Article

Introduction

Chetan Ghate

in The Oxford Handbook of the Indian Economy

Published in print March 2012 | ISBN: 9780199734580
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199734580.013.0001

Series: Oxford Handbooks

 Introduction

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This article highlights India's growing economic importance on the world stage and focuses on the recent and future course of the Indian economy. India's remarkable economic growth in recent years has made it one of the fastest growing economies in the world. In 2011, India ranked as the 11th largest economy in the world in nominal US dollars. With respect to purchasing power parity, India has the fourth largest economy in the world after the United States, China, and Japan. The immense optimism surrounding the Indian economy is underscored in the 2010 Economic Survey, which alludes to the strong possibility of double-digit growth in the coming decade. While India's economic growth has been impressive, rapid growth has been accompanied by a slow decline in poverty, widening regional disparities, and continuing sociopolitical instability. Large sections of the population continue to be deprived of basic health and education.

Keywords: Indian economy; economic growth; poverty; regional disparities; health and education; sociopolitical instability

Article.  13583 words. 

Subjects: Economics ; Economic Development and Growth ; Financial Markets

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