The economy of India is a developing market economy. It is the world's 5th largest economy by nominal GDP and the 3rd largest by purchasing power parity. The long-term growth potential exists for the Indian economy. It has a young population and good savings and investment rates. The country is increasing the integration into the global economy. The economy slowed in 2017 due to shocks of demonetisation in 2016 and introduction of Goods and Services Tax in 2017.
Demonetization was initiated with a wide array of motives, such as stripping the Indian economy of its black money, pushing people to pay taxes for the unaccounted pile of cash, curb terrorism, promote the digital India movement and make India a profitable cashless economy.
About 60% of India's GDP is driven by domestic private consumption. It continues to remain the world's 6th largest consumer market. India's GDP is also fueled by government spending, investment, and exports. In 2018, India was the world's 10th largest importer and the 19th largest exporter.
The economic history of India began with the Indus Valley Civilization (3300–1300 BCE). The economy of that civilization appeared to have depended significantly on trade and examples of overseas trade. The Indus-Mesopotamia relations are notable. The Vedic period saw countable units of precious useful metal being used for exchange.
Here are the largest Companies in India: Rajesh Exports Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Tata Motors, State Bank of India, Oil and Natural Gas Corporation Limited, Reliance Industries Limited. Industry: Conglomerate and Indian Oil Corporation.
FedEx has expanded its service in India. The coverage went from 4,000 postal codes to over 19,000 in India. FedEx now offers end-to-end logistics solutions, including international and domestic air express services, domestic ground services, warehousing and supply chain management.
The British imperialism of India was a certain time when the British ruled Colonial India. The British came to India with plans to use their land and products for profit. In doing so, there were certain economic and ethical issues that caused many conflicts.
India ranked 4th in terms of growth in the share of the ICT sector's value added in GDP between the years of 2010 and 2017.
India’s economy has been growing at its slowest pace in more than 6 years between July – September. Unemployment remains quite high. India was once among the fastest growing large economies. It has significantly slowed. The country is grappling with rising debt and falling tax revenues.
India’s government must take quick steps to reverse the economic slowdown of the economy. It was before one of the faster engines of global growth. The problems are declining consumption and investment. There is also falling tax revenue.
Urgent policy actions are required to return India to a high growth situation. Cutting debt would be a good idea. They need to free up financial resources that can be used for investment.
India's economy grew at its slowest pace in more than six years in the July-September period. It fell to 4.5 percent from 7 percent a year ago.