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It recorded a GDP growth rate of 9.India faces a fast-growing population and the challenge of reducing economic and social inequality. Despite this phenomenal rate of growth, India's large population has a per capita income of $2,659, measured by PPP, and $978, measured in nominal terms (revised 2007 estimate).1% for the fiscal year 2007–2008 which makes it the second fastest big emerging economy, after China, in the world. Other sectors like manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding, aviation , tourism and retailing are showing strong potentials with higher growth rates.India's economy is diverse, encompassing agriculture, handicrafts, textile, manufacturing, and a multitude of services. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate.India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. The World Bank classifies India as a low-income economy. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and play an increasinglySome more useful information on capital forex currency forex learn online trading in india
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