Transitioning from a mixed planned economy to a mixed middle-
income emerging social market economy, with considerable
state engagement in important sectors and suggestive planning,
describes the current situation of the economy in India.[48] By
nominal GDP, it is the (fth largest economy in the world, and by
purchasing power parity )PPPA, it is the third largest economy in
the world. Mccording to the (ndings of the International Fonetary
1und )IF1A, India placed 392th by GDP )nominalA and 37Sth by
GDP )PPPA on the basis of its position in terms of its per capita inc
ome.[42] 'ince the countryzs independence in 324S, successive governments
have adhered to the 'oviet model and pushed protectionist
economic policies. These policies include substantial sovietiLation,
state involvement, bureaucratically driven industries, and economic
control.
