But there are some disparities across states and sectors. For example, Maharashtra has been in better economic condition than states like Bihar.
In past, India's economic growth has been hampered by a variety of factors. For example in 2002, lesser expenditures in areas like power, telecommunications, construction, real estate and transportation prevented good growth of Indian economy. This led to permission and promotion of foreign investment, which has contributed to a continuous rate of development in last one and a half year.
India GDP growth
In financial year 2007-08, India recorded a growth of 9.1 percent in its gross domestic product. This has enabled India to be counted among two quickest emerging economies of global world. In this regard, it is placed right after China. A number of economists are of opinion that if India can sustain this rate of development they would soon be regarded as a big name in global economic scenario. Goldman Sachs has predicted that by 2020 India's gross domestic product would be four times of what it was in 2007.