India has emerged as the fastest growing major economy in the world. The Indian economy is considered to be the world's sixth largest by nominal GDP and third largest by purchasing power parity. India's foreign exchange reserves stood at US$ 400 Billion as compared to US$ 360 billion by end of March 2017.
India is the seventh-largest country by area, the second-most populous country and the most populous democracy in the world. India's telecommunication industry is the world's fastest-growing industry and has provision for 1200 more connections by 2018. India has a road network of over 5,472,144 kilometres and Government projects aims to connect 100 of the 676 district headquarters in the country with world-class highways by the development of 6,600 km of highways. India is the fourth largest railway network in the world comprising 119,630 kilometres (74,330 mi) of total track and Indian government plans to invest ?905,000 crore(US$141 billion) to upgrade the railways by 2020. India has 13 major ports and 60 operational non-major ports, which together handle 95% of the country's external trade by volume and 70% by value. The airport infrastructure of India includes 125 airports, of which 66 airports are licensed to handle both passengers and cargo. India has retained its position as the third largest startup base in the world with over 4,750 technology startups, with about 1,400 new start-ups being founded in 2016, according to a report by NASSCOM.
Recently Government of India implemented GST as major Tax reform. Exports during August 2017 have shown growth of 10.29 per cent in dollar terms and Imports were valued at US $ 35462.79 million, which was 21.02 per cent higher in Dollar terms.