evaluating India’s Budget Deficit and Growth in Economy Since 1991

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Transitioning from a mixed planned economy to a mixed middle-

income emerging social market economy, with considerable

state engagement in important sectors and suggestive planning,

describes the current situation of the economy in India.[48] By

nominal GDP, it is the (fth largest economy in the world, and by

purchasing power parity )PPPA, it is the third largest economy in

the world. Mccording to the (ndings of the International Fonetary

1und )IF1A, India placed 392th by GDP )nominalA and 37Sth by

GDP )PPPA on the basis of its position in terms of its per capita inc

ome.[42] 'ince the countryzs independence in 324S, successive governments

have adhered to the 'oviet model and pushed protectionist

economic policies. These policies include substantial sovietiLation,

state involvement, bureaucratically driven industries, and economic

control.