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India is the world’s third largest economy in terms of purchasing power parity (PPP), with a gross domestic product (GDP) of US $4.042 trillion. It is the twelfth largest economy in the world when measured in exchange-rate terms, with a GDP of US $930.0 billion (2007). It is the second fastest growing major economy in the world, with a GDP growth rate of 9.2% at the end of the second quarter of 2006–2007.
However, due to its huge population, it has a per capita income of $3400 at PPP and $714 at nominal. The World Bank has placed it in the list of low-income economy. India’s economy is diverse, depending on agriculture, handicrafts, textile, manufacturing, and a multitude of services.
The two-thirds of the Indian workforce depend directly or indirectly on agriculture. However, the service sector also plays an important role in India’s economy. India’s major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery and software.
India is a major exporter of highly-skilled workers in software, and financial services. Due to continuous economic expansion, India has made significant progress in reducing its federal fiscal deficit. However, the massive growth of population is the fundamental social, economic, and environmental problem.