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India is the third largest economy in the world according to the measures of purchasing power parity with a GDP of 1 trillion USD as measured in 20071. It is one of the fastest growing economies of the world after China and posted a GDP growth rate of around 9.4% in the fiscal year 2006-07…
About 29% of the population lives below the national poverty line; other estimates2 that are the indication of the current situation of India which will be used for further analysis of the situation include the infant mortality rate is 62 per 1000 births; child malnutrition for under 5 years old is 47%; around 86% people have access to an improved water source, and literacy is supposed to be around 61%.
India was basically an agriculture based economy, in the year 2005, agriculture's proportion to GDP has been declining as the economy is progressing and agriculture was 18.3% of GDP and showed a growth was 6% year on year basis, industries' contribution was 27.3% and it posted a growth of 9.4% in which manufacturing grew at a rate of 9.1% whereas services now comprises more than half of GDP by contributing 54.4% to GDP and growing by 9.9%.
Today, India faces problems such as escalating population and growing income inequalities; thus poverty remains quite a serious problem; although some social and demographic factors might seem to show some positives when compared over the years since India's independence in 1947 from the British rule.
India: Poverty Retreats with Globalization's Advance (Nayar)3 suggests that with globalization of the world and the opening doors of the economy, India has shown a considerable growth has improved its own economic position. ...
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