Economy of India
Currency 1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year April 1–March 31
Trade organisations WTO, SAFTA
Statistics
GDP (PPP) $5.21 trillion (PPP) (2008 est.) (3rd)
GDP growth 9.6% (2006/07)
GDP per capita $978 (nominal); $2,659 (PPP) [7]
GDP by sector agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.)
Inflation (CPI) 12.01% (26 July 2008)[1]
Population below poverty line 25% (2002 est.) [8]
Labour force 509.3 million (2006 est.)
Labour force by occupation agriculture: 60%, industry: 12%, services: 28% (2003)
Unemployment 7.8% (2006 est.)
Main industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, services
External
Exports $125 billion (Financial Year 2006-2007)
Export goods textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures, services
Main export partners US 18%, the People's Republic of China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)
Imports $187.9 billion f.o.b. (2006 est.)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import partners the People's Republic of China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)
Public finances
Public debt $132.1 billion (2006 est.)
Revenues $109.4 billion (2006 est.)
Expenses $143.8 billion; including capital expenditures of $15 billion (2006 est.)
Economic aid donor: $17.3 million (2006)

Friday, September 5, 2008

Banking In India

Introduction

The banking section will navigate through all the aspects of the Banking System in India. It will discuss upon the matters with the birth of the banking concept in the country to new players adding their names in the industry in coming few years.

The banker of all banks, Reserve Bank of India (RBI), the Indian Banks Association (IBA) and top 20 banks like IDBI, HSBC, ICICI, ABN AMRO, etc. has been well defined under three separate heads with one page dedicated to each bank.

However, in the introduction part of the entire banking cosmos, the past has been well explained under three different heads namely:
  • History of Banking in India
  • Nationalisation of Banks in India
  • Scheduled Commercial Banks in India
The first deals with the history part since the dawn of banking system in India. Government took major step in the 1969 to put the banking sector into systems and it nationalised 14 private banks in the mentioned year. This has been elaborated in Nationalisationof Banks in India. The last but not the least explains about the scheduled and unscheduled banks in India. Section 42 (6) (a) of RBI Act 1934 lays down the condition of scheduled commercial banks. The description along with a list of scheduled commercial banks are given on this page.
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