India ranks 9th in the world according to United Nations Statistics division.
Its GDP is $2.049 trillion nominal.
The country has shown a growth in GDP of the order 7.3% in 2014 -2015. India is moving from an agricultural economy to a services based economy. Agriculture contributes 17% to the GDP whereas now services contribute 57% to the GDP (2013-2014). Consumer price Index shows that inflation has been 5.01%. in the long term, the economy shows a growth promise because of its demographic dividend(young educated population), healthy savings and increasing integration into the world economy. India is the 4th largest start – up centre in the world and IT industry continues to be the largest private employer. India moved towards economic liberalisation only post 1990 after the cancellation of license Raj. A significant 23.6% of the Indian population still lies below poverty line. The country has a huge labour force of 502.3 million but the majority of the population is employed in agricultural activities (49%). services is the next largest employer at 31% followed by industry at 20%. The main industries are software, petro chemicals, agriculture, jewellery, and engineering. Budget deficit is 4.1% of the GDP. India ranks 142 in the ease of doing business index. Despite of the promising signs shown by the economy, corruption remains a pervasive problem affecting India. India has shown a great improvement in the literacy rate from 50 % in 1991 to 74.04 % in 2014. In addition to this, the country also has unequal distribution of income wherein the poorest states are at least 4 times poorer than the rich states.