Question

Impact of oil and gas production on the indian economy

Answer 1

India is a land burgeoning with youth and life. It is the 11th largest economy in the world by nominal GDP (Gross Domestic Product) and 4th in terms of PPP (Purchasing Power Parity). India is also making very significant strides forward economically and is poised to become an economic superpower by 2020. While agriculture is still the predominant employer and economic mainstay of the nation, industries contribute a very large percentage to the economy. This contribution has increased more rapidly after the government opened up the economy and revised its economic policy to include liberalisation and globalisation. With more foreign companies entering the country and more Indian companies becoming MNC’s, India is expected to have one of the fasted predicted economic growth rates in the world. Currently its GDP is growing at the rate of an average of 7.5%.