Indian strategies used to promote both economic growth and economic developmentEconomic growth refers to an increase in the quantity of goods and services produced per capita over a period of time. Economic development is the process by which a nation improves the economic, political and social well-being of its population. Together, economic growth and development constitute a country's ticket to GDP expansion and growth. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? You get an original nominal GDP rate of $2,250.987 billion, up from eighth place in 2013. It is estimated that by 2020 India's ranking will rise to the fifth largest economy in the world. According to purchasing power parity (PPP) of GDP, India ranks third and is among the top 20 global traders according to the World Trade Organization (WTO). India has become a global economic power and is considered one of the economic and political drivers of the international economy, particularly in trade and global governance. However, in the absence of a well-functioning legal and regulatory system, corruption remains a major obstacle. Despite India's rapid success in world trade and the country's growth, the Indian government has failed in reforms on land tenure and taxes on goods and services. India's history as an independent socialist country has been influenced by its colonial experience. Before India's economic liberalization in 1991, the Indian government attempted to close its economy to the outside world. This was managed by making it impossible to convert Indian Rupees (currency of India) into other currencies, high tariffs, and import licenses that prevented foreign goods from reaching the market. India also implemented policies where companies required licenses to invest in and develop their own industries, making it difficult for the economy to grow to its potential and rather stuck with a certain number of companies allowed to operate and no external exposure from others villages. The Indian government believed that the Indian economy would grow and develop by relying only on domestic markets and without international trade. However, this has proven to be wrong as globalization and global trade play a significant role in the economic growth and development of a country, allowing it to expand and reach its full potential with the help of other countries. There has been a great development of the Indian government since before the economic crisis liberalization of India in 1991, initiated by the fall of the Soviet Union, one of India's largest trading partners, and the Gulf War which led to a rapid increase of oil prices and India found itself in crisis and with huge debts. This prompted India to receive a large loan of $1.8 billion from the International Monetary Fund (IMF) which in return asked India to deregulate policies. Economic liberalization in India was aimed at making the economy more market-oriented and expanding the role of private and foreign investment, steering India in the right direction towards reduced tariffs and interest rates, ending monopolies public, deregulating markets and allowing greater direct investment in many sectors. Economic growth of a country is a situation where there is a continuous increase in the productive capacity of a country and is measured by real GDP. The Indian government has put a lot of focus on increasing opportunities for.