) while Imports were valued at USD 29679 million. Cumulative value of exports for the period April-August 2010 was USD 85273 million (Rs 392811 crore) while that of import was USD 141894 million (Rs. 653828 crore).
Though high inflation continues to bother Indian policy makers, Indian economy performed well this year. Rising out strongly from the global recession, the economy is set to achieve nearly 9 per cent growth rate in the current fiscal 2010-11. After China, India’s GDP (Gross Domestic Product) growth is highest among the rest.
Cumulatively, value of Index of Industrial Production (IIP) was at 10.3 per cent in the first seven months of the current fiscal (April to October, 2010) although it witnessed decline in August and September. However, it bounced back to double digit growth rate by jumping 10.8 per cent in October this year.
The economy has shown recovery with India’s GDP registering 8.9 per cent growth in the first half of the current fiscal. Hence, the government has now projected growth rate to be higher than 8.5 per cent. India’s growing importance was recognised when the IMF hiked India’s quota and the permanent members of United Nations Security Council inked deals upwards of USD 50bn.
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