Diplomatic representation in US: chief of mission: Ambassador Naresh CHANDRA chancery: 2107 Massachusetts Avenue NW, Washington, DC 20008; note - Embassy located at 2536 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 939-7000 consulate(s) general: Chicago, New York, and San Francisco
US diplomatic representation: chief of mission: Ambassador Frank G. WISNER embassy: Shanti Path, Chanakyapuri 110021, New Delhi mailing address: use embassy street address telephone: [91] (11) 600651 FAX: [91] (11) 6872028 consulate(s) general: Calcutta, Madras, Mumbai (Bombay)
Flag: three equal horizontal bands of orange (top), white, and green with a blue chakra (24-spoked wheel) centered in the white band; similar to the flag of Niger, which has a small orange disk centered in the white band
Economy ———-
Economic overview: India's economy is a mixture of traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Faster economic growth in the 1980s permitted a significant increase in real per capita private consumption. A large share of the population, perhaps as much as 40%, remains too poor to afford an adequate diet. Financial strains in 1990 and 1991 prompted government austerity measures that slowed industrial growth but permitted India to meet its international payment obligations without rescheduling its debt. Production, trade, and investment reforms since 1991 have provided new opportunities for Indian businessmen and an estimated 200 million plus middle class consumers. New Delhi has always paid its foreign debts on schedule and has stimulated exports, attracted foreign investment, and revived confidence in India's economic prospects. GDP growth in 1992-95 has averaged nearly 5%. Most of the country's external fundamentals - including the current account balance and reserves (now nearly $17 billion) are healthy. Party politics is increasingly shaping the debate over economic reforms. In addition, the 25 Indian states and several union territories, which are playing a more active role in determining economic policy, are further complicating the economic climate. The Indian Government will also have to watch closely rising government expenditures and higher debt servicing which could create a debt trap by the turn of the century. Nevertheless, India should achieve economic growth of 5.5%-6.5% annually through the next several years. Even if a weak coalition government comes to power in 1996 and is unable to push reforms aggressively, parts of the economy that have already benefited from deregulation will continue to grow. Moreover, the country can build on other strengths, including its diverse industrial base, large scientific and technical pool, well-developed legal system, and its large middle class to achieve higher growth.
GDP: purchasing power parity - $1.4087 trillion (1995 est.)
GDP real growth rate: 5.5% (1995 est.)
GDP per capita: $1,500 (1995 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 9% (1995)