Economy

The Indian economy is the world's eleventh largest economy by nominal GDP and the fourth largest by purchasing power parity. Since the introduction of market-based economic reforms in 1991, India has become one of the fastest growing major economies in the world; however, the country continues to face several poverty, illiteracy, corruption and public health related challenges. India is classified as a newly industrialised country and is one of the four BRIC nations. It is the world's sixth de facto recognised nuclear weapons state and has the third-largest standing armed force in the world, while its military expenditure ranks tenth in the world. India is a regional power in South Asia. 

The Bombay Stock Exchange, in Mumbai, is Asia's oldest and India's largest stock exchange by market capitalisation.

According to the International Monetary Fund, India's nominal GDP stood at US$1.43 trillion, which makes it the eleventh-largest economy in the world, corresponding to a per capita income of US$1,000. If purchasing power parity (PPP) is taken into account, India's economy is the fourth largest in the world at US$4.001 trillion. The country ranks 142th in nominal GDP per capita and 127th in GDP per capita at PPP. With an average annual GDP growth rate of 5.8% for the past two decades, India is one of the fastest growing economies in the world. Despite India's impressive economic growth over recent decades, the country still contains the largest concentration of poor people in the world.

Currently, India's economic system is portrayed as a capitalist model with the influx of private enterprise

Tata Nano, the world's cheapest car. India's annual car exports have surged fivefold in the past five years.