How will you differentiate between the Indian Economy and the economy of a particular state as Rajasthan?
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Answer:
Rajasthan is a mineral-rich state and has a diversified economy having agriculture, mining and tourism as its main engines of growth. The state mines produce gold, silver, sandstone, limestone, marble, rock phosphate, copper and lignite. It is the second largest producer of cement and contributes one tenth of the salt produced in India.
The economy of India is characterized as a developing market economy.[39][40] 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.[4] Post 1991 economic liberalisation, the free market oriented reforms propelled India to achieve 6% to 7% annual average GDP growth.[40] From 2014 to 2019, India's economy was the world's fastest growing major economy, surpassing China.