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ECONOMY

Indian Economy

The Indian Economy is one of the fastest growing economies in the world. The country is one of the G-20 major economies and a member of BRICS. 

The independence-era Indian economy (before and a little after 1947) was inspired by the economy of the Soviet Union with socialist practices, large public sectors, high import duties and lesser private participation was the main features. However, in 90s, India adopted free market policies and liberalized its economy to international trade under the guidance of Manmohan Singh, the Finance Minister of India. 

As the fourth-largest economy in the world in PPP terms, India is a favourite destination for FDI. India has strengths in telecommunication, information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies were a significant hindrance. India has a large pool of skilled managerial and technical expertise. The size of the middle-class population stands at 300 million and this is a good indicator for  a growing consumer market.




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