Economy of India

 India still has informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributed to lower private consumption and inflation; and new social and infrastructure equity efforts Economic growth slowed down in 2017 due to the shocks of "demonetization" in 2016 and the introduction of the Goods and Services Tax in 2017. Nearly 70% of India's GDP is driven by domestic consumption.