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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]
The top 3 largest economies in Asia are China, Japan and India. China is the largest economy in Asia, ... 2024 GDP (nominal) in billions — Asia: 42.72 trillion: 1
On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. [5] The rankings of national economies over time have changed considerably; the economy of the United States surpassed the British Empire's output around 1916, [6] which in turn had surpassed the economy of the Qing dynasty in aggregate output decades earlier.
Between July and September, India's economy slumped to a seven-quarter low of 5.4%, well below the Reserve Bank of India (RBI) forecast of 7%. While it is still robust compared with developed ...
India is “easily” the fastest-growing economy in the world, the IMF’s executive director said, as the country’s third-quarter GDP growth blew past estimates.
Nearly 65% of India's population is rural, [113] and contributes about 50% of India's GDP. [114] India faces high unemployment, rising income inequality, and a drop in aggregate demand. [115] [116] According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021. [117]
To make it more meaningful for year-to-year comparisons, a nominal GDP may be multiplied by the ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $100 million and its GDP in 2000 was $300 million. Suppose also that inflation had halved the ...
Since currency valuations can be subject to rapid change, a country could achieve the US$1 trillion nominal GDP mark one year and then produce less than that in total goods and services the following year(s). The 2010 data used here are compiled according to the International Monetary Fund (IMF) values. As for the former Soviet Union, the last ...