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The economy of India is 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. 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 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 fueled by government spending, investment, and exports. In 2020, India's ten largest trading partners were the United States, China, the United Arab Emirates, Saudi Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea, and Malaysia. In 2019–20, the foreign direct investment in India was $74.4 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry. The service sector makes up 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force. India is the world's largest manufacturer of generic drugs, and its pharmaceutical sector fulfills over 50% of the global demand for vaccines. The Indian IT industry is a major exporter of IT services with $191 billion in revenue and employs over four million people. India's chemical industry is extremely diversified and estimated at $178 billion. The tourism industry contributes about 9.2% of India's GDP and employs over 42 million people. India ranks second globally in food and agricultural production, while agricultural exports were $35.09 billion. The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy. The Indian textiles industry is estimated at $100 billion and contributes 13% of industrial output and 2.3% of India's GDP while employs over 45 million people directly. India's telecommunication industry is the world's second largest by the number of mobile phone, smartphone, and internet users. It is the world's 23th-largest oil producer and the third-largest oil consumer. The Indian automobile industry is the world's fifth-largest by production. India has the world's fourth-largest natural resources, with the mining sector contributing 11% of the country's industrial GDP and 2.5% of total GDP. It is also the world's second-largest coal producer, the second-largest cement producer, the second-largest steel producer, and the third-largest electricity producer.