The Economy of India is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. In 2011, the country's per capita income stood at $3,694 IMF, 129^th in the world, thus making a lower-middle income economy.

After the independence-era Indian economy (before and a little after 1947) was inspired by the Soviet model of economic development, with a large public sector, high import duties combined with interventionist policies, leading to massive inefficiencies and widespread corruption. However, later on India adopted free market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V.Narasimha Rao the then Prime Minister. Following these strong economic reforms, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of people.

Subramanian Swamy (born 15 September 1939 in Chennai, India sometimes spelt Subramaniam Swamy) is an Indian politician, academician and an economist. He is the President of the Janata Party of India. He also presently serves as chairman of the SCMS Board of Governors of the SCMS Group of Educational Institutions in Kerala.

Swamy has previously served as member of the Planning Commission of India and Cabinet Minister of India. He has written extensively on foreign affairs dealing largely with India-China, India-Pakistan and Indo-Israel relation and is also a published author.

In November 1978, Swamy was member of the Group of Eminent persons called to Geneva to prepare a report of the United Nations (UNCTAD) on Economic Co-operation between Developing countries (ECDC).Swamy simplified trade procedures and formulated a new export strategy which became the forerunner of trade reform adopted subsequently. In 1994, Swamy was appointed as Chairman of the Commission on Labour Standards and International Trade by then Prime Minister P. V. Narasimha Rao. This was perhaps for the first time that an Opposition Party member was given a Cabinet rank post by the ruling party.