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Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Demographics strain its economy, with the nation historically maintaining low GDP per capita both regionally and as measured by globally. Measured by purchasing power parity (PPP), India is the third-largest economy. The prime minister of India is the head of government and exercises most executive power. After losing its majority in the 2024 general election, the BJP formed a coalition government with its NDA partners.