<b>Indian Economy in the Past and its Current Situation in Current World</b> The Economy of India is a developing economy. It is the world’s seventh largest economy by GDP and the third largest by purchasing power parity PPP . India is the fastest growing economy in the world. India’s economic success in recent years has helped to ensure south Asia is the fastest growing region in the world. India is developing into an open market economy. ” PV NARASIMHA RAO” Remembered as father of Indian economy. To understand the present level of the Indian economy, it is important to understand the economic system of India during the British rule and post independence economic development policies. Before the advent of British rule, India had an independent economy. It was largely primary sector economy and the major occupations were agriculture, handicrafts, and many other primary sector works. The economy was full of resources and a prosperous one. Therefore, high quality agricultural products and handicrafts made by the Indians were traded across the world. 912-916 Issue-5 Volume-2 Anushri Pandey