India's economy at the present stage

India is a former British colony, which has been independent for almost 70 years and now is currently the country with the fastest growing economy in the world. According to World Bank data, in 2015, India is the seventh-largest nominal GDP and the third largest by PPP in the world. The country, in the past the British supplier of tea and cotton, now has a diversified economy due to the large growth of activity coming from the service sector. Due to the implementation of policies of economic liberalization in the 1990s, the Indians have felt as their quality of life has increased markedly.