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Concept
Economy of India
Summary
The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors. 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 139th by GDP (nominal) and 127th by GDP (PPP). From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive sovietization, state intervention, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence 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 and indicative planning. Since the start of the 21st century, annual average GDP growth has been 6% to 7%. The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century. India accounts for 7.2% of global economy in 2022 in PPP terms, and around 3.4% in nominal terms in 2022.
India still has informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributed to lower private consumption and inflation; and new social and infrastructure equity efforts. Economic growth slowed down in 2017 due to the shocks of "demonetisation" in 2016 and the introduction of the Goods and Services Tax in 2017. Nearly 70% of India's GDP is driven by domestic consumption. The country remains the world's sixth-largest consumer market. Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports. In 2022, India was the world's 6th-largest importer and the 9th-largest exporter. India has been a member of the World Trade Organization since 1 January 1995.
Official source
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