In spite of having diversified regional development with different languages and communities in a vibrant democratic administrative framework, India has made remarkable progress in recent years on a scale, size and pace that is unprecedented in its own history.
As a result of two decades of economic reform, India achieved a remarkable average gross domestic product (GDP) growth rate of 8% from 2003-2010. Apart from accounting for almost a third of the world population, the share of both China and India in the world economy has grown substantially. Taken together they are expected to contribute around 1.8 percent of the 4.5 percent global growth expected in 20111.
Currently, India is the fourth largest economy, replacing Germany (IMF, 2011 2 ). Furthermore, based on the current economic growth trajectory (in PPP terms), India is expected to be the third world largest economy by 20203. What are the major engines of growth in India?