Economy of India
The Economy of India is the seventh-largest in the world by nominal GDP and the third-largest by purchasing power parity( PPP). The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7 % over the last two decades. The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. The Indian economy has the potential to become the world ' s 3rd-largest economy by the next decade, and one of the largest economies by mid-century. According to the IMF, the Indian economy is the " bright spot " in the global landscape. India also topped the World Bank’ s growth outlook for 2015-16 for the first time with the economy having grown 7.6 % in 2015-16 and expected to grow 7.7-8.0 % in 2016-17. India has the one of fastest growing service sectors in the world with annual growth rate of above 9 % since 2001, which contributed to 57 % of GDP in 2012-13. India has become a major exporter of IT services, BPO services, and software services with $ 167.0 billion worth of service exports in 2013-14. It is also the fastest-growing part of the economy. The IT industry continues to be the largest private sector employer in India. India is also the fourth largest start-up hub in the world with over 3,100 technology start-ups in 2014-15. India ranks second worldwide in farm output. The Industry sector has held a constant share of its economic contribution( 26 % of GDP in 2013-14). The Indian auto mobile industry is one of the largest in the world with an annual production of 21.48 million vehicles( mostly two and three wheelers) in FY 2013-14. India has $ 600 billion worth of retail market in 2015 and one of world ' s fastest growing E-Commerce markets. India is home to world ' s third largest Billionaires pool with 111 billionaires in 2016 and fourth largest number of ultrahigh-net-worth households that have more than 100 million dollars. India ' s economy became the world ' s fastest growing major economy from the last quarter of 2014, replacing the People ' s Republic of China.
Spotlight on Indian Electronics 2016 | 123