The recent economic surge has been largely based on strong industry and agriculture, rising Indian and foreign investment and American-style consumer spending by a growing middle class. This includes those who are under 25, who now make up more than half of the country's population. India's process of economic reform has strong ties to her diverse political parties. There exists no fundamental conflict between the political and economic systems, allowing for an open society with strong collective and individual rights and an environment supportive of free economic enterprise. The Indian economy has experienced a steady average growth rate of 5.5 per cent over the past five years. After growing just 4.3 per cent last year, India's economy, currently the second fastest growing in the world behind China, is widely expected to grow close to 7 per cent this year.
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