India is not only one of the biggest countries in the world by population, but also one of the world's biggest economies. With its GDP growth rate of more than 7% (2018) India ranks among the fastest growing economies. Thanks to its current growth, India has become the third largest economy, 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 was the demonetisation in 2016 as well as 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 through 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.