India's economy is fast developing into an open-market one. Economic liberalisation measures, including industrial deregulation, privatisation of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and served to accelerate the country's growth, averaging around 7% per year from 1997-2011.
Just under half of the country's work force is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output using less than a third of the country's labour force.
In late 2012, the Indian government announced additional reforms and deficit reduction measures, including allowing higher levels of foreign participation in direct investment in the economy. The overall outlook for India's long-term economic growth is moderately positive, largely due to a young population, healthy savings and interest rates and increasing integration into the global economy.
Composition of GDP 2013