Economy is a term of social science which is known to all of us. If we talk about Indian economy, then it occupies the 12th place in the biggest economies of world in terms of USD exchange rate. India has the GDP of $ 1 trillion. In spite of the declaration of World Bank as the low-income economy, India has emerged as the second fastest economy in the world. India has recorded the GDP growth rate of 9.1 percent. Many countries in the world still feels that India is an underdeveloped nation but the real fact is that it is one of the biggest industrial giants.
These days India is not only confined to its traditional sector i.e. agriculture. With the sharp Indian minds economy in India is entering and gaining boost in the new fields. Indian minds are respected all over the world and this is the reason Indian are working as top officials in various sectors outside India. The emergence of Indian economy as the second fastest growing economy has opened various gates for India to start global trading. Indian economy is now engaged in agriculture, handicrafts, manufacturing, IT, BPO, aviation, textile, petroleum and mining etc.
More recently Indian economy has grown very vast with the foreign investment. India is serving major new fields and in some sectors leading indisputably. India is providing business and services to various other major economies. The recent sectors that have shown strong potential with high growth rates are BPO, Telecommunication, IT, Finance, Biotechnology, Nanotechnology, Aviation, Travel and Tourism, Media and Entertainment, Retailing and many more.
Today major corporate and other government departments have come up with the new financial plans and led to the growth of Indian economy. India has also experienced infrastructural growth more recently. Various industrial giants in the world are collaborating with Indian companies to get the growth of the business. All these economic activities are forming a ground affirmation for India to make it the biggest economy in the world.