India's population is estimated at more than 1.1 billion and is growing at 1.3% a year. It has the world's 12th largest economy; and the third largest in Asia behind Japan and China. Nearly 2/3 of the population depends on agriculture for its livelihood. 700 million Indians live on $2 per day or less, but there is a large and growing middle class of more than 50 million Indians with a disposable income ranging from $4166 to $20,833. Estimates are that the middle class will grow ten-fold by 2025.
India continues to move forward with "market-oriented economic reforms" that began in 1991.
The United States is India's largest trading partner. In 2007 with $41.6 billion in trades. Principal U.S. exports are diagnostic or lab reagents, aircraft and parts, advanced machinery, cotton, fertilizers, ferrous waste/scrap metal, and computer hardware. Major U.S. imports from India include textiles and ready-made garments, Internet-enabled services, agricultural and related products, gems and jewelry, leather products, and chemicals.
Now India is growing rapidly together with China and Japan. The World Bank plans to double aid to India to almost $3 billion a year, with focus on infrastructure, education, health, and rural livelihoods.
