is India a developing or developed economy? explain
Answers
Answer:
The United States Trade Representative's (USTR's) office has classified India as a developed economy, ineligible for benefits given by Washington DC to developing countries. The USTR considers a country's per capita gross national income (GNI) and share of world trade to designate its level of economic development.
Answer:
The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors;[1] India's per capita income increased at only around 1% annualised rate in the three decades after its independence.[2] Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy.[2]
In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade.[2] IMF says that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%.[2] States have large responsibilities over their economies.