what type of economic system does india have
Economy of India The economy of India is a developing mixed economy.[34] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018.[35][36] After the 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. In FY 2015 and 2018 India's economy became the world's fastest growing major economy, surpassing China.[37]
Import quota Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy.
Mumbai Mumbai is India's largest city (by population) and is the financial and commercial capital of the country as it generates 6.16% of the total GDP.[31][136][174] It serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and ₹4,000 crore (US$610 million) in corporate taxes.[175] Along with the rest of India, Mumbai has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in the 2000s.[176] Although Mumbai had prominently figured as the hub of economic activity of India in the 1990s, the Mumbai Metropolitan Region is presently witnessing a reduction in its contribution to India's GDP.[177]
New Delhi Calcutta (now Kolkata) was the capital of India during the British Raj until December 1911.