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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). [58]
Foreign direct investment (FDI) in India has reached 2% of GDP, compared with 0.1% in 1990, and Indian investment in other countries rose sharply in 2006. [18]As the third-largest economy in the world in PPP terms, India is a preferred destination for FDI; [19] India has strengths in information technology and other significant areas such as auto components, chemicals, apparels ...
As of 2023, India is the seventh largest exporter of commercial services in the world, [12] accounting for 4.6% of global trade in services. India's service exports grew by 27%. [ 13 ] In September, India's prominent services industry experienced an acceleration in growth, buoyed by robust demand in the sector.
Most projections for India’s future strength are based on two simple facts – that it has now surpassed China to become the most populous country in the world, and its $3 trillion economy ...
In 2022, India was the world's 10th-largest importer and the 8th-largest exporter. [82] India has been a member of the World Trade Organization since 1 January 1995. [83] It ranks 63rd on the ease of doing business index and 40th on the Global Competitiveness Index.
Mexico is a very important and major economic partner of India. Nobel Prize laureate and ambassador to India Octavio Paz wrote his book In Light of India which is an analysis of Indian history and culture. [367] Both nations are regional powers and members of the G-20 major economies. India has an embassy in Mexico City. [368]
First estimation of India's national income by Dadabhai Naoroji; 1870 India's economy had a 9.2% share of world income under the British Empire. [18] 1900 Under the British Empire, India's share of manufacturing declined to 2% of global industrial output. [12] 1913 India's economy had a 5.4% share of world income under the British Empire. [18] 1930
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.