India is now the 10th largest economy in the world. However, it needs to bring further reforms if it has to move up the ladder.India is drawing global attention these days because of its impres-sive economic performance backed by corporate growth,entrepreneurship and globalization. It has been ranked as the world’s 10th largest economy in terms of Gross Domestic Product (GDP) in the latest World Develop-ment Indicators database. India had remained at the 12th position since 1999 and this is the first time ever that the country has joined the group of 10 biggest economies of the world with a GDP of $692 bn pushing South Korea and Mexico behind.
It is indeed a great achievement for India and now India has to compete with the most developed economies to further rise upward. India is just two positions behind China and has to com-pete with Spain and Canada to reach to the eighth position.
India is already the fourth largest economy in terms of Purchasing Power Parity (PPP) after the US, China and Japan. At present, it is the second fast-est growing economy in the world after China. The macroeconomic indicators such as inflation and interest rate are stable and the foreign exchange re-serves and FDI in the country are con-sistently rising. As per the CIA World Fact Book, India was the sixth largest holder of foreign exchange in 2003. |
