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Economy of India
The
Economy of
India
is the
seventh-largest
in the world by
nominal GDP
and the
third-largest
by
purchasing power parity
(PPP). The country is classified as a
newly industrialised country
, one of the
G-20 major economies
, a member of
BRICS
and a
developing economy
with an average growth rate of approximately 7% over the last two decades.
Maharashtra
(
Marathi
:महाराष्ट्र) is the richest Indian state and has an annual GDP of US$220 billion, nearly equal to that of
Pakistan
or
Portugal
, and accounts for 12% of the Indian GDP followed by the states of
Tamil Nadu
and
Uttar Pradesh
. India's economy became the world's fastest growing
major economy
from the last quarter of 2014, replacing the
People's Republic of China
.
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