Economy of India
India has a developing market-oriented economy with substantial state participation in strategic sectors. As of October 2026, it is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). By per capita income, the nation ranks 151st by nominal GDP and 122nd by PPP-adjusted GDP as of 2026. From independence in 1947 until 1991, economic development was characterised by protectionist economic policies, with extensive state intervention, central planning, public ownership of key industries, and regulation. An acute balance-of-payments crisis in 1991 led India to adopt broad economic liberalisation. Nearly 70% of India's GDP comes from domestic consumption, and the nation consistently the world's third-largest consumer market. As of 2025, the service sector accounts for around 55% of GDP. Beyond private consumption, India's GDP is driven by government spending, investments, and exports. As of 2025, India is the world's 7th-largest importer and...
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