Economic Progress of India

The recent study of GDP of India has revealed that for last 5 years i.e. from 2003 to 2008, GDP of India has increased at average rate of 9% p.a. as against the annual growth rate of 3.6% p.a. before Liberalisation of Indian economy. This is clear indicator of the positive impact of present trend of globalization and liberalisation upon Indian Economy. The major contributor to this phenomenal growth rate of India's GDP is the service sector of Indian economy. The financial services, the software services and the educational services have grown at the highest rate of 16% p.a. This has pushed Indian economy from the static position to the dynamic position. India has become miraculous country because India is the only country in the world experiencing economic progress due to the growth of service sector.