Economy of India: A Developing Mixed Economy

Indian economy is positioned as Sixth in terms of the nominalGDP and is considered as the third largest economy in termsof purchasing power parity (PPP). The years, 2015 and 2016has played a vital role in Indian economic development asduring this period Indian World Bank's expansion and growthwas observed. This was the major reason why economydeveloped to 7.6%. However, this growth diminished in 2017 to7.1% but it is assumed that the growth rate will rise up to7.2% in 2018 following 7.7% in 2019.
Indian economy is mainlyknown for its service sectors as it has been one of the leadingcountries to export business process outsourcing (BPO) servicesand software services. India is also rich in agricultural sectoremploying thousands of people in agricultural fields and seekinga second position in the world in terms of farm output.