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Top 10 richest states in India | Tamil Zhi | Ravi
இந்தியாவின் மிகப்பெரிய 10 பணக்கார மாநிலங்கள்

The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP). From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning. Since the start of the 21st century, annual average GDP growth has been 6% to 7%. The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century. India accounts for 7.2% of the global economy in 2022 in PPP terms, and around 3.4% in nominal terms in 2022.

The country remains the world's sixth-largest consumer market. Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports. In 2022, India was the world's 6th-largest importer and the 9th-largest exporter. India has been a member of the World Trade Organization since 1 January 1995. It ranks 63rd on the Ease of doing business index and 40th on the Global Competitiveness Index. Due to extreme rupee/dollar rate fluctuations India's nominal GDP fluctuates significantly. With 476 million workers, the Indian labour force is the world's second-largest. India has one of the world's highest number of billionaires and extreme income inequality. however, the number of income tax returns filed have been increasing year on year reaching a record 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023 which was a 16.1% Year-on-Year increase.

During the 2008 global financial crisis, the economy faced a mild slowdown. India endorsed Keynesian policy and initiated stimulus measures (both fiscal and monetary) to boost growth and generate demand. In subsequent years, economic growth revived. According to the World Bank, to achieve sustainable economic development, India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labour regulations, financial inclusion, spur private investment and exports, education, and public health. Over 66 million Indians are categorised as middle class, and just 16 million are upper middle class, according to a 2021 Pew Research Center survey.

In 2022, India's ten largest trading partners were the United States, China, United Arab Emirates (UAE), Saudi Arabia, Russia, Germany, Hong Kong, Indonesia, South Korea, and Malaysia. In 2021–22, the foreign direct investment (FDI) in India was $82 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry. India has free trade agreements with several nations and blocs, including ASEAN, SAFTA, Mercosur, South Korea, Japan, Australia, UAE, and several others which are in effect or under negotiating stage.

The service sector makes up more than 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force. The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation. India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output. Nearly 65% of India's population is rural, and contributes about 50% of India's GDP. It has the world's fifth-largest foreign-exchange reserves worth $561 billion. India has a high public debt with 83% of GDP, while its fiscal deficit stood at 6.4% of GDP. India faces high unemployment, rising income inequality, and a drop in aggregate demand. India's gross domestic savings rate stood at 29.3% of GDP in 2022. In recent years, independent economists and financial institutions have accused the government of manipulating various economic data, especially GDP growth. India's overall social spending as a share of GDP in 2021–22 will be 8.6%, which is much lower than the average for OECD nations.

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