Question

''The international economy is fast turning into a borderless global economy '' Critically analyze in relation to IFS​

Answer 1

Answer:

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

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