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India - Overview


The Indian economy has made rapid strides in the first fifty years of freedom, achieving food self-sufficiency, creating a strong and diversified industrial base, developing technological capabilities in sophisticated areas and establishing growing linkages with an integrated world economy. India, at present the fifteenth largest economy, is well poised to enter the 21st century as an emerging regional economic power, having moved into a higher growth trajectory in 1990s- the decade of transformation from an inward-looking, ever-regulated to a highly liberalized market-oriented system.

GDP growth rates of 7 to 8 per cent in recent years (1994-97) yielding an average of over 6 per cent in the latter half of the 1990s, rising level of foreign investment inflows and the potential being tapped for expanded trade in goods and services are making India increasingly important in the global economy. The world Bank has projected that India will be one of the five developing countries to move up in the league of major economies by 2020.

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