The Economy of Modern India: Trends in Global Development
The article is dedicated to the analysis of trends in the development of the modern economy of India. India, like China, has been able to achieve significant economic growth rates. India has reached relative financial and monetary stabilization and inflation control. The successes of the economies of China and the Republic of India have influenced the global economy. The sphere of production in developing countries is less wasteful in energy: one third less conventional fuel is spent per unit of GDP. The article notes that with certain differences, China and the Republic of India have achieved significant success in the economy due to the development of the domestic market and investments in strategic industries. The facts confirming that India currently produces about 50 percent of the world's IT products are presented. The author of the research presented here concludes that trade and economic relations between the Russian Federation and the Republic of India are successfully developing. According to international forecasts, by 2025, the demand for oil in India may increase by 4 times to 370 million tons per year. Indian Finance Minister Nirmala Sitharaman stresses that the growth of the Indian economy in the current fiscal year should be 9.2 percent.