<P> Averaging an economic growth rate of 7.5% for several years prior to 2007, India has more than doubled its hourly wage rates during the first decade of the 21st century . Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030 . Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010 . With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009 . India's consumer market, the world's eleventh - largest, is expected to become fifth - largest by 2030 . However, hardly 2% of Indians pay income taxes . </P> <P> Driven by growth, India's nominal GDP per capita has steadily increased from US $329 in 1991, when economic liberalisation began, to US $1,265 in 2010, to an estimated US $1,723 in 2016, and is expected to grow to US $2,358 by 2020; however, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future . However, it is higher than Pakistan, Nepal, Afghanistan, Bangladesh and others . </P> <P> According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045 . During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest - growing major economy until 2050 . The report highlights key growth factors: a young and rapidly growing working - age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class . The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition . </P> <P> According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bangalore (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th). </P>

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