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 .
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