If measured at purchasing power parity (PPP), India is the third largest economy in the world with a growing gross domestic product equal to 9.2%. This makes India the owner of the economy, the second-largest in the world growth rate. India is the tenth largest economy when measured in U.S. exchange rates. Since the number of people in India is the second largest in the world, per capita income in India is quite low. This makes the Indian economy with low returns.
As well as the topography and culture of the Indian economy is diverse. It covers various areas such as agriculture, engineering, textiles, hand-made crafts and a variety of service sectors.
Most of India's population earns a living in agriculture and related industries. However, globalization and the opening of the world's economies also contributes to the development of engineering and the service sector especially in urban areas. One major advantage of India - a large number of young people from the age category 18 - 30 years.
These young people are educated in the modern era of digital technology work in the field of outsourcing and service offices of large companies, which are widely prevalent in India. And the tag as in Russia they use statements electronically . India is known for highly skilled workers in the field of computer technology and financial services. Sectors such as pharmaceuticals, biotechnology, telecommunications, shipbuilding, aviation is also widely developed. The power of the Indian economy lies in the enormous potential of an educated and skilled population. However, the economic weakness of India is in a persistent budget deficit of the public sector, which accounts for about 10% of GDP.
The history of India shows that the government tightly controlled the private sector and foreign trade. However, after the liberalization and privatization in 1990, India has gradually opened its economy. It was to encourage private sector participation and lifted restrictions on foreign trade. India has become the owner of one of the richest economies in the developing world since 1990. Moreover life expectancy has increased significantly improved the quality of education and food security. This means that the Indian economy has achieved inclusive growth.
India - a country with a "huge gap" between rich and poor. India therefore difficult to reduce socio-economic disparities among the population. Poverty is still a major problem for the government, even after numerous economic reforms.