) and the People's Assembly (545 seats; 543 elected by popular vote, 2 appointed by the president; members serve five-year terms). 3.1.3Economic Characteristics3.1.3.1 General Information India's economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. India's international payments position remained strong in 1999 with adequate foreign exchange reserves, reasonably stable exchange rates, and booming exports of software services. Lower production of some nonfood grain crops offset recovery in industrial production. Strong demand for India's high technology exports will bolster growth in 2000. 3.1.3.2Economic IndicatorsIndia's GDP growth rate is between 6 and 7%. The GDP in $US is 466.1 billion. The GDP per capita is approximately US$1800. Agriculture represents 25% of the GDP composition by sector. Industry, which includes textiles, the product we are importing, and services represent 30% and 45% respectively. In 1995, India had the world's 16th largest economy and rose to the 11th place in 1999. India's purchasing power parity is at approximately $1.805 trillion and is the fifth largest economy in this category. 32% of India's population lives in urban areas but there is a gradual and constant movement of the population from rural to urban areas. The labor force is mainly comprises occupations in agriculture 67%, services 18% and industry 15%. The inflation rate is approximately 4.7% and the income per capita is valued at US$ 472.3.1.3.2Social Development IndicatorsThe life expectancy in India is 62.5 years. Infant mortality rate is 64.9 per 1000. The labour force as a percentage of the population is 38% and people in absolute poverty represent about 1/3 of the population. The adult literacy rate is 52.1%. India occupies only 2.4% of the world's land area but supports over 15% of the world's population.3.1.4Legal/Regulatory EnvironmentThe...
