Describe the information about Economically Progress of India.
Answers
The economy of India is a developing mixed economy.[35] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018.[36][37] After the 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. Since 2014 with the exception of 2017, India's economy has been the world's fastest growing major economy, surpassing China.[38]
The long-term growth prospective of the Indian economy is positive due to its young population,English profiency, corresponding low dependency ratio, healthy savings[39] and investment rates, and increasing integration into the global economy.[40] India topped the World Bank's growth outlook for the first time in fiscal year 2015–16, during which the economy grew 7.6%.[41] Despite previous reforms, economic growth is still significantly slowed by bureaucracy, poor infrastructure, and inflexible labor laws (especially the inability to lay off workers in a business slowdown).[42]
India has one of the fastest growing service sectors in the world with an annual growth rate above 9% since 2001, which contributed to 57% of GDP in 2012–13.[43] India has become a major exporter of IT services, Business Process Outsourcing (BPO) services, and software services with $154 billion revenue in FY 2017.[44][43] This is the fastest-growing part of the economy.[45] The IT industry continues to be the largest private-sector employer in India.[46][47] India is the second-largest start-up hub in the world with over 3,100 technology start-ups in 2018–19.[48] The agricultural sector is the largest employer in India's economy but contributes to a declining share of its GDP (17% in 2013–14). India ranks second worldwide in farm output.[49] The industry (manufacturing) sector has held a steady share of its economic contribution (26% of GDP in 2013–14).[50] The Indian automobile industry is one of the largest in the world with an annual production of 21.48 million vehicles (mostly two and three-wheelers) in 2013–14.[51] India had $600 billion worth of retail market in 2015 and one of world's fastest growing e-commerce markets.[52][53]