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It is also the third largest in the world when measured in terms of Purchasing Power Parity (PPP). The GDP growth rate for the fiscal year 2006-2007 was 9.4% making it the second fastest growing economy in the world, second only to China. However, India is classified as low-income economy due to its high population, resulting in a per capita income of $4,542 at PPP and $1,089 at nominal (revised 2007 estimate) [source: CIA - The World Factbook - India. CIA (2007-09-20)]
Agriculture is still the source of livelihood for two-third of the Indian population. However, the service sector is India is growing at a very fast pace playing an increasingly important role in the economy of India...
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