ANSWER:

India

Economy

The economy of India is characterised as a developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing POWER parity. According to the IMF, on a per capita income basis, India ranked 142nd by GDP and 124th by GDP in 2020.

Gross domestic PRODUCT: 2.72 lakh crores USD (2018) World Bank

GDP growth rate: 6.8% annual change (2018) World Bank

Currency: Indian rupee

GNI per capita: 7,680 PPP dollars (2018) World Bank

GDP per capita: 2,009.98 USD (2018) World Bank

Internet users: 34.4% of the population (2017) World Bank

Gross national income: 10.39 lakh crores PPP dollars (2018) World Bank

Explanation:

The economy of India is characterised as a developing market economy.[40][41] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.[42] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation which is characterised as Dirigism.[43][44] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[45][46] Since the start of the 21st CENTURY, annual average GDP growth has been 6% to 7%,[41] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[47][48] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.