Eurasia's megamarkets India Economy

The economy was liberalized in 1991; since then, most trade barriers have been removed. India overtook Germany in 2002 to become the fourth largest economy in terms of GDP in purchasing power parity. GDP growth has been consistently high—averaging 6.5%—over the past decade, and it peaked at 8% before the global crisis. Strong fundamentals make India’s growth sustainable: inflation around 5%, domestic savings around 32% of GDP, steadily growing foreign exchange reserves from US$ 2 billion in 1990 to $ 271 billion in 2009.