Country Profile – India | ANDAMAN PARTNERS

Country Profiles

India

June 24, 2025

NOTE: This is a brief summary of the full Country Profile, which can be viewed or downloaded at the link below.

India has the world’s largest population and the fourth-largest economy at USD 3.9 trillion, surpassing Japan in 2024, with a real GDP growth rate of 6.5%, the fastest-growing major economy.

India has a total land area of 3.3 million square kilometres.

Government is democratic with a parliamentary system.

India’s economy is poised to become the world’s third-largest by 2030 with a GDP exceeding USD 6 trillion. While still relatively low, GDP per capita is gradually rising.

From 5% in 2019, the unemployment rate increased post-COVID-19 to 8% in 2023, and fell back to 4.9% in 2024. India’s currency has been relatively stable compared to its peers.

Central government debt in the last decade peaked during the COVID-19 pandemic and stabilised post-pandemic, reaching 83% of GDP in 2023. Household consumption has trended upwards in recent years.

India’s total trade amounted to USD 1.1 trillion in 2024, dominated by two sectors: Minerals, Fuels & Chemicals and Metals, Electronics & Machinery. The country usually has an annual trade deficit; in 2024, imports exceeded exports by USD 264 billion.

Leading export partners (2024): U.S. (USD 79.4 billion), UAE (USD 37.1 billion), Netherlands (USD 24.2 billion).

Leading import partners (2023): China (USD 127 billion), Russia (USD 67.2 billion), UAE (USD 55.7 billion).

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