<P> The economy of India is a developing mixed economy . It is the world's seventh - 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 . 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> <P> India has one of the fastest growing service sectors in the world with an annual growth rate above 9% since 2001, which contributed to 57% of GDP in 2012--13 . India has become a major exporter of IT services, Business Process Outsourcing (BPO) services, and software services with $154 billion revenue in FY 2017 . This is the fastest - growing part of the economy . The IT industry continues to be the largest private - sector employer in India . India is the third - largest start - up hub in the world with over 3,100 technology start - ups in 2014--15 The agricultural sector is the largest employer in India's economy but contributes to a declining share of its GDP (17% in 2013--14). India ranks second worldwide in farm output . The industry (manufacturing) sector has held a steady share of its economic contribution (26% of GDP in 2013--14). The Indian automobile industry is one of the largest in the world with an annual production of 21.48 million vehicles (mostly two and three - wheelers) in 2013--14 . India had $600 billion worth of retail market in 2015 and one of world's fastest growing e-commerce markets . </P> <P> The combination of protectionist, import - substitution, Fabian socialism, and social democratic - inspired policies governed India for sometime after the end of British rule . The economy was then characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth . Since 1991, continuing economic liberalisation has moved the country towards a market - based economy . By 2008, India had established itself as one of the world's faster - growing economies . </P>

Which industry provides the largest employment in india
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