<P> The economy of India is currently the world's third largest in terms of real GDP (PPP) after the USA and the People's Republic of China . According to the World Bank India overtook China to become the fastest - growing major economy in the world as of 2015 Its record growth was in the third quarter of 2003, when it grew higher than any other emerging economy at 10.4% . Interestingly, estimates by the IMF show that in 2011 (see List of countries by future GDP estimates (PPP)), India became the third largest economy in the world, overtaking the Japanese economy and the Seventh largest economy by GDP (Nominal). India has grown at 7.5% in 2015 . </P> <P> India, growing at 9% per year, is the world's second largest producer of food next to China . Food processing accounts for USD 69.4 billion as gross income . </P> <P> India is still relatively a small player in manufacturing when compared to many world leaders . Some new trends suggest an improvement in future, since the manufacturing sector is growing at 11 - 12% . </P> <P> India currently has an expanding IT industry which is considered one of the best in the world . Some have begun to describe India as a technology superpower . It is considered the World's Office and is leading in the Services Industry . This is mainly due to the availability of a large pool of highly skilled, low cost, English speaking workforce . </P>

Essay on india's growing power in space science