Included in the October 2022 issue of MMI:
EMS in India
The economy of India is the world’s fifth largest by nominal GDP and the third largest by purchasing power parity (PPP), according to the International Monetary Fund. From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of broad economic liberalization measures in India, and since the start of the 21st century, annual average GDP growth has been 6 percent to 7 percent. GDP increased to US$3.5 trillion in 2022, up from US$2.7 trillion in 2020.
Nearly 70 percent of India’s GDP is driven by domestic private consumption. The country remains the world’s sixth-largest consumer market, according to the World Bank, and apart from private consumption, India’s GDP is also fueled by government spending, investments, and exports. (Due to extreme rupee/dollar rate fluctuations, India’s nominal GDP, too, fluctuates significantly.)
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