Q. What is economic condition of India?
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Answers
the economy of India is developing day by day and it's know as a mixed economy, it's means the Indian economy has combining with both advantages and disadvantages of market . India is come in world at the sixth largest economy in GDP means gross domestic products . GDP is the sum of all goods services produced in India in an accounting year is known as a GDP . our country has high GDP .
the economic condition of country is also depends on the population .
India has very high population. population plays significant role in economy.
average income of a country is also depend on the population
and India is at the 7th place in economy .
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Qᴜᴇꜱᴛɪᴏɴ :
➣ What is economic condition of India ?
ᴀɴꜱᴡᴇʀ :
➛ The economy of India is characterised as a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and economic regulation, which is characterised as dirigism, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.
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