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Economy of India

Economy of India

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Published by John Kiruba Sankar

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Published by: John Kiruba Sankar on Dec 13, 2011
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05/13/2014

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Economy oI India

I r om t h e 1950s un t i l t h e 1980s , I n di a I ol l owed s oci a l i s t - i n s pi r ed pol i ci e s . Th e
ec on omywas shackled by extensive regulation, protectionism, and public ownership, leading to pervasive
corruption and slow growth

Si n ce 1991, t h e n a t i on h a s moved t owa r ds a ma r ket - ba s ed s ys t em.

Th e pol i c y ch a n ge i n 1991 ca me a I t er a n a cut e ba l a n ce oI pa ymen t s cr i s i s , a n d
t h eemphasis since then has been to use Ioreign trade and Ioreign investment as integral parts oI India's economy.

Wi t h an a ver a ge a nn ua l GDP gr owt h r a t e oI 5. 8° I or t h e pa s t t wo de ca d es , t h e
ec on omyis among the Iastest growing in the world.

I t ha s t h e wor l d' s s e c on d l a r ges t l a bour I or c e, wi t h 516. 3 mi l l i on peopl e.

I n t er ms oI out put , t h e a gr i cul t ur a l s ect or a c c oun t s I or 28° oI GDP; t h e s er vi c e
a n dindustrial sectors make up 54° and 18° respectively.

A Gol dma n Sa ch s r epor t pr edi ct s t h a t " I r om 2007 t o 2020, I n di a ¶ s GDP per ca pi t a
wi l l quadruple," and that the Indian economy will surpass the United States by 2043.

but I n di a " wi l l r ema i n a l ow- i n c ome c oun t r y I or s e ver a l deca de s , wi t h per
ca pi t a incomes well below its other BRIC peers.

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