The economy of India is characterised as a middle income developing market economy. It is the world's sixth-largest economy by nominal GDP and the third largest by purchasing power parity. India's economy includes agriculture, handicrafts, industries, and a lot of services. 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 globalisation in India and integration into the global economy. Nearly 60% of India's GDP is driven by domestic private consumption. The country remains the world's sixth-largest consumer market.