Question

Q.2. Explain – (i) Economic condition for all class of people.
(ii) National Income.
(iii) Health and Education Status.

Answer 1

The economy of India is a developing mixed economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 141st in per capita GDP (nominal) with $2,134 and 123rd in per capita GDP (PPP) with $7,783 as of 2018. After 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. In FY 2015 and 2018 India's economy became the world's fastest growing major economy, surpassing China.