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India
 

The Indus Valley civilization, one of the world's oldest, flourished during the 3rd and 2nd millennia B.C. and extended into northwestern India. Aryan tribes from the northwest infiltrated the Indian subcontinent about 1500 B.C.; their merger with the earlier Dravidian inhabitants created the classical Indian culture. The Maurya Empire of the 4th and 3rd centuries B.C. - which reached its zenith under ASHOKA - united much of South Asia. The Golden Age ushered in by the Gupta dynasty (4th to 6th centuries A.D.) saw a flowering of Indian science, art, and culture. Islam spread across the subcontinent over a period of 700 years. In the 10th and 11th centuries, Turks and Afghans invaded India and established the Delhi Sultanate. In the early 16th century, the Emperor BABUR established the Mughal Dynasty, which ruled India for more than three centuries. European explorers began establishing footholds in India during the 16th century.

By the 19th century, Great Britain had become the dominant political power on the subcontinent. The British Indian Army played a vital role in both World Wars. Years of nonviolent resistance to British rule, led by Mohandas GANDHI and Jawaharlal NEHRU, eventually resulted in Indian independence, which was granted in 1947. Large-scale communal violence took place before and after the subcontinent partition into two separate states - India and Pakistan. The neighboring nations have fought three wars since independence, the last of which was in 1971 and resulted in East Pakistan becoming the separate nation of Bangladesh. India's nuclear weapons tests in 1998 emboldened Pakistan to conduct its own tests that same year. In November 2008, terrorists originating from Pakistan conducted a series of coordinated attacks in Mumbai, India's financial capital. Despite pressing problems such as significant overpopulation, environmental degradation, extensive poverty, and widespread corruption, economic growth following the launch of economic reforms in 1991 and a massive youthful population are driving India's emergence as a regional and global power.

Source: The CIA World Factbook - India



Your advisors at the Chamber of Commerce

Edith Stein

+352423939482

Contact us: asia@cc.lu

Key indicators

Area
3,287,263 km2
Population
1,339,330,514 (July 2021 est.)
Government type
federal parliamentary republic
Languages
Hindi 43.6%, Bengali 8%, Marathi 6.9%, Telugu 6.7%, Tamil 5.7%, Gujarati 4.6%, Urdu 4.2%, Kannada 3.6%, Odia 3.1%, Malayalam 2.9%, Punjabi 2.7%, Assamese 1.3%, Maithili 1.1%, other 5.6%
GDP
$2.623 trillion (2020 est.)
Growth rate
-7.9% (2020 est.)
HDI
131
Capital
New Delhi

Macroeconomic indicators

Growth is increasing, making India the fastest-growing G20 economy. Investment and exports, supported by the smoother implementation of the new goods and services tax (GST), are becoming major growth engines. Inflation will hover within the target band, with upside risks reflecting rising oil prices and an increase in housing allowance for public employees. The current account deficit will increase. Job creation in the formal sector will remain sluggish, leaving the vast majority of workers in low-productivity, low-paid activities.

Fiscal and monetary policies are projected to remain broadly neutral. To reduce the relatively high public debt-to-GDP ratio, containing contingent fiscal liabilities is key, including through better governance of public enterprises. Better risk assessment in banks would allow allocating financial resources to the best projects and avoiding a new increase in non-performing loans. Investing more in education and training, combined with a modernisation of labour laws, would help create better jobs and make growth more inclusive.

Source: OECD - Economic Forecast

IMF Statistics:

Subject descriptor 2021 2022 2023 2024 2025

Gross domestic product, constant prices

Percent change

(Units)

9.690

6.987

7.827

6.808

6.458

Gross domestic product, current prices

Percent change

(Billions)

3,167.271

3,353.471

3,572.078

3,937.011

4,339.830

Gross domestic product per capita, current prices

Percent change

(Units)

2,250.179

2,366.310

2,500.356

2,730.774

2,983.507

Inflation, average consumer prices

Percent change

(Units)

5.506

6.653

5.375

4.563

4.167

Volume of imports of goods and services

Percent change

(Units)

19.380

10.040

-0.093

4.860

6.271

Volume of exports of goods and services

Percent change

(Units)

19.741

9.772

-0.873

3.890

4.099

Unemployment rate

Percent change

(Units)

Current account balance

Percent change

(Billions)

-38.693

-66.970

-43.073

-55.124

-69.203

Current account balance

Percent change

(Units)

-1.222

-1.997

-1.206

-1.400

-1.595
Estimates

Source: IMF Statistics - India

 

Relationships with Luxembourg

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 02.06.2008 (Memorial 2009, A No.137, p.1912)
  • Effective as of 01.01.2010 (Memorial 2009, A No.137, p.1912)

Air Services agreement

  • Convention from, 8.1.2001 (Memorial 2003, A, p. 1054 )
    The record of the Department of Treaties: not in force yet.

Source: Administation des contibutions directes 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in India

Embassy of the Grand Duchy of Luxembourg in India

Ambassador with residence in New Delhi: H.E. Mr Jean-Claude KUGENER

 

Embassy of the Grand Duche de Luxembourg in New Delhi
84, Jor Bagh
New Delhi – 110003
India

Tel.: (+91-11) 49 98 66 00
Fax: (+91-11) 41 52 52 01
E-Mail: newdelhi.amb@mae.etat.lu 
Website: newdelhi.mae.lu 
 

Honorary Consuls

Honorary Consul with jurisdiction over the states of Arunachal Pradesh, Assam, Bengale-Occidental, Bihar, Chhattisgarh, Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Sikkim and Tripura:

Mr Rajat DALMIA

502, Mangalam-'A'
24, Hemanta Basu Sarani
Kolkata 700 001
India

Tel.: (+91) 33 2262 2378 / (+91) 33 2230 8994
E-Mails: info@luxmconslcal.com / luxmcons.cal@gmail.com 

Honorary Consul with jurisdiction over the States of Tamil Nadu and Kerala:

Mr Seturaman MAHALINGAM

22 Karpagambal Nagar
Mylapore
Chennai 600 004
India

Tel.: (+91) 44 2498 7145 / (+91) 44 2498 7745
E-Mail : chennai@consul-hon.lu 

Honorary Consul with jurisdiction over the States of Maharashtra, Goa, and Gujarat:

Mr Perses BILIMORIA

404 Shards Chambers
33 New Marine Lines
Mumbai 400 020
India

Tel.: (+91) 22 40627200
E-Mail: mumbai@consul-hon.lu 

Honorary Consul with jurisdiction over the State of Karnataka:

Mr Suresh VASWANI

2nd Floor Umiya Landmark
10/7 Lavelle Road
Bengalore 560001
India

Tel.: (+91) 80 22485520
E-Mail: bengaluru@consul-hon.lu 

 

Source: Ministry of Foreign Affairs Luxembourg 

 

Country risk as defined by Office du Ducroire for India

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire office - Country Risk for India

Other useful links

Chamber of Commerce and the country

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