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The Indian Economy is among the largest economies of the world ranking ninth position in terms of GDP and ranking fourth in terms of PPP. India is part of the BRICS and of the G-20 nations, moreover, to being participants of the ASEAN. In India, the per capita GDP was $3,408 in 2010, turning it a low-income group countries. The Indian economy in the pre independence era (before August, 1947) was following the economic policy of the Soviet Union having socialist practices, high import duties, large public sectors and less private participation typifying it, contributing to huge inefficiencies and rampant corruption. However, on the later part, India implemented principles of free market and liberalized its economic policies to global trade under the leadership of Manmohan Singh, the then Finance Minister of Indian under the guidance of the then Prime Minister P.V.Narashha Rao. After these strong measures of economic reforms, the economic growth of India accelerated at a quick pace achieving high growth rates and huge enhancement in the incomes of inhabitants.
India recorded the biggest ever growth rates in 2000s, and turned into one of the quickest-growing economies in the global front. The growth was visible mainly owing to a massive in the population size of the middle class consumer, a huge workforce consisting of non-skilled and skilled workers, considerable foreign investments and better education standards. India is the eleventh largest importer and seventeenth largest exporter in the world. Projected economic growth rates for India during the financial year 2011-12 is about 7.5% to 8%
Policies of social democratic kind governed India for some period after Independence of India from the rule of British. Then Indian economy was characterized by protectionism, extensive regulation, slow growth rate, public ownership and pervasive corruption. After 1991, adaptation of economic liberalization has helped moving the country into a market-based economy. A revival of better economic policy and economic reform in the first decade of twenty-first century gathered momentum in economic growth rate of India. Lately, Indian cities have been undergoing liberalize business regulations. India had been able to establish itself as the second-fastest growing economy of the world, by 2008. However, owing to financial crisis during the year from 2007 to 2010, along with insufficient monsoon, GDP of India slowed down to 6.7% in the year 2008-2009, however, recovered subsequently to 7.4% in the year 2009-10, whilst the fiscal deficit increased from 5.9% to 6.5% at the same time. Current account deficit of India rose to 4.1% of Gross Domestic Product during second quarter of financial year 2011 compared to 3.2% in the last quarter.
India recorded the biggest ever growth rates in 2000s, and turned into one of the quickest-growing economies in the global front. The growth was visible mainly owing to a massive in the population size of the middle class consumer, a huge workforce consisting of non-skilled and skilled workers, considerable foreign investments and better education standards. India is the eleventh largest importer and seventeenth largest exporter in the world. Projected economic growth rates for India during the financial year 2011-12 is about 7.5% to 8%
Policies of social democratic kind governed India for some period after Independence of India from the rule of British. Then Indian economy was characterized by protectionism, extensive regulation, slow growth rate, public ownership and pervasive corruption. After 1991, adaptation of economic liberalization has helped moving the country into a market-based economy. A revival of better economic policy and economic reform in the first decade of twenty-first century gathered momentum in economic growth rate of India. Lately, Indian cities have been undergoing liberalize business regulations. India had been able to establish itself as the second-fastest growing economy of the world, by 2008. However, owing to financial crisis during the year from 2007 to 2010, along with insufficient monsoon, GDP of India slowed down to 6.7% in the year 2008-2009, however, recovered subsequently to 7.4% in the year 2009-10, whilst the fiscal deficit increased from 5.9% to 6.5% at the same time. Current account deficit of India rose to 4.1% of Gross Domestic Product during second quarter of financial year 2011 compared to 3.2% in the last quarter.