Economy

India is a 1.3 billion strong emerging economy which has witnessed unprecedented levels of economic expansion, along with countries like China, Russia, Mexico and Brazil. It is the twelfth largest economy in the world by nominal value and the fourth largest by purchasing power parity (PPP). In the early 1990s, following economic reform the country began to experience rapid economic growth, as markets opened for international competition and investment. In the 21st century, India has emerged as an economic power with vast human and natural resources, and a huge knowledge base. India, being a cost effective and labor intensive economy, has benefited immensely from outsourcing of work from developed countries, and a strong manufacturing and export oriented industrial framework. India's large service industry accounts for 62.6% of the country's GDP while the industrial and agricultural sector contribute 20% and 17.5% respectively. India currently accounts for 1.5% of World trade as of 2007 according to the WTO. It is predicted that by 2020 India will be among the leading economies of the world.

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