CLASS 12 INDIAN ECONOMIC DEVELOPMENT 1 MARKS OBJECTIVE TYPE QUESTIONS REVISED
Answers
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Answer:
Explanation:
The economy of India is characterised as a developing market economy.[41][42] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 119th by GDP (PPP) per capita in 2018.[6] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[43][44] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[42] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[45][46] Historically India was one of the largest economy in the world for most of the two millennia from 1st until 19th century.