India remains one of the fastest-growing economies in the world

India remains one of the fastest-growing economies in the world. Gross domestic product (GDP) grew by 9.6% in fiscal year (FY) 2006 and an estimated 8.7% in FY2007. As a result of the rapid growth in recent years, the percentage of people living in poverty has fallen from 36% in 1993–1994 to 27.5% in 2004–2005.