The economy of India is the fourth largest in the world, with a GDP of $3.363 trillion at PPP, and is the tenth largest in the world, with a GDP of $691.9 billion at 2004 USD exchange rates and has a real GDP growth rate of 6.2% at PPP. However India's huge population results in a relatively low per capita income ($3,100 at PPP). Services are the major source of economic growth in India today, though two-thirds of Indian workforce earn their livelihood directly or indirectly through agriculture. In recent times, India has also capitalised on its large number of highly-educated populace fluent in the English language to become a major exporter of software services, financial services and software engineers. For most of India's independent history, a socialist inspired approach was adhered to, with strict government control and regulation on private sector participation, foreign trade and foreign direct investment. Since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The socio-economic problems India faces are the burgeoning population, growing inequality, lack of infrastructure, growing unemployment and growing poverty.

Read the rest of this article: http://en.wikipedia.org/wiki/Economy_of_India

_______________________________ Today's selected anniversaries:

1187: The Siege of Jerusalem: Ayyubid forces led by Saladin captured Jerusalem, prompting the Third Crusade. (http://en.wikipedia.org/wiki/Siege_of_Jerusalem_%281187%29)

1535: French explorer Jacques Cartier sailed along the St. Lawrence River and reached an Iroquois fort on the island now known as Montréal. (http://en.wikipedia.org/wiki/History_of_Montreal)

1835: Mexican dragoons dispatched to disarm settlers at Gonzales, Texas encountered stiff resistance from a Texian militia in the Battle of Gonzales, the first armed engagement of the Texas Revolution. (http://en.wikipedia.org/wiki/Battle_of_Gonzales)

1928: Saint Josemaría Escrivá founded Opus Dei, a worldwide organization of lay members of the Roman Catholic Church. (http://en.wikipedia.org/wiki/Opus_Dei)

1950: Peanuts, a syndicated comic strip by Charles M. Schulz, featuring Charlie Brown and his pet beagle Snoopy, was first published in major newspapers. (http://en.wikipedia.org/wiki/Peanuts)

_____________________ Wikiquote of the day:

"There is a fifth dimension beyond that which is known to man. It is a dimension as vast as space and as timeless as infinity. It is the middle ground between light and shadow, between science and superstition, and it lies between the pit of man's fears and the summit of his knowledge. This is the dimension of imagination. It is an area which we call the Twilight Zone." -- Rod Serling in The Twilight Zone (http://en.wikiquote.org/wiki/Rod_Serling)