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India is the world's fifth largest economy in terms of purchasing power parity. Real GDP growth rate in 2000-01 is estimated at 6 per cent compared with a growth rate of 6.4 per cent achieved in 1999-2000 and 6.6 per cent in 1998-99. Despite deceleration of growth rate for the second consecutive year, India has the distinction of being one of the fastest growing economies in the world. The Indian economy has shown remarkable resilience in the face of substantial increase in the international price of crude oil over the last two years.
India has made enormous strides since it achieved independence more than 50 years ago. Economic growth since 1980 has been among the fastest in the world; social indicators for literacy, education enrollment, disease and mortality, and gender have steadily improved; and poverty has fallen since the mid-1970s.
The International Finance Corporation (IFC), the World Bank's private sector lending arm, has been focusing on projects that support private entry into areas such as infrastructure, banking, insurance, contractual savings, and the mutual fund industry. Other areas of investment include agribusiness, health and education, knowledge-based industries, and development of the small and medium-size enterprise sector.
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