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India-Israel Relations			Indian Economy Overview The Indian economy which is a resilient economy with a wide base of agriculture, mining, manufacturing and services is now ranked as the 4th largest in the world by purchasing power parity (GDP by PPP in 2008: US$ 3.3 trillion) and has been growing rapidly in recent years. In fact, the Indian economy has been growing at an average growth rate of about 8% in the last six fiscal years (FY 2003-04 to FY 2008-09). Expected growth rate in FY 2009-10 is around 7%. According to a study by Goldman Sachs, Indian economy is expected to continue growing at the rate of 5% till 2050. The growth was supported by market reforms, huge inflows of FDI, rising foreign exchange reserves, both IT and real estate boom, and a flourishing capital market. A growing number of investors all around the world feel that the Indian market is currently undervalued and are seeing this as a buying opportunity. Moreover, with the largest number of listed companies - 10,000 across 23 stock exchanges, India has the third largest investor base in the world. India has a huge domestic consumer market – 1.17 billion population including 300 million classified as middle class (earning US$ 2000- US$ 22,000 a year). In fact, according to a study by the Mckinsey Global Institute (MGI), India’s consumer market will be the world’s 5th largest in the world by 2025. In addition, India is among the world's youngest nations with a median age of 25 years. Its working age population is estimated to rise to 70% of the total demographic by 2030 - the largest in the world. India will see 70 million new entrants to its workforce over the next five years. The Indian economy is holding its ground amidst the current global economic crisis, with a projected growth rate of about 7%.
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