Read the Comprehension below and answer the following question:

The economy of India is a mixed, middle-income, developing social market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by Purchasing Power Parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 125th by GDP (PPP). From Independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterized as dirigisme, in the form of the Licence Raj. The end of the Cold war and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalization in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China. Economy of the Indian subcontinent was the largest in the world for most of the recorded history until the onset of colonialism in early 19th century. Share of Indian economy is 7.5% of world economy by PPP terms. The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, increasing globalization in India and integration into the global economy. Nearly 70% of India's GDP is driven by domestic private consumption. The country remains the world's sixth-largest consumer market. Apart from private consumption, India's GDP is also fuelled by government spending, investments, and exports. India has been a member of the World Trade Organization since 1 January 1995. It ranks 37th on the Ease of Doing Business Index and 37th on the Global Competitiveness Report. Due to extreme rupee/dollar rate fluctuations, India's nominal GDP too fluctuates significantly. With 50 crore (500 million) workers, the Indian labour force is the world's second-largest. India has one of the world's highest number of billionaires and extreme income inequality. Because of several exemptions, barely 2% of Indians pay income taxes.