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It recorded a GDP growth rate of 9. The economy of India, measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of around $1 trillion (2008).India's economy is diverse and consist of various activities including manufacturing, agriculture and services. Poverty remains a serious problem, although it has declined significantly since independence.India faces a fast-growing population and the challenge of reducing economic and social inequality. Despite this phenomenal rate of growth, India's large population has a per capita income of $2,659, measured by PPP, and $978, measured in nominal terms (revised 2007 estimate). India is a major exporter of highly-skilled workers in software and financial services, and software engineering. Other sectors like manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding, aviation , tourism and retailing are showing strong potentials with higher growth rates. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global outsourcing of customer services and technical support.. However, since the early 1990s, India has gradually opened
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