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Abstract
Indian economy is characterized as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to International Monetary Fund, on a per capita income basis, India was ranked 139th by GDP (nominal) and 118th by GDP (PPP) in the year 2018. From the year 1947 to till the year 1991, successive governments promoted protectionist economic policies with intervention of state and regulation. Acute balance of payments crisis in 1991 led to the adoption of economic liberalization.