The economy of India is characterised as a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122th by GDP (PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj.The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.
The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, increasing globalisation in India and integration into the global economy. The economy slowed in 2017, due to shocks of "demonetisation" in 2016 and the introduction of the Goods and Services Tax in 2017. Nearly 60% of India's GDP is driven by domestic private consumption. The country remains the world's sixth-largest consumer market. Apart from private consumption, India's GDP is also fueled by government spending, investment, and exports. In 2019, India was the world's ninth-largest importer and the twelfth-largest exporter. India has been a member of the World Trade Organization since 1 January 1995. It ranks 63rd on the Ease of doing business index and 68th on the Global Competitiveness Report. With 500 million workers, the Indian labour force was the world's second-largest as of 2019. India has one of the world's highest number of billionaires and extreme income inequality.Since India has a vast informal economy, barely 2% of Indians pay income taxes.
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The Economy of Bangladesh is characterised as a developing market economy. It is the 33rd largest in the world in nominal terms, and 31th largest by purchasing power parity. It is classified among the Next Eleven emerging market middle income economies and a frontier market. In the first quarter of 2019, Bangladesh's was the world's seventh fastest-growing economy with a rate of 8.3% real GDP annual growth. Dhaka and Chittagong are the principal financial centres of the country, being home to the Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the third largest in the Indian subcontinent. Bangladesh is one of the fastest growing economies in the world as well as the fastest growing economy in South Asia.
In the decade following 2004, Bangladesh averaged a GDP growth of 4.5%. This growth had been largely driven by its exports of ready made garments, remittances and the domestic agricultural sector. The country has pursued export-oriented industrialisation, with its key export sectors include textiles, shipbuilding, fish and seafood, jute and leather goods. It has also developed self-sufficient industries in pharmaceuticals, steel and food processing. Bangladesh's telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies.
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The economy of Pakistan is the 26th largest in terms of purchasing power parity (PPP), and 46th largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million people (the world's 5th-largest), giving it a GDP per capita(nominal) of $1,543 which ranks 181st, and giving it a GDP per capita(PPP) of $5,964 which ranks 174th in the world.
Pakistan is a developing country, with a semi-industrial economy.Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.
The growth poles of Pakistan's economy are situated along the Indus River;the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country.The economy has suffered in the past from internal political disputes, a fast-growing population, and mixed levels of foreign investment. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term.
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