An economy consists of the economic system, comprising the production, distribution or trade, and consumption of limited goods and services between two agents, the agents can be individuals, businesses, organizations, or governments. Transactions only occur when both parties agree to the value or price of the transacted good, commonly expressed in a certain currency.
The India economy, the third largest economy in the world in terms of purchasing power, and ninth largest in terms of nominal GDP, is going to touch new heights in coming years. As predicted by Goldman Sachs, the Global Investment Bank, by 2035 India would be the third largest economy of the world just after US and China. It will grow to 60% of size of the US economy. This booming economy of today has to pass through many phases before it can achieve the current milestone of 9% GDP.
Gross domestic product is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living.GDP is one the primary indicators used to gauge the health of a country's economy. The GDP growth rate of India was 3.2% annual change (2012), GDP per capita was 1,489.24 USD (2012), and population of India was 1.237 billion in 2012.

The total national income divided by the number of people in the nation is the per capita income. India's per capita income, a gauge for measuring living standard, is estimated to have gone up 11.7 per cent to Rs 5,729 per month in 2012-13 at current prices, compared with Rs 5,130 in the previous fiscal. The estimated rate of growth in per capita income for the current fiscal, however, is lower than the previous fiscal when it grew by 13.7 per cent. "The per capita income at current prices during 2012-13 is estimated to be Rs 68,747 as compared to Rs 61,564 during 2011-12, showing a rise of 11.7 per cent," an official release by the Central Statistics Office (CSO) on Advance Estimate of National Income. India’s per capita income is ranked 142nd in the world.

The rate of change of prices (as indicated by a price index) calculated on a monthly or annual basis is the inflation rate. India's headline annual rate of inflation, based on the monthly wholesale price index (WPI), rose to 6.10 percent for August 2013 as compared to 5.79 percent for the previous month and 8.01 percent in the same month of the previous year.

Devaluation is the decrease in the value of a country’s currency relative to that of foreign countries. The Indian Rupee has depreciated to an all time low with respect to the US Dollar, gone down to 68.825 against the Dollar but the situation was somewhat revived by the Reserve Bank of India that decided to open a special window for helping state owned oil companies – Indian Oil Corp Ltd., Bharat Petroleum Corp and Hindustan Petroleum Corp..The pummelling in markets sent the rupee reeling 3.7 percent to an all-time low of 68.85 with the unit closing just a touch off that, at 68.80/81 per dollar, its biggest single-day fall since October 1995.

Group 12Topics-(Political Parties in India & 10 Leading universites of India) | Self Chooses- Indian Economy
Name Enrollment Number
Shreya OmarA12405212015
Blooty ChadhaA12405212029
Kunjika AggarwalA12405212009
Aman SaxenaA12405212053
Vigya GoelA12405212016