Economy of india #economy #india #google #rahul

The economic development in Indiafollowedsocialist-inspired policies for mostof its independent history, including state-ownership of many sectors;India's per capita income increased at only around1%annualised ratein the three decades after its independence.[1]Since the mid-1980s, India has slowly opened up its markets througheconomic liberalisation. After more fundamental reforms since 1991 andtheir renewal in the 2000s, India has progressed towards afree market economy.[1]In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade.[1]Analysts[who?]say that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%.[1]States have large responsibilities over their economies. The annualised 1999–2008growth ratesforTamil Nadu(9.9),Maharashtra(9.7%),Gujarat(9.6%),Haryana(9.1%), orDelhi(8.9%) were significantly higher than forBihar(5.1%),Uttar Pradesh(4.4%), orMadhya Pradesh(6.5%).[2]India is theseventh-largesteconomy in the world and thethird largestby purchasing power parity adjusted exchange rates (PPP). On per capita basis, it ranks140thin the worldor129thby PPP.