describe the indian economy right after 1991
Answers
Answer:
The economy of India is characterised as a middle income developing market economy.[42] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).[43] According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.[44] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and economic regulation, which is characterised as dirigism, in the form of the License Raj.[45][46] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India.[47][48] 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.[49][50] Historically, India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.[51][52][53
Explanation:
Mark me as a brainliest
Answer:
At $2.3 trillion, the Indian economy has grown nearly 9 times since 1991. In 1991, India's GDP stood at $266 billion. ... The services sector contributes nearly 54 per cent to domestic GDP (from 39 per cent in 1991), while the industry sector's contribution to GDP stands at 29 per cent now against 30 in 1991.01-Feb-2018