indian economy The Indian Economy is the ninth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS (Brazil, Russia, India, China and South Africa) countries. The Indian economy after the independence was inspired by the Soviet model of economic development, with a large public sector, high import duties combined with interfering policies, leading to massive inefficiencies and slow economic growth. However, under the leadership of Prime minister P.V Narasimha Rao, then Finance Minister Manmohan Singh adopted free market principles and liberalized our economy to international trade .Following these strong economic reforms, the country’s economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people. Economic growth rates are projected at around 6.9% for the 2011-12 fiscal year. Interesting fact about Indian Economy ( Source