India?s rapid growth since 1980 is transforming it into a modern economic. power. Measured in nominal US dollars, India?s economy has risen from a low. rank of 50 in 1979 to 12th position in 2003. In income-to-purchasing power parity, . India ranked fourth in the world in 2003, behind only the United States, China, . and Japan. Although still classified as a low-income country in terms of per capita. nominal US dollars because of its huge population, if present rates of growth. continue, India should reach low middle income status by the end of this decade. Due to the closed nature of the Indian.