INDIA AND US SHARE THE SAME STRATEGIC AIM AGAINTS CHINA

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• published: 03 Oct 2016
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Mumbai, Maharashtra is considered the financial capital of India[1][2] Currency Indian rupee (INR) (₹) = 100 Paise 1 USD = 66.48 ₹ (3 October 2016) 0.6079 monthly change 4.09 yearly change Fiscal year 1 April – 31 March Trade organizations WTO, SAFTA, BRICS, G-20, East Asia Summit, G8+5, SAARC, AIIB, BIMSTEC, RCEP, International Monetary Fund, World Bank, SCO, United Nations Statistics GDP $2.29 trillion (nominal; 2016)[3] $8.64 trillion (PPP; 2016)[3] GDP rank 7th (Nominal) / 3rd (PPP) GDP growth 7.2% (2014), 7.6% (2015e), 7.6% (2016f), 7.7% (2017f)[4] GDP per capita $1,820 (nominal; 129th; 2016)[3] $6,664 (PPP; 108th; 2016)[3] GDP by sector Agriculture and Fisheries: 16.1% Industry: 29.5% Services: 54.4% (2015 est.)[5] Inflation (CPI) CPI: 5.77% (June 2016)[6] WPI:1.62% (June 2016)[7] Base borrowing rate 6.5% (as of 4 April 2016 )[8] Population below poverty line 21.3% of population below the poverty line of $1.90/day(2011, World Bank) [9] Gini coefficient 33.9 (2009)[10] Labour force 502.1 million (2015 est.)[11] Labour force by occupation Agriculture: 49% Industry: 20% Services: 31% (2012 est.) Unemployment 3% Urban 2% Rural Total=10.8 million (2013, NSSO method)[12] Average gross salary $1.46 per hour ($3,036.8 yearly in 2010);[13] GNI per capita: $1,631 yearly per person (2014);[14] Average household income: $8,671 yearly (2016)[15] Main industries software, petroleum products, chemicals, pharmaceuticals, agriculture, textiles, steel, transportation equipment, machinery, leather, cement, mining, construction[16][17] Ease-of-doing-business rank 130[18] (2016) ( 12 YoY)[19] External Exports $321.5 billion: merchandise exports $155.6 billion: services exports $477.1 billion: Total (2014)[20] Export goods software, petrochemicals, agriculture, leather, jewellery, engineering goods,[21] pharmaceuticals, textiles, chemicals, transportation, ores and other commodities[17] Main export partners European Union 16.3%(2014)[20] United States 13.4% United Arab Emirates 10.4% China 4.2% Hong Kong 4.2% Imports $463 billion: merchandise imports $146.9 billion: services imports $609.9 billion: Total (2014)[20] Import goods crude oil, gold and precious stones, electronics, engineering goods,[21] chemicals, plastics, coal and ores, iron and steel, vegetable oil and other commodities[17] Main import partners China 12.7% (2014)[20] European Union 10.5% Saudi Arabia 7.1% United Arab Emirates 5.9% Switzerland 4.6% FDI stock Inflows: $261.7 billion Outflows: $129.8 billion (2014 est.) Current account 1.3% of GDP ($27.5 billion) (2014–2015)[22] Gross external debt $480.2 billion (as of 31 December 2015)[23] ($18.3 billion YoY) Net international investment position -$363 billion (as of 31 March 2015)[24] ( -$26.2 billion YoY) Public finances Public debt 66.5% of GDP (2016)[25] Budget deficit 3.9% of GDP (2015–16)[26] Revenues ₹31.98 trillion (US$480 billion) (2016,IMF)[27] Expenses ₹38.09 trillion (US$570 billion) (2016,IMF)[27] Economic aid $2.98 billion (2014)[28] Credit rating BBB- (Domestic) BBB- (Foreign) BBB+ (T&C; Assessment) Outlook: Stable (Standard & Poor's)[29] Foreign reserves $366.77 billion (as of 26 August 2016)[30](8th) ( 392.6 million WoW) $25 billion forward contracts (as of 24 August 2015)[31] Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. The economy of India is the seventh-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP).[32] The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades. Maharashtra is the wealthiest Indian state and has an annual GDP of US$220 billion, nearly equal to that of Portugal, and accounts for 12% of the Indian GDP followed by the states of Tamil Nadu (US$140 billion) and Uttar Pradesh (US$130 billion). India's economy became the