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Economy & Currency
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Economy


Though the constitution proclaims India to be a socialist country, it is in truth a mixed economy with a strong and influential private sector. Public sector undertakings controlled by the state are involved in many industries though the need for disinvestment is being increasingly felt. India has a planned economy. 

It is largely an agrarian economy. Rice, wheat, oilseed, cotton, jute, tea, coffee, rubber, sugarcane and potatoes are the bulk of the produce. Livestock include cattle, water buffalo, sheep, goats and poultry. Coastal communities and those who live on riverbanks are often dependent on fishing for livelihood.

The major foreign exchange earner for India is textile, followed by Information Technology. With Indian IT professionals making it big in the United States and Indian IT companies proving to be among the best in the crop, there is new international interest in Indian professionals. Precious and semi-precious stones, leather products, engineering goods and chemicals are also exported.

Major trading partners include US, UK, Germany, Hong Kong, Japan and the UAE.

Major industries include steel, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum and machinery.

Currency


The Indian rupee is available in denominations of Rs10, Rs20, Rs50, Rs100, Rs500 and Rs 1000. There are coins for Re1, Rs2,Rs5 and Rs 10.

Banking in India has become quite easy now. ATMs are found in many cities in India except for the very small towns. Major international credit cards are widely accepted in the cities. 

Changing money in India especially in bigger metros is quite easy as there are many accredited money changers and most banks too change money. Moneychangers are open 24 hours at the airports (but these are invariably far from town) and in hotels.

 
 
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