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The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP) . [ 61 ]
Composition of India's total production of foodgrains and commercial crops, in 2003–04, by weight. India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce [13] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a ...
NEW DELHI (Reuters) -India is looking forward to strengthening its economic relationship with the United States by engaging with the incoming Trump administration, India's trade minister Piyush ...
The liberal economic perspective in India affects the domestic markets. As the prices in United States rises it impacts India where the commodities are now imported at a higher price impacting the price rise. Hence, the nominal exchange rate and the import inflation are a measures that depict the competitiveness and challenges for the economy. [10]
The economic crisis created a situation where India had to accept the conditions imposed by the World Bank and the IMF, which included structural reforms. As a result, the Indian economy was opened up to foreign participation in various sectors, including state-owned enterprises .
On 9 March 2020, the Sensex fell by 1,941.67 points, while Nifty-50 broke down by 538 points. The fear of COVID-19 outbreak has created havoc all over the globe and India is no exception. Further, the recent Yes Bank crisis also made the markets fell. [39] The markets ended in red with Sensex closing on 35,634.95 and Nifty-50 on 10,451.45.
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.