In terms of purchasing power parity, its economy is the second largest in Asia, and is the worlds fourth largest economy. India is one of the fastest developing economies in the world with an annual growth rate of over 8%. However it is battling major obstacles to improve the average standard of living , such as high levels of poverty, illiteracy, and malnutrition. | In terms of purchasing power parity, its economy is the second largest in Asia, and is the worlds fourth largest economy. India is one of the fastest developing economies in the world with an annual growth rate of over 8%. However it is battling major obstacles to improve the average standard of living , such as high levels of poverty, illiteracy, and malnutrition. |