Indian Economy: A journey of last 65 years
India- A trillion economy (India`s growth story)
The past 20 years, India`s best, are the inflection point on the graph of India`s progress. It is the time-period (1991-till now) of the fastest rate of economic growth and the biggest jump in per capita income. These were the best 20 plus years for tax revenues, government spending, savings and investments, all of which lifted the economy`s size to above USD1 trillion.
The economy of India is now the tenth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP).The country is one of the G-20 major economies and a member of BRICS.
India recorded the highest growth rates in the mid-2000s, and is one of the fastest-growing economies in the world. India has recorded a growth of over 200 times in per capita income in a period from 1947 (Rs 249.6) to 2011. The growth was led primarily due to a huge increase in the size of the middle class consumer, a large labor force,growth in the manufacturing sector due to rising education levels and engineering skills and considerable foreign investments.
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