Economywatch Team
World Economy | Indian Economy
India In The World is at a significant position in almost all aspects. India is the second largest country in terms of population. The population of the country has crossed the one billion mark. This huge population burden needs to be maintained by the economy which has become a herculean task.
But the economic progress has been quite satisfactory in the recent times. The World Bank Report, 2005 shows that between the years 1980 and 1990, the Indian economy grew at a rate of 5.7 %. In terms of economic growth, India's rank was 6 in the whole world during the above mentioned period. But during the next decade, that is between 1990 and 2000, India bettered its performance and posted an economic rate of six percent. Indian economic growth improved its performance further to 6.2 % during 2000-2004. During the fiscal year 2004-2005, the Indian economy had evidenced a rate of growth of 7.5 %. Hence, it can be concluded that there are only two countries in the world which improved their performance on a continuous basis for the last two and a half decade. These two countries are India and China.
The purchasing power parity of India has been calculated to be 3.4 trillion US Dollars and is ranked at the fourth spot in the world arena. When production of output is considered then IMF statistics show that the percentage contribution of Indian economy has increased significantly in the last 2½ decades from a mere 4.3 % to 5.8 % during the period 1990-2004.
India has proved its presence In The World. During the financial year 2003-2004, India contributes to around 1/10th of the total economic growth of the whole world.
Indian Economy
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