May 23, 2013
The week's top five must-sees,
delivered to your inbox.
Features include interactive map, in-depth stories, and more.
Download now. »
The week's top five must-sees,
delivered to your inbox.
|
Description
The economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity. The country is one of the G-20 major economies and a member of BRICS. On a per-capita-income basis, India ranked 141st by nominal GDP and 130th by GDP in 2012, according to the IMF. India is the 19th-largest exporter and the 10th-largest importer in the world. Economic growth rate slowed to around 5.0% for the 2012–13 fiscal year compared with 6.2% in the previous fiscal. It is to be noted that India's GDP grew by an astounding 9.3% in 2010–11. Thus, the growth rate has nearly halved in just three years.
The independence-era Indian economy was based on a mixed economy combining features of capitalism and socialism, resulting in an inward-looking, interventionist policies and import-substituting economy that failed to take advantage of the post-war expansion of trade. This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation.
In 1991, India adopted liberal and free-market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, finance minister from 30 November 2009 to 24 January 2010, and previously under the leadership of P.V. Narasimha Rao, prime minister from 1991 to 1996, who had eliminated License Raj, a pre- and post-British era mechanism of strict government controls on setting up new industry. Following these major economic reforms, and a strong focus on developing national infrastructure such as the Golden Quadrilateral project by Atal Bihari Vajpayee, prime minister, the country's economic growth progressed at a rapid pace, with relatively large increases in per-capita incomes.
(via Freebase)
|
