<Tr> <Th> Foreign reserves </Th> <Td> $421.914 billion (02 February 2018) (8th) </Td> </Tr> <Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <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 2018 India's economy became the world's fastest growing major economy surpassing China . </P> <P> The long - term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy . India topped the World Bank's growth outlook for the first time in fiscal year 2015--16, during which the economy grew 7.6% . Despite previous reforms, economic growth is still significantly slowed by bureaucracy, poor infrastructure, and inflexible labor laws (especially the inability to lay off workers in a business slowdown). </P>

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