Economy of India
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The economy of India is the 12th largest in the world with a GDP (a year's goods and services) of $568 billion (U.S.). If you consider PPP (how much that money can buy in India compared to other countries), the economy is fourth largest (worth $3.319 trillion U.S.). The growth rate is 6.2%. However, that is still only $3100 (considering PPP) per person per year.
India's economy includes agriculture, handicrafts, industries, and a lot of services. Services are the main source of economic growth in India today, though two-thirds of Indian people earn their living directly or indirectly through agriculture. In recent times, due to its large number of well-educated people who can speak English, India sells a lot of computer programs to other countries.
For most of India's independent history, it had strict government controls in many areas such as telecommunications (communication over long distances), banking and foreign direct investment. Since the early 1990s, India has slowly opened up its markets by reducing government control on foreign trade and investment.
The social and economic problems India faces are the increasing population, poverty, lack of infrastructure (buildings, roads, etc.) and growing unemployment. Although poverty has gone down 10% since the 1980s, a quarter of India's citizens still cannot pay for enough food.
