Following market-based economic reforms in 1991, India became one of the fastest-growing major economies and perhaps made the rest of the world sit up and listen.
Considered a newly industrialised country, India is not without its challenges and needs in infrastructure development, but is continuing to show impressive rates of growth. The economy has expanded at an impressive rate since 2002, with average GDP growth of 8.3% per annum (p.a.) and Industrial Productivity Index (IPI) growth similarly impressive at just over 8% p.a. within the same timeframe.
Again, such healthy growth has not been without its challenges; from 2005 to 2010 IPI experienced a series of sharp inclines and declines, ranging from almost 16% expansion in 2007 to no growth in 2009. It bounced back to 10% growth a year later. GDP has followed a steadier path, recording rates of around 8% for much of the period after 2005, except for a decline to 5% in 2008, in line with the global financial crisis. Growth has returned to stability since then.
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