<P> The economy of India is a developing mixed economy . It is the world 's sixth - largest economy by nominal GDP and the third - largest by purchasing power parity ( PPP ) . The country ranks 141st in per capita GDP ( nominal ) with $1723 and 123rd in per capita GDP ( PPP ) with $6,616 as of 2016 . After 1991 economic liberalisation , India achieved 6 - 7 % average GDP growth annually . In FY 2015 and 2017 India 's economy became the world 's fastest growing major economy surpassing China . </P>
india gdp growth rate in last 10 years
6 - 7 % average GDP growth annually