Economic Profile

India has seen a systematic transition from being a closed to an open economy since the beginning of economic reforms in 1991. These reforms have had a far reaching impact and have unleashed its enormous growth potential. India has grown to become a trillion dollar economy with a largely self sufficient agriculture sector, a diversified industrial base and a stable financial and services sector, and having a number of world-class and globally competitive businesses.

The potential became evident when even amidst the recent global financial meltdown; India recorded a GDP growth of 6.7% during financial year 2008-09, albeit lower than the 9% average growth during the five preceding years. India was among the first economies to revive from the crisis, led by strong domestic economy fundamentals.