India's industrial economy, which has invested much in advanced technology initiatives such as digital communications and space research, contrasts with the poverty that persists, particularly in rural areas. The country rates in the top dozen in the world by gross national product. Growth in this sector has been steady despite frequent damage through drought and flooding. India's energy requirements are met by oil, most of which is imported despite the growth of indigenous production, and hydroelectric schemes, mostly based amid the powerful northern rivers.
Mining is a relatively small sector, but does produce iron ore and cut diamonds for export.
Economic reforms were put into effect throughout the 1990s, under which trade has been liberalised, the sprawling public sector cut back, and state-owned industries sold off. The plan was approved with the IMF, which supplied substantial credits to the Indian treasury. Japan and Russia are India's major trading partners, among a wide range of extensive bilateral economic relations stretching from Australia and the Pacific Basin through Western Europe to the USA, Canada and Brazil. English is widely used in commercial circles, so there is little need for interpreter and translation services. Business cards are usually exchanged and should be presented with both hands.