Economy of India

                 Economy of India 

The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors.^[45] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP).^[46] From independence in 1947 until 1991, successive governments followed Soviet style planned economy and promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj.^[47][48] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India.^[49][50] Since the start of the 21st century, annual average GDP growth has been 6% to 7%.^[45] The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.^[51][52][53] India account for 7.2% of global economy in 2022 in PPP terms, and around 3.4% in nominal terms in 2022.^[54][55] 

^{Economy of India} 

Currency	Indian rupee (INR, ₹)
Fiscal year	1 April  – 31 March
Trade organisations	WTO, WCO, SAFTA, BIMSTEC, WFTU, BRICS, G-20, BIS, AIIB, ADB and others
Country group	Developing/Emerging[3] Lower-middle income economy[4] Newly industrialized country
Statistics
Population	1,417,173,173 (2nd; 2022 est.)[5][6]
GDP	$3.737 trillion (nominal; 2023 est.)[7]  $13.033 trillion (PPP; 2023 est.)[7]
GDP rank	5th (nominal; 2023) 3rd (PPP; 2023)
GDP growth	6.8% (2022)[7]  4.4% (Q3 2022-23) [8]  5.9% (2023f)[7]  6.3% (2024f)[7]
GDP per capita	$2,601 (nominal; 2023 est.)[7]  $9,073 (PPP; 2023 est.)[7]
GDP per capita rank	139th (nominal; 2023)[a] 127th (PPP; 2023)[a]
GDP by sector	Agriculture: 18.8% Industry: 28.2% Services: 53% (FY 2021-22)[9]
GDP by component	Private final consumption: 58.4% Government final consumption: 10.7% Gross fixed capital formation: 31.7% Exports of goods and services: 22.7% Imports of goods and services: 27.4% Other source: 4.7% (FY 2022–23)[10]
Inflation (CPI)	5.66% (March 2023)[11]
Base borrowing rate	4.50% (11 November 2022)[12]
Population below poverty line	3% in extreme poverty (2022 est.)[13]  10.01% on less than $2.15/day (2019)[14]  44.78% on less than $3.65/day (2019)[14]  83.83% on less than $6.85/day (2019)[14]
Gini coefficient	33.9 medium (2013)[15]
Human Development Index	0.633 medium (2021)[16](132nd)  0.475 low (2019)(104th)[17]
Corruption Perceptions Index	40 (2022)[18] (85th)
Labour force	476,670,190 (2021)[19] 48.7% employment rate (2020)[20]
Labour force by occupation	Agriculture: 42.60% [21] Industry: 25.12% [22] Services: 32.28% [23] (2019)
Unemployment	7.86% (March 2023)[24]
Gross savings	29.345% of GDP (2022)[25]
Yield curve	10-Year Bond 7.278% (Jan 2023)[26][27]
Purchasing Managers' Index	55.3 Manufacturing (Feb 2023)[28]  59.4 Services (Feb 2023)[29]
Main industries	Textiles chemicals food processing steel transportation equipment cement mining petroleum machinery software pharmaceuticals[30]
Ease-of-doing-business rank	63rd (easy, 2020)[