page_title: Economy of India
section_title: Defence
hierarchical_section_title: Economy of India / Manufacturing and Industry / Defence
caption_attribution_description: Deutsch: Raketentransporter von Ashok Leyland mit einer Mittelstreckenrakete vom Typ Agni-II am Tag der Republik 2004 bei einer Militärparade in Neu-Delhi English: An Indian Agni-II intermediate range ballistic missile on a road-mobile launcher, displayed at the Republic Day Parade on New Delhi's Rajpath, January 26, 2004. Português: Nova Délhi (Índia) – Governo indiano exibe míssel nuclear, durante o desfile comemorativo do Dia da República, na Rajpath.(foto:Antônio Milena)
context_page_description: The economy of India is characterised as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to the IMF, on a per capita income basis, India ranked 139th by GDP and 118th by GDP in 2018. From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.
  The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing integration into the global economy.
context_section_description: With strength of over 1.3 million active personnel, India has the third-largest military force and the largest volunteer army. The total budget sanctioned for the Indian military for the financial year 2019–20 was ₹3.01 lakh crore (US$42 billion). Defence spending is expected to rise to US$62 billion by 2022.
caption: Nuclear capable Agni-II ballistic missile. Since May 1998, India declared itself to be a full-fledged nuclear state.
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