Indian Economy

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INDIAN ECONOMY
India is today one of the six fastest growing economies of the world. The country ranked fourth in terms of Purchasing Power Parity (PPP) in 2001. The business and regulatory environment is evolving and moving towards constant -improvement. A highly talented, skilled and English-speaking human resource base forms its backbone.
The Indian economy has transformed into a vibrant, rapidly growing consumer market, comprising over 300 million strong middle class with increasing purchasing power. India provides a large market for consumer goods on the one hand and imports capital goods and technology to modernize its manufacturing base on the other.
An abundant and diversified natural resource base, sound economic, industrial and market fundamentals and highly skilled and talented human resources, make India a destination for business and investment opportunities with an assured potential for attractive returns.
Far-reaching measures introduced by the government over the past few years to liberalize the Indian market and integrate it with the global economy are widely acknowledged.
The tenth five year plan document targets a healthy growth rate of 8% for the Indian economy during the plan period 2002 - 07.

India has a mixed economy system. In a mixed economy system the public sector (Governed-owned) enterprises exist, along with private sector enterprises to achieve a socialistic pattern of society.
Planning In India:
After independence India adopted a planned system of economy. Government of India constituted a Planning Commission in March 1950 with the Prime Minister of India as its chairman. Planning Commission is a statutory body.
National Development Council-
Chief Ministers of all the states of the country and the members of the Planning Commission of India constitute the National Development Council. The Prime Minister of India presides over the council.
Five Year Plans in India-
India after independence adopted the five year plans concept for the

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