The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally.

The economy’s strength lies in a limited dependence on exports, high saving rates, favourable demographics, and a rising middle class.

India is the fastest-growing trillion-dollar economy and the fifth-largest overall, with a nominal GDP of $2.94 trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France.

The country ranks third when GDP is compared in terms of purchasing power parity at $11.33 trillion. When it comes to calculating GDP per capita, India’s high population drags its nominal GDP per capita down to
$2,170.

The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India’s post-independence journey began as an agrarian nation; however, over the years the manufacturing and services sector has emerged strongly.

Today, its service sector is the fastest-growing sector in the world, contributing to more than 60 per cent to its economy and accounting for 28 per cent of employment. Manufacturing remains as one of its crucial sectors and is being given due push via the governments’ initiatives, such as Make in India.

Although the contribution of its agricultural sector has declined to around 17 per cent, it still is way higher in comparison to the western nations. The economy’s strength lies in a limited dependence on exports, high saving rates, favourable demographics, and a rising middle class.

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