India is not only one of the biggest countries of the world populations wise, but also one of the biggest economies of the world. With its growth rates of more than 7% (2017) India counts to the fastest growing economies. With this current growth India is assumed to become the third biggest economy by 2030, right after the USA and China.
The reformation process undertaken by the current government is one of the key features on the way to the 2030 goal. One of the most important steps were the Demonetisation in 2016 or the unification of the goods and services tax (GST) throughout India in 2017. In order to gain further development it is tried to attract foreign investors with the “Make in India” campaign. This campaign aims at promoting the manufacturing industry with various incentives.
India’s economy, which was predominantly agrarian, increasingly becomes service oriented. These days, Services determine half of the Indian GDP, whereas mining, the manufacturing industry and construction industry make up to one third of the GDP.