India is the world's fourth-largest economy. It produced $9.4 trillion in goods and services in 2017. But it has a long way to go to beat the top three: China, with a production worth $23.2 trillion, the European Union with $20.9 trillion, and the United States with $19.4 trillion.
India had rapid growth despite the Great Recession. It grew 6.8% in 2018, 7.2% in 2017, and 8.2% in 2016. From 2008 through 2014, it grew between 3% and 8.5%. That phenomenal growth rate reduced poverty by nearly 10% in the 2010s.
On May 23, 2019, Prime Minister Nahrendra Modi won relection. He was initially elected on May 16, 2014, ending 30 years of leadership by a coalition government that included the party once led by Mahatma Gandhi. Mr. Modi, a successful businessman, promised to reduce bureaucracy and regulation, greenlight infrastructure projects, and simplify the tax code.
