Question

The International economy is fast turning into a borderless global economy" Critically analyze in relation to International Financial system.

Answer 1

Answer:

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The economy of India is characterised as a 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 IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 119th by GDP (PPP) per capita in 2018.From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. 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 one of the largest economy in the world for most of the two millennia from 1st until 19th century.

Explanation:

Answer 2

Explanation:

• India's economy is defined as an emerging market economy. By nominal GDP it is the fifth-biggest economy in the world and 'purchasing power parity' (PPP) is the third-largest.
• Since independence in 1947 to 1991, successfull governments implemented 'protectionist economic policies' with complete state regulation and intervention; the conclusion of Cold War and an unprecedented payment balance crisis in 1991 contributed to the implementation of a broad economic liberalization plan.
• Since the beginning of the twenty first century, average annual GDP growth has been '6% to 7%', India was the fastest-growing global economy in the globe from 2014 to 2018. Historically, India was one of the world's largest economies from the 1st to the 19th century.

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