This paper explores the economic development of India during the period of global crisis (1998-2009). In this research we investigate the main factors of economy which provide the ability for Indian economy to survive during the period of global crisis. It was analysed a complex of indicators: a great number of economic indicators of Indian development (GDP growth, turnover of foreign trade, unemployment rate, level of savings, Gini index, import and export indicators, etc.) and the social sphere of Indian economy, such as level of poverty, income per capita, Human Development Index, etc. All these indicators provide the vividly expressed picture of historical review of the economic development of India, which help to find the weaknesses and strength of Indian economy during the period of world crisis. It was also calculated the model of economic growth of India and investigated the impact of each component of this model.