Changing Scenario Of Indian Economy
India is one of the fastest developing countries in the world, but as you have noticed it’s still a developing country, even after more than 60 years of independence India is still labeled as a Developing country. The speed of development in our country is less and low compared to other countries. But from a few years, the economy of India is characterized as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 139th by GDP (nominal)and 118th by GDP in 2018. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest-growing major economy, surpassing China. The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, and its increasing ...