Economy of India
Currency	1 Indian Rupee (INR) (₨) = 100 Paise
Fiscal year	April 1–March 31
Trade organisations	WTO, SAFTA
Statistics
GDP (PPP)	$5. The rupee (रुपया ( code: INR) is the Currency of India. This article is about paisa the coin used in Bangladesh, India, Nepal and Pakistan. Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne Events 307 - After divorcing his wife Minervina, Constantine marries Fausta, the daughter of the retired Roman Emperor The Agreement on the South Asian Free Trade Area is an agreement reached at the 12th South Asian Association for Regional Cooperation (SAARC summit at Islamabad, The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. 21 trillion (PPP) (2008 est. ) (3rd)
GDP growth	9. There are three lists of Countries of the world sorted by their Gross domestic product (GDP (the value of all final goods and services produced within a nation 6% (2006/07)
GDP per capita	$1,089 (nominal); $4,543 (PPP) [2]
GDP by sector	agriculture: 19. 9%, industry: 19. 3%, services: 60. 7% (2006 est. )
Inflation (CPI)	3. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer 5% (2008 est. )
Population below poverty line	25% (2002 est. The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country ) [3]
Labour force	509. 3 million (2006 est. )
Labour force by occupation	agriculture: 60%, industry: 12%, services: 28% (2003)
Unemployment	7. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. 8% (2006 est. )
Main industries	textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, services
External
Exports	$125 billion (Financial Year 2006-2007)
Export goods	textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures, services
Main export partners	US 18%, the People's Republic of China 8. The United States of America —commonly referred to as the Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES 9%, UAE 8. 4%, UK 4. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located 7%, Hong Kong 4. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders 2% (2005)
Imports	$187. 9 billion f. o. b. (2006 est. )
Import goods	crude oil, machinery, gems, fertilizer, chemicals
Main import partners	the People's Republic of China 7. 2%, US 6. 4%, Belgium 5. The Kingdom of Belgium is a Country in northwest Europe. It is a founding member of the European Union and hosts its headquarters as well as those 1%, Singapore 4. Singapore 7%, Australia 4. For a topic outline on this subject see List of basic Australia topics. 2%, Germany 4. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. 2%, UK 4. 1% (2005)
Public finances
Public debt	$132. 1 billion (2006 est. )
Revenues	$109. 4 billion (2006 est. )
Expenses	$143. 8 billion; including capital expenditures of $15 billion (2006 est. )
Economic aid	donor: $17. 3 million (2006)
Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars
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The economy of India, measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of US $1 trillion (2008). The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how PLEASE NO RANDOM FIGURES THERE ARE NO FIGURES BASED ON NATIONAL STATISTICS IN THIS ARTICLE ^[1] It had a GDP growth rate of 9. 0% for the fiscal year 2007–2008. ^[2] However, India's huge population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised 2007 estimate). The Demographics of India are overall remarkably diverse India's population of approximately 1 Per capita is a Latin phrase meaning for each head with Per meaning 'through' or 'by' ^[3][4] The World Bank classifies India as a low-income economy. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e ^[5][6]

India's economy is diverse, encompassing agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and play an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global outsourcing of customer services and technical support. Outsourcing is Subcontracting a process such as product design or Manufacturing, to a Third-party company Customer service (also known as Client Service) is the provision of service to customers before during and after a purchase India is a major exporter of highly-skilled workers in software and financial services, and software engineering. Software engineering is the application of a systematic disciplined quantifiable approach to the development operation and maintenance of Software. Other sectors like manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding, aviation , tourism and retailing are showing strong potentials with higher growth rates. Manufacturing (from Latin manu factura, "making by hand" is the use of tools and labor to make things for use or sale A drug, broadly speaking is any chemical substance that when absorbed into the body Biotechnology is Technology based on Biology, especially when used in Agriculture, Food science, and Medicine. Nanotechnology, sometimes shortened to nanotech, refers to a field of Applied science whose theme is the control of matter on an Atomic and Molecular See also Shipbuilding (song. Shipbuilding is the construction of Ships It normally takes place in a specialized facility known as a Aviation refers to activities involving man-made flying devices ( Aircraft) including the people organizations and regulatory bodies involved with them Tourism is Travel for Recreational or Leisure purposes The World Tourism Organization defines tourists as people who "travel

India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State. International trade is exchange of Capital, Goods, and Services across International borders or Territories. Foreign direct investment ( FDI) in its classic definition is defined as a company from one country making a physical investment into building a factory in another country However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. In general liberalization (or liberalisation) refers to a relaxation of previous government restrictions usually in areas of social or economic policy The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate. Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business

India faces a fast-growing population and the challenge of reducing economic and social inequality. Economic inequality refers to disparities in the distribution of Economic Assets and Income. Poverty remains a serious problem, although it has declined significantly since independence. Poverty (also called penury) is deprivation of common necessities that determine the quality of life including food clothing shelter and safe Drinking water, and Official surveys estimated that in the year 2004-2005, 27% of Indians were poor.

History

Main articles: Economic history of India and Timeline of the economy of India

India's economic history can be broadly divided into three eras, beginning with the pre-colonial period lasting up to the 17th century. Economic history of India, in the sense of the meaning of the term economic in its current sense is at least 5000 years old Pre-colonial period 5 BC Silver punch-marked coins were minted by the Mahajanapadas The advent of British colonisation started the colonial period in the 17th century, which ended with independence in 1947. The term " Indian independence movement " is diffuse incorporating various national and regional campaigns agitations and efforts of both Nonviolent and Militant The third period stretches from independence in 1947 until now.

Pre-colonial

The citizens of the Indus Valley civilisation, a permanent and predominantly urban settlement that flourished between 2800 BC and 1800 BC, practised agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. The Indus Valley Civilization (Mature period 2600&ndash1900 BCE abbreviated IVC, was an ancient Civilization that flourished in the Indus River basin Evidence of well planned streets, a drainage system and water supply reveals their knowledge of urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal government. Sanitation is the hygienic means of preventing human contact from the hazards of wastes to promote health Local governments are administrative offices that are smaller than a State. ^[7]

Silver coin minted during the reign of the Gupta king Kumara Gupta I (AD 414–55)

The 1872 census revealed that 99. The Gupta Empire ( Hindi: गुप्त राजवंश was ruled by members of the Gupta dynasty from around 320 to 550 C Kumaragupta I (Mahendraditya was ruler of the Gupta Empire from 415 - 455 CE. 3% of the population of the region constituting present-day India resided in villages,^[8] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation. This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as textiles, food processing and crafts. A textile is a flexible material comprised of a network of natural or artificial Fibres often referred to as thread or Yarn. Food processing is the set of methods and techniques used to transform raw Ingredients into Food or to transform food into other forms for consumption by A craft is a Skill, especially involving practical arts. It may refer to a Trade or particular art Although many kingdoms and rulers issued coins, barter was prevalent. Barter is a type of Trade in which goods or services are directly exchanged Villages paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at harvest time for their services. ^[9]

Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping economic activities. Hinduism is a religious tradition that originated in the Indian subcontinent. Castes are Hereditary systems of occupation, Endogamy, social culture, Social class, and Political power. Complex Family is a generic term for any family structure involving more than two adults ^[10] The caste system functioned much like medieval European guilds, ensuring the division of labour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrow specialization. A guild is an association of craftsmen in a particular trade The earliest guilds were formed as confraternities of workers Division of labour or specialization is the specialization of cooperative labour in specific circumscribed tasks and roles intended to increase the Productivity For instance, in certain regions, producing each variety of cloth was the speciality of a particular sub-caste.

Estimates of the per capita income of India (1857–1900) as per 1948–49 prices. ^[11]

Textiles such as muslin, Calicos, shawls, and agricultural products such as pepper, cinnamon, opium and indigo were exported to Europe, the Middle East and South East Asia in return for gold and silver. Muslin is a type of finely-woven Cotton fabric, introduced to Europe from the Middle East in the 17th century Calico is a plain-woven Textile. In the United Kingdom, "calico" refers to fabric made from unbleached and often not fully processed Cotton A shawl ( Persian شال Shāl from Sanskrit: साडी śāṭī is a simple item of Clothing, loosely worn over the shoulders upper body and arms Black pepper ( Piper nigrum) is a flowering Vine in the family Piperaceae, cultivated for its Fruit, which is usually dried Cinnamon ( Cinnamomum verum, synonym C zeylanicum) is a small Evergreen Tree 10–15 metres (32 Opium is a Narcotic formed from the Latex (ie sap released by lacerating (or "scoring" the immature seed pods of opium poppies ( Indigo is the Color on the Electromagnetic spectrum between about 420 and 450 nm in Wavelength, placing it between Blue and violet ^[12]

Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of quantitative information. One estimate puts the revenue of Akbar's Mughal Empire in 1600 at £17. Akbar redirects here For other uses see Akbar (disambiguation Jalaluddin Muhammad Akbar ( Jalāl ud-Dīn Muhammad Akbar The Mughal Empire ( Persian and self-designation گورکانی; مغلیہ سلطنت) was an Islamic imperial power which ruled most The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 5 million, in contrast with the total revenue of Great Britain in 1800, which totalled £16 million. ^[13] India, by the time of the arrival of the British, was a largely traditional agrarian economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitively developed network of commerce, manufacturing and credit. After the fall of the Mughals, India was administered by Maratha Empire. The Mughal Empire ( Persian and self-designation گورکانی; مغلیہ سلطنت) was an Islamic imperial power which ruled most The Maratha Empire ( Marathi: मराठा साम्राज्य Marāṭhā Sāmrājya; also transliterated Mahratta The maratha empire's budget in 1740s, at its peak, was Rs. 100 million. After the loss at Panipat, the maratha empire disintegrated into confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of Rs. 30M. However, at this time, British East India company entered the Indian political theatre. Until, 1857, when India was firmly under the British crown, the country remained in a state of political instability due to internecine wars and conflicts. ^[14]

Colonial

Colonial rule brought a major change in the taxation environment from revenue taxes to property taxes resulting in mass impoverishment and destitution of the great majority of farmers. The colonial era in India began in 1502 when the Portuguese established the first European trading center at Kollam It also created an institutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, and created a single currency with fixed exchange rates, standardized weights and measures, capital markets, a well developed system of railways and telegraphs, a civil service that aimed to be free from political interference, and a common-law, adversarial legal system. Property is any physical or virtual entity that is owned by an individual Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of The capital market is the Market for securities, where companies and Governments can raise longterm funds This article is about the technical workings and operations of railways in India which are run by the Indian Railways. ^[15] India's colonisation by the British coincided with major changes in the world economy—industrialisation, and significant growth in production and trade. However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,^[16] with industrial development stalled, agriculture unable to feed a rapidly growing population, one of the world's lowest life expectancies, and low rates of literacy. Life expectancy is the average number of years of life remaining at a given age traditional definition of literacy is considered to be the ability to read and write or the ability to use Language to read, write, listen,

An estimate by Cambridge University historian Angus Maddison reveals that India's share of the world income fell from 22. The University of Cambridge (often Cambridge University) located in Cambridge, England, is the second-oldest university in the 6% in 1700, comparable to Europe's share of 23. 3%, to a low of 3. 8% in 1952. ^[17] While Indian leaders during the Independence struggle, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economy in its aftermath, a broader macroeconomic view of India during this period reveals that there were sectors of growth and decline, resulting from changes brought about by colonialism and a world that was moving towards industrialisation and economic integration. Economic history is the study of how economic phenomena evolved in the past Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole Economic integration is a term used to describe how different aspects between economies are integrated ^[18][19]While the exact sectors of growth and decline is of questionable importance, the overall effect of the changes brought about by colonialism, and India's degree of industrialisation and economic integration of India under the British rule on India's economy can be assessed from the kind of economy India inherited after the end of the colonial rule in India.

Independence to 1991

Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Economic policy refers to the actions that Governments take in the economic field. The term " Indian independence movement " is diffuse incorporating various national and regional campaigns agitations and efforts of both Nonviolent and Militant The Fabian Society is a British Intellectual Socialist movement whose purpose is to advance the principles of Social democracy via Gradualist Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labour and financial markets, a large public sector, business regulation, and central planning. For the protectionist Australian political party from the 1880s to 1909 see Protectionist Party Import Substitution Industrialization (also called ISI) is a Trade and economic Policy based on the premise that a Country should is a process of social and economic change whereby a human group is transformed from a Pre-industrial society into an industrial one The public sector is the part of economic and administrative life that deals with the delivery of goods and services by and for the Government, whether national Regional A planned economy or directed economy is an Economic system in which the Government or Workers' councils manages the Economy. ^[20] Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. Jawaharlal Nehru (जवाहरलाल नेहरू ʤəʋäɦəɾläl nɛɦɾu (14 November 1889 27 May 1964 was a major political leader of the Congress Party The Prime Minister of India is head of the Council of Ministers, appointed by the President to assist the latter in the administration of the affairs of the executive Prasanta Chandra Mahalanobis, FRS ( Bangla: প্রশান্ত চন্দ্র মহলানবিস ( June 29 1893 &ndash June Indira Priyadarshini Gandhi ( Indirā Priyadarśinī Gāndhī) ( Née: Nehru (19 November 1917 - 31 October 1984 was the Prime Minister of the They expected favourable outcomes from this strategy, because it involved both public and private sectors and was based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system. The economy of the Soviet Union was based on a system of State ownership, administrative planning Socialist competition and free labour ^[21] The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidising manual, low-skill cottage industries was criticized by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers. Heavy industry does not have a single fixed meaning as compared to Light industry. The putting-out system was a means of subcontracting work It was also known as the workshop system. Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. ^[22]

India's low average growth rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers". Hindu rate of growth was a controversial expression used to refer to the low annual Growth rate of the Economy of India, which stagnated around 3 The term Four Asian Tigers or East Asian Tigers refers to the Economies of South Korea, Hong Kong, Singapore ^[15]

After 1991

Goldman Sachs has predicted that India will become 3rd largest economy of the world by 2035 based on predicted growth rate of 5. 3 to 6. 1%. Currently It is cruising at 9. 4% growth rate.

In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion for incumbents, removed price controls and reduced corporate taxes. Rajiv Gandhi राजीव गांधी (raːdʒiːv gaːnd̪ʰiː born in Bombay, (20 August 1944 – 21 May 1991 the elder son of Indira and Feroze While this increased the rate of growth, it also led to high fiscal deficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner, and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, which found itself facing the prospect of defaulting on its loans. The Union of Soviet Socialist Republics (USSR was a constitutionally Socialist state that existed in Eurasia from 1922 to 1991 ^[23] In response, Prime Minister Narasimha Rao along with his finance minister Manmohan Singh initiated the economic liberalisation of 1991. Pamulaparthi Venkata Narasimha Rao (పాములపర్తి వెంకట నరసింహారావు (28 June 1921 &ndash 23 December 2004 was the 12th Prime Minister Manmohan Singh (ਮਨਮੋਹਨ ਸਿੰਘ (born 26 September 1932 is the 17th Economic reforms in India is something which is under close study The reforms did away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors. Licence Raj refers to the elaborate licences regulations and the accompanying Red tape that were required to set up business in India between 1947 and Foreign direct investment ( FDI) in its classic definition is defined as a company from one country making a physical investment into building a factory in another country ^[24] Since then, the overall direction of liberalisation has remained the same, irrespective of the ruling party, although no party has tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agricultural subsidies. A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming ^[25]

Since 1990 India has emerged as one of the wealthiest economies in the developing world; during this period, the economy has grown constantly, but with a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates and food security.

While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 by S&P and Moody's. ^[26][27] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France and Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035. The Goldman Sachs Group Inc, or simply Goldman Sachs ( is a large global Bank holding company that engages in Investment banking securities By 2035, it was projected to be the third largest economy of the world, behind US and China. Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES ^[28][29]

Government intervention

State planning and the mixed economy

Main article: Five-Year Plans of India

After independence, India opted for a centrally planned economy to try to achieve an effective and equitable allocation of national resources and balanced economic development. The Economy of India is based in part on planning through its Five-year plans, developed executed and monitored by the Planning Commission. A planned economy or directed economy is an Economic system in which the Government or Workers' councils manages the Economy. The process of formulation and direction of the Five-Year Plans is carried out by the Planning Commission, headed by the Prime Minister of India as its chairperson. The Economy of India is based in part on planning through its Five-year plans, developed executed and monitored by the Planning Commission. The Planning Commission is an institution in the Government of India, which formulates India's Five-Year Plans, among other functions The Prime Minister of India is head of the Council of Ministers, appointed by the President to assist the latter in the administration of the affairs of the executive Since the Prime Minister of India happens to be the ex-officio chairperson of Planning commission of India, the position of the deputy chairperson has great significance ^[30]

The number of people employed in non-agricultural occupations in the public and private sectors. Totals are rounded. Private sector data relates to non-agriculture establishments with 10 or more employees. ^[31]

India's mixed economy combines features of both capitalist market economy and the socialist planned economy, but has shifted more towards the former over the past decade. A mixed economy is an Economic system that incorporates aspects of more than one economic system The public sector generally covers areas which are deemed too important or not profitable enough to leave to the market, including such services as the railways and postal system.

Since independence, there have been phases of nationalizing such areas as banking. Nationalization, also spelled nationalisation, is the act of taking an industry or assets into the Public ownership of a national government More recently, there have been phases of privatizing such sectors. ^[31]

Public expenditure

India's public expenditure is classified as development expenditure, comprising central plan expenditure and central assistance and non-development expenditures; these categories can each be divided into capital expenditure and revenue expenditure. Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities In Economics, capital or capital Goods or real capital refers to items of extensive value In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services Central plan expenditure is allocated to development schemes outlined in the plans of the central government and public sector undertakings; central assistance refers to financial assistance and developmental loans given for plans of the state governments and union territories. A Union Territory is a sub-national administrative division of India. Non-development capital expenditure comprises capital defense expenditure, loans to public enterprises, states and union territories and foreign governments, while non-development revenue expenditure comprises revenue defence expenditure, administrative expenditure, subsidies, debt relief to farmers, postal deficit, pensions, social and economic services (education, health, agriculture, science and technology), grants to states and union territories and foreign governments. Organization and command structure The headquarters of the Indian Armed Forces is in New Delhi, the capital city. In Economics, a subsidy (also known as a subvention is a form of financial assistance paid to a business or economic sector Debt is that which is owed usually referencing Assets owed but the term can cover other obligations Mail, or post, is a method for transmitting information and tangible objects wherein written Documents typically enclosed in Envelopes and also A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in A pension is a steady income given to a person upon Retirement, typically in the form of a guaranteed annuity. ^[32][33][31]

Headquarters of India's central bank, the Reserve Bank of India, in Mumbai (It's the tall building in the background. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Reserve Bank of India (RBI भारतीय रिज़र्व बैंक is the Central bank of India, and was established on April Mumbai ( Marathi:,, IPA: formerly Bombay, is the capital of the Indian state of Maharashtra and the financial The building in the foreground is the Asiatic Library)

India's non-development revenue expenditure has increased nearly fivefold in 2003–04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single largest item of expenditure and accounted for more than 40% of the total non development expenditure in the 2003–04 budget. Defence expenditure increased fourfold during the same period and has been increasing due to growing tensions in the region, the expensive dispute with Pakistan over Jammu and Kashmir and an effort to modernise the military. Pakistan () officially the Islamic Republic of Pakistan, is a country located in South Asia, Southwest Asia, Middle East and ( Dogri: जम्मू और कश्मीर Urdu: جموں و کشمیر is the northernmost state of India. Administrative expenses are compounded by a large salary and pension bill, which rises periodically due to revisions in wages, dearness allowance etc. A salary is a form of periodic payment from an Employer to an Employee, which may be specified in an Employment contract. A pension is a steady income given to a person upon Retirement, typically in the form of a guaranteed annuity. A wage is a compensation workers receive in exchange for their labor. In India Dearness allowance (DA is part of a person's Salary. subsidies on food, fertilizers, education and petroleum and other merit and non-merit subsidies account are not only continuously rising, especially because of rising crude oil and food prices, but are also harder to rein in, because of political compulsions. In Economics, a subsidy (also known as a subvention is a form of financial assistance paid to a business or economic sector Fertilizers ( also spelt fertiliser are chemical compounds given to Plants to promote growth they are usually applied either through the soil for uptake by plant Petroleum ( L petroleum, from Greek πετρέλαιον, lit ^[34][31]

Public receipts

India has a three-tier tax structure, wherein the constitution empowers the union government to levy income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service tax, customs and excise duties and the state governments to levy sales tax on intrastate sale of goods, tax on entertainment and professions, excise duties on manufacture of alcohol, stamp duties on transfer of property and collect land revenue (levy on land owned). The Constitution of India ( Hindi: भारतीय़ संविधान see names in other Indian languages) is the supreme law of India. Because of the broad term "wealth" Property tax, capital transfer taxes ( Inheritance tax, Estate tax, Gift tax) Endowment tax Estate tax and Death duty redirect here Inheritance tax, estate tax and death duty are the names given to various taxes which A sales tax is a Consumption tax charged at the Point of purchase for certain goods and services Customs is an Authority or agency in a Country responsible for collecting and safeguarding customs duties and for controlling the flow of goods Excise or Excise tax (sometimes called an excise duty) is a type of Tax charged on goods produced within the country (as opposed to Customs duties India is a union of states comprising twenty-eight states and seven union territories. Entertainment tax is a tax on entertainment In India, movie tickets large commercial shows and large private festival celebrations attract entertainment tax The term profession is applied to those persons who have specialized and technical skill or knowledge which they apply for a fee to certain tasks that ordinary and unqualified people cannot Stamp duty is a form of Tax that is levied on documents Historically a physical stamp (a Tax stamp) had to be attached to or impressed upon the document to denote The local governments are empowered by the state government to levy property tax, Octroi and charge users for public utilities like water supply, sewage etc. Local governments are administrative offices that are smaller than a State. Property tax, or millage tax, is an Ad valorem tax that an owner pays on the value of the property being taxed Octroi (0 Fr octroyer, to grant authorize Lat auctor) is a local Tax collected on various articles brought into a District for A public utility (usually just utility) is an organization that maintains the Infrastructure for a public service (often also providing a service using Water supply is the process of self-provision or provision by third parties of water of various qualities to different users Sewage is the mainly liquid Waste containing some solids produced by humans which typically consists of washing water Feces, Urine, laundry waste and other ^[35][36] More than half of the revenues of the union and state governments come from taxes, of which half come from Indirect taxes. The term indirect tax has more than one meaning In the colloquial sense an indirect tax (such as Sales tax, Value added tax (VAT or Goods and services More than a quarter of the union government's tax revenues is shared with the state governments. ^[37]

The tax reforms, initiated in 1991, have sought to rationalise the tax structure and increase compliance by taking steps in the following directions:

• Reducing the rates of individual and corporate income taxes, excises, customs and making it more progressive
• Reducing exemptions and concessions
• Simplification of laws and procedures
• Introduction of Permanent account number to track monetary transactions
• 21 of the 29 states introduced Value added tax (VAT) on April 1, 2005 to replace the complex and multiple sales tax system^[36][38]

The non-tax revenues of the central government come from fiscal services, interest receipts, public sector dividends, etc. Permanent Account Number ( PAN) is a National identification number, issued to all taxpayers of India whose income is taxable Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. , while the non-tax revenues of the States are grants from the central government, interest receipts, dividends and income from general, economic and social services. ^[34]

Inter-State share in the federal tax pool is decided by the recommendations of the Finance Commission to the President. The Finance Commission is an impartial authority established under Article 280 of the Constitution of India by the President.

General budget

The Finance minister of India presents the annual union budget in the Parliament on the last working day of February. The Finance Minister of India is a Cabinet position in the Government of India. The Union Budget of India, referred to as the Annual Financial Statement in the Constitution of India, is the annual budget of the Republic of India, presented The Parliament of India (or Sansad) is the federal and supreme Legislative body of India. Working time refers to the period of time that an individual spends at paid occupational labor The budget has to be passed by the Lok Sabha before it can come into effect on April 1, the start of India's fiscal year. The Lok Sabha (also titled the House of the People, by the Constitution) is the directly elected Lower house of the Parliament of India Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly" Financial statements in Businesses The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year. The Finance Ministry presents the Economic Survey in the parliament every year just before the Union Budget. This economic survey involves all the various NGOs, women organizations, business people, old people associations etc.

India's union budget for 2005–06, had an estimated outlay of Rs. The Union Budget of India, referred to as the Annual Financial Statement in the Constitution of India, is the annual budget of the Republic of India, presented 5,14,344 crores ($118 billion). Earnings from taxes amount to Rs. 2,73,466 crore ($63b). India's fiscal deficit amounts to 4. A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in 5% or 1,39,231 crore ($32b). ^[39] The fiscal deficit is expected to be 3. 8% of GDP, by March 2007. ^[40]

Currency system

Rupee

Main article: Indian rupee

Indian bank notes depicting M. K. Gandhi, The 1000 rupee note is the highest denomination printed. The rupee (रुपया ( code: INR) is the Currency of India. Mohandas Karamchand Gandhi ( Gujarati: મોહનદાસ કરમચંદ ગાંધી moɦən̪d̪äs kəɾəmʧən̪d̪ gän̪d̪ʱi (2 October 1869 – 30 January

The Rupee is the only legal tender accepted in India. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued The exchange rate as of May 23, 2008 is about 42. Events 1430 - Siege of Compiègne: Joan of Arc is captured by the Burgundians while leading an army to relieve Compiègne 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common 695 to a US dollar,^[41] 67. 335 to a Euro, and 84. 5 to a UK pound. The Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. Nepal (नेपाल) is a Landlocked country in South Asia. The Kingdom of Bhutan (buːˈtɑːn is a Landlocked nation in South Asia. The rupee is divided into 100 paise. This article is about paisa the coin used in Bangladesh, India, Nepal and Pakistan. The highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in circulation is the 25 paise coin. ^[42]

Natural resources

India's total cultivable area is 1,269,219 km² (56. Square Kilometre ( US spelling square kilometer) symbol km2, is a decimal multiple of the SI unit of 78% of total land area), which is decreasing due to constant pressure from an ever growing population and increased urbanisation.

India has a total water surface area of 314,400 km² and receives an average annual rainfall of 1,100 mm. The Millimetre ( American spelling: millimeter, symbol mm) is a unit of Length in the Metric system, equal to Irrigation accounts for 92% of the water utilisation, and comprised 380 km² in 1974, and is expected to rise to 1,050 km² by 2025, with the balance accounted for by industrial and domestic consumers. Irrigation is an artificial application of water to the soil usually for assisting in growing crops India's inland water resources comprising rivers, canals, ponds and lakes and marine resources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheries sector. The Indian Ocean is the third largest of the world's Oceanic divisions covering about 20% of the water on the Earth 's surface Headlands and bays are two related features of the coastal environment Headlands and bays are two related features of the coastal environment For the fishing industry and the practice of fishing see Fishing. India is the sixth largest producer of fish in the world and second largest in inland fish production.

India's major mineral resources include Coal (fourth-largest reserves in the world), Iron ore, Manganese, Mica, Bauxite, Titanium ore, Chromite, Natural gas, Diamonds, Petroleum, Limestone and Thorium (world's largest along Kerala's shores). A mineral is a naturally occurring substance formed through geological processes that has a characteristic chemical composition a highly ordered atomic structure and specific Iron (ˈаɪɚn is a Chemical element with the symbol Fe (ferrum and Atomic number 26 Manganese (ˈmæŋgəniːz is a Chemical element, designated by the symbol Mn. The word "mica" is thought to be derived from the Latin word la micare, "glitteren" in reference to the brilliant appearance of this mineral (especially Bauxite is the most important Aluminium Ore. It consists largely of the minerals Gibbsite Al(OH3 Boehmite γ-AlO(OH and Titanium (taɪˈteɪniəm is a Chemical element with the symbol Ti and Atomic number 22 Chromite is iron magnesium chromium oxide (Fe MgCr2O4 It is an Oxide Mineral belonging to the Spinel group Natural gas is a Gaseous Fossil fuel consisting primarily of Methane but including significant quantities of Ethane, Propane, In Mineralogy, diamond is the allotrope of carbon where the carbon atoms are arranged in Petroleum ( L petroleum, from Greek πετρέλαιον, lit Limestone is a Sedimentary rock composed largely of the Mineral Calcite ( Calcium carbonate: CaCO3 Thorium (ˈθɔːriəm is a Chemical element with the symbol Th and Atomic number 90 Kerala ( Malayalam: {{Kerala in Malayalam}}; India's oil reserves, found in Bombay High off the coast of Maharashtra, Gujarat, and in eastern Assam meet 25% of the country's demand. Oil reserves are the estimated quantities of Crude oil that are claimed to be recoverable under existing Economic and operating conditions Bombay High is an offshore Oilfield 160 km off the coast of Mumbai (Bombay Maharashtra ( Marathi: mahārāṣṭra, IPA) is a state located on the western coast of India. Gujarat (ગુજરાત Gujǎrāt, pronounced) is a state in western India. Assam) ( Assamese: অসম Ôxôm) is a northeastern state of India with its capital at Dispur, a suburb of the city ^[43][4]

Rising energy demand concomitant with economic growth has created a perpetual state of energy crunch in India. India is poor in oil resources and is currently heavily dependent on coal and foreign oil imports for its energy needs. Though India is rich in Thorium, but not in Uranium, which it might get access to if a nuclear deal with US comes to fruition. Thorium (ˈθɔːriəm is a Chemical element with the symbol Th and Atomic number 90 Uranium (jʊˈreɪniəm is a silvery-gray Metallic Chemical element in the India is rich in certain energy resources which promise significant future potential - clean / renewable energy resources like solar, wind, biofuels (jatropha, sugarcane). India is both densely populated and has high solar insolation providing an ideal combination for solar power in India. The development of wind power in India began in the 1990s and has significantly increased in the last few years

Physical infrastructure

Mumbai Airport

The Mumbai-Pune Expressway is a large infrastructure project taken up by the Indian government

Development of infrastructure was completely in the hands of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale investment. Chhatrapati Shivaji International Airport ( Marathi:छ्त्रपती शिवाजी अंतरराष्ट्रीय विमानतळ, formerly The Mumbai Pune Expressway ( Marathi: मुंबई-पुणे द्रुतगती महामार्ग is India's first six-lane concrete high-speed access ^[44]

India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher growth rates. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom This had prompted the government to partially open up infrastructure to the private sector allowing foreign investment^[45][46][31] which has helped in a sustained growth rate of close to 9% for the past six quarters. ^[47] India holds second position in the world in roadways' construction, more than twice that of China. This is a list of countries by Road network size, mostly based on CIA World Factbook. ^[48] As of 2005 the electricity production was at 661. 6 billion kWh with oil production standing at 785,000 bbl/day. India's prime import partners are: China 8. 7%, US 6%, Germany 4. 6%, Singapore 4. 6%, Australia 4% as of 2006 CIA FactBook As of 15 January 2007, there were 2. Events 588 BC - Nebuchadrezzar II of Babylon lays siege to Jerusalem under Zedekiah 's reign Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. 10 million broadband lines in India. [4] Low tele-density is the major hurdle for slow pickup in broadband services. Over 76% of the broadband lines were via DSL and the rest via cable modems.

See also: States of India by installed power capacity

See also: Water supply and sanitation in India

Financial institutions

Cuffe Parade is an important business district in Mumbai, home to the World Trade Center as well as other important financial institutions

India inherited several institutions, such as the civil services, Reserve Bank of India, railways, etc. This is a list of States and Union Territories of India by installed capacity of power utilities with generation mode break-up as of 3 April 2006 published by the Ministry of Power Access 86% of the population in India has access to an improved water source but only 33% has access to improved sanitation Cuffe Parade is an upmarket neighbourhood in South Mumbai. It is in the southern most region of the city just north of Navy Nagar. The Indian Civil Service, popularly known by its acronym ICS, originated as the elite Civil service of the Indian Government under British colonial , from its British rulers. For usage see British rule in India British Raj ( rāj, lit "reign" in Hindustani) primarily refers to the British Mumbai serves as the nation's commercial capital, with the Reserve Bank of India (RBI), Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) located here. Mumbai ( Marathi:,, IPA: formerly Bombay, is the capital of the Indian state of Maharashtra and the financial The Bombay Stock Exchange Limited (मुंबई शेयर बाज़ार Mumbaī Śeyar Bājār) (formerly The Stock Exchange Mumbai; popularly called The National Stock Exchange of India Limited or S&P CNX NIFTY ( NSE) is a Mumbai -based Stock exchange. The headquarters of many financial institutions are also located in the city.

Cyber Greens Office Complex. Containing offices like ABN Amro, Microsoft.

The RBI, the country's central bank was established on 1 April 1935. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne Year 1935 ( MCMXXXV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. It serves as the nation's monetary authority, regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBI is governed by a central board, headed by a governor who is appointed by the Central government of India.

The BSE Sensex or the BSE Sensitive Index is a value-weighted index composed of 30 companies with April 1979 as the base year (100). The BSE Sensex or Bombay Stock Exchange Sensitive Index is a value-weighted index composed of 30 stocks with the base April 1984 = 100 These companies have the largest and most actively traded stocks and are representative of various sectors, on the Exchange. They account for around one-fifth of the market capitalisation of the BSE. The Sensex is generally regarded as the most popular and precise barometer of the Indian stock markets. History The first barometer is thought to have been built unintentionally by Gasparo Berti, sometime between 1640 and 1643 Incorporated in 1992, the National Stock Exchange is one of the largest and most advanced stock markets in India. The NSE is the world's third largest stock exchange in terms of transactions. There are a total of 23 stock exchanges in India, but the BSE and NSE comprise 83% of the volumes. ^[49] The Securities and Exchange Board of India (SEBI), established in 1992, regulates the stock markets and other securities markets of the country. Securities and Exchange Board of India ( SEBI) is the Regulator for the Securities Market in India A stock market, or (equity market is a private or public market for the trading of company Stock and derivatives of company

Sectors

Agriculture

Main article: Agriculture in India

Composition of India's total production (million tonnes) of foodgrains and commercial crops, in 2003–04. Indian agriculture began by 9000 BCE as a result of early cultivation of plants and domestication of crops and animals

India ranks second worldwide in farm output. This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government Agriculture and allied sectors like forestry, logging and fishing accounted for 16. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture Forestry is the Art and Science of managing forests tree Plantations and related Natural resources. Logging is the process in which Trees are cut down for Forest management and Timber. For the computer security term see Phishing. Fishing is the activity of catching Fish. 6% of the GDP in 2007, employed 60% of the total workforce^[4] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic development of India. Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since Green revolution in India. Irrigation is an artificial application of water to the soil usually for assisting in growing crops The introduction of high-yielding varieties of seeds after 1965 and the increased use of Fertilizers and Irrigation are known collectively as the Green Revolution However, international comparisons reveal that the average yield in India is generally 30% to 50% of the highest average yield in the world. ^[50]

The low productivity in India is a result of the following factors:

• Illiteracy, general socio-economic backwardness, slow progress in implementing land reforms and inadequate or inefficient finance and marketing services for farm produce.
• The average size of land holdings is very small (less than 20,000 m²) and is subject to fragmentation, due to land ceiling acts and in some cases, family disputes. Such small holdings are often over-manned, resulting in disguised unemployment and low productivity of labour.
• Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of such practices, high costs and impracticality in the case of small land holdings. Agricultural machinery is one of the most Revolutionary and impactful applications of modern Technology.
• Irrigation facilities are inadequate, as revealed by the fact that only 52. 6% of the land was irrigated in 2003–04,^[51] which result in farmers still being dependent on rainfall, specifically the Monsoon season. A monsoon is a seasonal prevailing wind which lasts for several months A good monsoon results in a robust growth for the economy as a whole, while a poor monsoon leads to a sluggish growth. ^[52] Farm credit is regulated by NABARD, which is the statutory apex agent for rural development in the subcontinent. National Bank for Agriculture and Rural Development ( NABARD) is an apex development bank in India.

Industry

Per capita GDP (at PPP) of South Asian economies versus those of South Korea, as a percentage of the US^[20][53]

India is fourteenth in the world in factory output. South Korea, officially the Republic of Korea and often referred to as Korea ( Korean: 대한민국 tɛː This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government They together account for 27. 6% of the GDP and employ 17% of the total workforce. ^[4] However, about one-third of the industrial labour force is engaged in simple household manufacturing only. The putting-out system was a means of subcontracting work It was also known as the workshop system. [5]

Economic reforms brought foreign competition, led to privatisation of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to an expansion in the production of fast-moving consumer goods. ^[54]

Post-liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and required political connections to prosper was faced with foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on designing new products and relying on low labour costs and technology. ^[55]

34 Indian companies have been listed in the Forbes Global 2000 ranking for 2008. The Forbes Global 2000 is an annual ranking of the top 2000 Public companies in the world by Forbes magazine ^[56] The 10 leading companies are:

World Rank	Company	Logo	Industry	Revenue (billion $)	Profits (billion $)	Assets (billion $)	Market Value (billion $)
193	Reliance Industries		Oil & Gas Operations	26. Reliance Industries Limited ( NSE: RELIANCE is India 's largest Private sector conglomerate (and second largest overall with an annual 07	2. 79	30. 67	89. 29
198	Oil and Natural Gas Corporation		Oil & Gas Operations	18. Oil and Natural Gas Corporation Limited ( ONGC) (incorporated on June 23, 1993) is an Indian Public sector petroleum company 90	4. 11	33. 79	54. 11
219	State Bank of India		Banking	15. State Bank of India (SBI ( is the largest Bank in India. It is also measured by the number of branch offices and employees the second largest bank in the 77	1. 47	188. 56	33. 29
303	Indian Oil Corporation		Oil & Gas Operations	42. Indian Oil Corporation is an Indian public-sector petroleum company 68	1. 82	25. 39	16. 36
374	ICICI Bank		Banking	9. ICICI Bank ( (formerly Industrial Credit and Investment Corporation of India) is India 's largest private sector bank in market capitalization and second largest A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money 84	0. 64	91. 07	29. 85
411	NTPC		Utilities	7. 84	1. 60	20. 34	41. 57
647	Steel Authority of India Limited		Materials	7. Steel Authority of India Limited ( SAIL) is the largest Steel maker in India. Materials are physical Substances used as inputs to production or Manufacturing. 88	1. 45	8. 05	26. 37
738	Tata Steel		Materials	5. Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited) is the world's 5th largest and India's largest steel company with an annual crude steel Materials are physical Substances used as inputs to production or Manufacturing. 83	0. 97	11. 48	14. 63
826	Bharti Airtel		Telecommunications Services	4. Bharti Airtel, formerly known as Bharti Tele-Ventures Limited (BTVL is India 's largest cellular service provider with more than 75 million subscribers as of August 26	0. 94	6. 61	39. 16
846	Reliance Communications		Telecommunications Services	3. Reliance Communications (formerly Reliance Infocomm) along with Reliance Telecom and Flag Telecom, is part of Reliance Communications Ventures (RCoVL 13	0. 65	13. 08	29. 63

Services

Infosys headquarters in Bangalore, one of the largest software companies in India. Infosys Technologies Limited () is a multinational Information technology services company headquartered in Bengaluru, India. Bangalore ( officially Bengaluru ( Kannada: ಬೆಂಗಳೂರು) is the capital of the Indian state of Karnataka.

India is fifteenth in services output. This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government It provides employment to 23% of work force, and it is growing fast, growth rate 7. 5% in 1991–2000 up from 4. 5% in 1951–80. It has the largest share in the GDP, accounting for 55% in 2007 up from 15% in 1950. ^[4] Business services (information technology, information technology enabled services, business process outsourcing) are among the fastest growing sectors contributing to one third of the total output of services in 2000. Information technology ( IT) as defined by the Information Technology Association of America (ITAA is "the study design development implementation support Business process outsourcing ( BPO) contains the transmission of processes along with the associated operational activities and responsibilities to a third party with at least Business process outsourcing ( BPO) contains the transmission of processes along with the associated operational activities and responsibilities to a third party with at least The growth in the IT sector is attributed to increased specialisation, availability of a large pool of low cost, but highly skilled, educated and fluent English-speaking workers. On the supply side and on the demand side, increased demand from foreign consumers interested in India's service exports or those looking to outsource their operations. Supply and demand is an Economic model describing effects on price and quantity in a Market. Outsourcing is Subcontracting a process such as product design or Manufacturing, to a Third-party company India's IT industry, despite contributing significantly to its balance of payments, accounted for only about 1% of the total GDP or 1/50th of the total services. In Economics, the balance of payments, (or BOP) measures the Payments that flow between any individual Country and all other countries ^[57]

Banking and finance

Main article: Banking in India

Structure of the organised banking sector in India. Banking in India originated in the first decade of 18th century Number of banks are in brackets. ^[58]

The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). In Finance, the money market is the global Financial market for short-term borrowing and lending A commercial bank is a type of Financial intermediary and a type of Bank. A moneylender offers small Personal loans at high rates of interest, usually higher rates than the market rate charged on Credit cards or on Non-bank financial companies ( NBFCs) are Financial institutions that provide Banking services without meeting the legal definition of a Bank, The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes, like ceremonies and short duration loans. This article is specific to small loans For financial services to the poor see Microfinance. ^[59]

Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. Indira Priyadarshini Gandhi ( Indirā Priyadarśinī Gāndhī) ( Née: Nehru (19 November 1917 - 31 October 1984 was the Prime Minister of the Nationalization, also spelled nationalisation, is the act of taking an industry or assets into the Public ownership of a national government to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total deposits increased 32. A deposit account is a current account at a Banking institution that allows money to be deposited and withdrawn by the account holder with the transactions and resulting balance 6 times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank. A lakh (also written lac, and lackh in an Indian english language news source India PR Wire 8 Oct '08 is a unit in the Indian numbering system equal to ^[60][61]

Since liberalisation, the government has approved significant banking reforms. While some of these relate to nationalised banks (like encouraging mergers, reducing government interference and increasing profitability and competitiveness), other reforms have opened up the banking and insurance sectors to private and foreign players. ^[62][4]

Socio-economic characteristics

Poverty

Percentage of population living under the poverty line

Main article: Poverty in India

Large numbers of India's people live in abject poverty. One-third of India's population (roughly equivalent to the entire population of the United States lives below the poverty line and India is home to one-third of the world's poor people Wealth distribution in India is improving since the liberalization and with the end of the socialist rule termed as the license raj. Distribution of wealth is a comparison of the Wealth of various members or groups in a Society, and is one aspect of the Economy and Social structure ^[63] While poverty in India has reduced significantly, official figures estimate that 27. 5%^[64] of Indians still lived below the national poverty line in 2004-2005. ^[65] A 2007 report by the state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 70% of Indians, or 800 million people, lived on less than 20 rupees per day^[66] with most working in "informal labour sector with no job or social security, living in abject poverty. "^[67]

Since the early 1950s, successive governments have implemented various schemes, under planning, to alleviate poverty, that have met with partial success. A planned economy or directed economy is an Economic system in which the Government or Workers' councils manages the Economy. All these programmes have relied upon the strategies of the Food for work programme and National Rural Employment Programme of the 1980s, which attempted to use the unemployed to generate productive assets and build rural infrastructure. ^[31] In August 2005, the Indian parliament passed the Rural Employment Guarantee Bill, the largest programme of this type in terms of cost and coverage, which promises 100 days of minimum wage employment to every rural household in 200 of India's 600 districts. The Parliament of India (or Sansad) is the federal and supreme Legislative body of India. A district is an administrative division of an Indian state or territory. The question of whether economic reforms have reduced poverty or not has fuelled debates without generating any clear cut answers and has also put political pressure on further economic reforms, especially those involving the downsizing of labour and cutting agricultural subsidies. ^[68][69]

Corruption

Main article: Corruption in India

Corruption has been one of the pervasive problems affecting India. Corruption is widespread in India. India is ranked 72 out of a 179 countries in Transparency International 's Corruption Perceptions Index Political corruption is the use of governmental powers by government officials for illegitimate private gain The economic reforms of 1991 reduced the red tape, bureaucracy and the Licence Raj that had strangled private enterprise and was blamed for the corruption and inefficiencies. " Red tape " is a derisive term for excessive Regulation or rigid conformity to formal rules that is considered redundant or bureaucratic and hinders or prevents Yet, a 2005 study by Transparency International (TI) India found that more than half of those surveyed had firsthand experience of paying bribe or peddling influence to get a job done in a public office. Transparency International ( TI) is a leading international Non-governmental organization addressing corruption ^[70]

The Right to Information Act (2005) and equivalent acts in the states, that require government officials to furnish information requested by citizens or face punitive action, computerisation of services and various central and state government acts that established vigilance commissions have considerably reduced corruption or at least have opened up avenues to redress grievances. The Right to Information Act 2005 (Act No 22/2005 is a law enacted by the Parliament of India giving citizens of India access to records of the Central Government ^[70] The 2007 report by Transparency International ranks India at 72nd place and states that significant improvements were made by India in reducing corruption. ^[71][72]

Occupations and unemployment

Agricultural and allied sectors accounted for about 57% of the total workforce in 1999–2000, down from 60% in 1993–94. While agriculture has faced stagnation in growth, services have seen a steady growth. Of the total workforce, 8% is in the organised sector, two-thirds of which are in the public sector. The NSSO survey estimated that in 1999–2000, 106 million, nearly 10% of the population were unemployed and the overall unemployment rate was 7. 32%, with rural areas doing marginally better (7. 21%) than urban areas (7. 65%).

Unemployment in India is characterised by chronic underemployment or disguised unemployment. In Economics, the term underemployment has three different distinct meanings and applications Economists distinguish between four major types of Unemployment, i Government schemes that target eradication of both poverty and unemployment, (Which in recent decades has sent millions of poor and unskilled people into urban areas in search of livelihoods. ) attempt to solve the problem, by providing financial assistance for setting up businesses, skill honing, setting up public sector enterprises, reservations in governments, etc. The decreased role of the public sector after liberalisation has further underlined the need for focusing on better education and has also put political pressure on further reforms. ^[73][31]

Regional imbalance

Main article: List of regions of India

One of the critical problems facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of per capita income, poverty, availability of infrastructure and socio-economic development. This is a list of unofficial or quasi-official regions of India ^[74]

The five-year plans have attempted to reduce regional disparities by encouraging industrial development in the interior regions, but industries still tend to concentrate around urban areas and port cities^[75] After liberalization, the more advanced states are better placed to benefit from them, with infrastructure like well developed ports, urbanisation and an educated and skilled workforce which attract manufacturing and service sectors. The union and state governments of backward regions are trying to reduce the disparities by offering tax holidays, cheap land, etc. , and focusing more on sectors like tourism, which although being geographically and historically determined, can become a source of growth and is faster to develop than other sectors. ^[76][77]

See also: States of India by size of economy

See also: Standard of living in India#Regional imbalance

External trade and investment

Global trade relations

Share of top five investing countries in FDI inflows. This is a list of States and Union Territories of India by gross state domestic product estimated for the year 2004 by Ministry of Statistics and Programme Implementation Although Standard of living in India is modest and is constantly improving India suffers from substantial poverty with 27 (2000–2007)^[78]

Rank	Country	Inflows (Million USD)	Inflows (%)
1	Mauritius	85,178	44. Mauritius (pronounced məˈrɪʃəs L’île Maurice /il mɔ'ʁis/ Mauritian Creole: Maurice) officially the Republic of Mauritius, République 24%[79]
2	United States	18,040	9. The United States of America —commonly referred to as the 37%
3	United Kingdom	15,363	7. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located 98%
4	Netherlands	11,177	5. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands 81%
5	Singapore	9,742	5. Singapore 06%

India currently accounts for 1. 2% of World trade as of 2006 according to the WTO. ^[80] Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledging economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. Foreign direct investment ( FDI) in its classic definition is defined as a company from one country making a physical investment into building a factory in another country The restrictions ensured that FDI averaged only around $200M annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians. A non-resident Indian (NRI is an Indian citizen who has migrated to another country a person of Indian origin who is born outside India or a person of ^[81]

Indian exports in 2006

India's exports were stagnant for the first 15 years after independence, due to the predominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Cotton is a soft staple Fibre that grows around the seeds of the cotton plant ( Gossypium sp In Economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable Imports in the same period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialisation. Since liberalisation, the value of India's international trade has become more broad-based and has risen to Rs. 63,080,109 crores in 2003–04 from Rs. A crore is a unit in the Indian numbering system and was formerly a unit in the Persian numbering system still widely used in Bangladesh, India, Maldives 1,250 crores in 1950–51. India's major trading partners are China, the US, the UAE, the UK, Japan and the EU. ^[82] The exports during April 2007 were $12. 31 billion up by 16% and import were $17. 68 billion with an increase of 18. 06% over the previous year. ^[83]

India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the World Trade Organization. The 'General Agreement on Tariffs and Trade' (typically abbreviated 'GATT' was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world. Developing countries are countries that haven't reached Western-style standards of democratic government free market economy industrialization social programs and human rights guaranties For instance, India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers into the WTO policies. Non-tariff barriers to trade (NTB's are Trade barriers that restrict Imports but are not in the usual form of a Tariff. ^[84]

Balance of payments

Since independence, India's balance of payments on its current account has been negative. In Economics, the balance of payments, (or BOP) measures the Payments that flow between any individual Country and all other countries In Economics, the current account is one of the two primary components of the Balance of payments, the other being the Capital account. Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports have been consistently rising, covering 80. 3% of its imports in 2002–03, up from 66. 2% in 1990–91. Although India is still a net importer, since 1996–97, its overall balance of payments (i. e. , including the capital account balance), has been positive, largely on account of increased foreign direct investment and deposits from non-resident Indians; until this time, the overall balance was only occasionally positive on account of external assistance and commercial borrowings. In Financial accounting, the capital account is one of the accounts in Shareholders' equity. A non-resident Indian (NRI is an Indian citizen who has migrated to another country a person of Indian origin who is born outside India or a person of As a result, India's foreign currency reserves stood at $285 billion in 2008, which could be used in infrastructural development of the country if used effectively.

India is a net importer: Per the CIA factbook in 2007, imports were $224bn and exports $140bn.

India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03, it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debt service ratio to 4. 5% in 2007. ^[85] In India, External Commercial Borrowings (ECBs) are being permitted by the Government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates these borrowings (ECBs) through ECB policy guidelines. The finance minister is a Cabinet position in a Government. A minister of Finance (also called financial affairs the treasury the economy or economic ^[86]

Foreign direct investment in India

As the third-largest economy in the world in PPP terms, India is a preferred destination for foreign direct investments (FDI); India has strengths in information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Foreign direct investment ( FDI) in its classic definition is defined as a company from one country making a physical investment into building a factory in another country India has always held promise for global investors, but its rigid FDI policies were a significant hindrance in this regard. However, as a result of a series of ambitious and positive economic reforms aimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of the front-runners of the rapidly growing Asia Pacific Region. India has a large pool of skilled managerial and technical expertise. The size of the middle-class population at 300 million exceeds the population of both the US and the EU, and represents a powerful consumer market. ^[87]

India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the government amended the rules to allow 100 per cent FDI in the construction business. ^[88] This automatic route has been permitted in townships, housing, built-up infrastructure and construction development projects including housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.

A number of changes were approved on the FDI policy to remove the caps in most sectors. Restrictions will be relaxed in sectors as diverse as civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record US$19. 5bn in fiscal year 2006/07 (April-March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$7. 8bn in the previous fiscal year. Between April 2007 and September 2007, FDI inflows were US$8. 2bn. ^[89]

See also

• Economic development in India
• List of Indian companies
• International investment position
• Bilateral Investment Treaty
• Energy policy
• List of Cooperative Banks in India

Notes

References

Prose contains specific citations in source text which may be viewed in edit mode.

Books

• Nehru, Jawaharlal (1946). Jawaharlal Nehru (जवाहरलाल नेहरू ʤəʋäɦəɾläl nɛɦɾu (14 November 1889 27 May 1964 was a major political leader of the Congress Party Discovery of India. The Discovery of India ( Hindi: भारत एक खोज was written by India 's first Prime Minister Jawaharlal Nehru during Penguin Books. ISBN 0-14-303103-1.  
• Kumar, Dharma (Ed. ) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin Books.  
• Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN.  
• Roy, Tirthankar (2000). The Economic History of India. Oxford University Press. ISBN 0-19-565154-5.  
• Bharadwaj, Krishna (1991). "Regional differentiation in India", in Sathyamurthy, T. V. (ed. ): Industry & agriculture in India since independence. Oxford University Press, pp. 189–199. ISBN 0-19-564394-1.  

Papers

• Williamson, John and Zagha, Roberto (2002). "From the Hindu Rate of Growth to the Hindu Rate of Reform". Working Paper No. 144. . Center for research on economic development and policy reform
• Centre for Media Studies (2005). "India Corruption Study 2005: To Improve Governance Volume – I: Key Highlights". . Transparency International India
• Kelegama, Saman and Parikh, Kirit (2000). "Political Economy of Growth and Reforms in South Asia". Second Draft.
• Cameron, John and Ndhlovu, P Tidings (2001). "Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism".
• Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms".
• Rodrik, Dani and Subramanian, Arvind (2004). "From “Hindu Growth” To Productivity Surge: The Mystery Of The Indian Growth Transition".
• Bernardi, Luigi and Fraschini, Angela (2005). "Tax System And Tax Reforms In India". Working paper n. 51.
• Gordon, Jim and Gupta, Poonam (2003). "Understanding India's Services Revolution". November 12, 2003.
• Ghosh, Jayati. Bank Nationalisation: The Record. Macroscan. Retrieved on 2005-08-05. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 642 - Battle of Maserfield - Penda of Mercia defeats and kills Oswald of Bernicia.
• Srinivasan, T. N. (2002). "Economic Reforms and Global Integration". 17 January 2002. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar.
• Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding Regional Economic Growth in India". Working paper 88.

Government publications

• Jawahar gram samriddhi yojana. Retrieved on 2005-07-09. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 455 - Roman military commander Avitus is proclaimed Emperor of the Western Roman Empire.
• India & the World Trade Organization. Retrieved on 2005-07-09. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 455 - Roman military commander Avitus is proclaimed Emperor of the Western Roman Empire.
• Economic Survey 2004–2005. Retrieved on 2005-07-15. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1099 - First Crusade: Christian soldiers take the Church of the Holy Sepulchre in Jerusalem after the final
• History of the Planning Commission. Retrieved on 2005-07-22. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1099 - First Crusade: Godfrey of Bouillon is elected the first Defender of the Holy Sepulchre of The Kingdom of
• Multiple authors (2004). "Agricultural Statistics at a Glance 2004".
• Kurian, N. J. . Regional disparities in india. Retrieved on 2005-08-06. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada.

News

• "That old Gandhi magic", The Economist, November 27, 1997. Events 1095 - Pope Urban II declares the First Crusade at the Council of Clermont Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar  
• "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax", Daily Times, March 25, 2005. Events 1199 - Richard I is wounded by a crossbow bolt while fighting France which leads to his death on April 6. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar.  
• "Economic structure", The Economist, October 6, 2003. Events 105 BC - Battle of Arausio: The Cimbri inflict the heaviest defeat on the Roman army of Gnaeus Mallius Maximus Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar.  
• "Indian manufacturers learn to compete", The Economist, 12 February 2004. Events 1429 - English Forces under Sir John Fastolf defend a supply convoy carrying rations to the army besieging Orleans from attack by the "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again "  
• "India’s next 50 years", The Economist, August 14, 1997. Events 1183 - Taira no Munemori and the Taira clan take the young Emperor Antoku and the three sacred treasures Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar  
• "The plot thickens", The Economist, May 31, 2001. Events 1279 BC - Rameses II (The Great (19th dynasty becomes pharaoh of Ancient Egypt. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar.  
• "The voters' big surprise", The Economist, May 13, 2004. Events 1497 - Pope Alexander VI excommunicates Girolamo Savonarola. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again "  
• Regional stock exchanges -- Bulldozed by the Big Two. Retrieved on 2005-08-10. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 612 BC - Killing of Sinsharishkun, King of Assyrian Empire
• Infrastructure the missing link. Retrieved on 2005-08-14. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1183 - Taira no Munemori and the Taira clan take the young Emperor Antoku and the three sacred treasures
• "Rural Employment Guarantee Bill passed by voice vote", Yahoo, August 23, 2005. Events 79 - Mount Vesuvius begins stirring on the feast day of Vulcan the Roman god of fire Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar.  
• "Of Oxford, economics, empire, and freedom", The Hindu, October 2, 2005. Events 1187 - Siege of Jerusalem: Saladin captures Jerusalem after 88 years of Crusader rule Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar.  
• "Indian GDP expected to be 902 billion dollars", People's Daily Online, January 12, 2007. Events 475 - Basiliscus becomes Byzantine Emperor, with a coronation ceremony in the Hebdomon palace in Constantinople Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.  
• "India, now a $1-trillion economy!", Rediff, April 26, 2007. Events 1467 - The miraculous image in Our Lady of Good Counsel appear in Genazzano, Italy. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.  

Articles

• Economic Development of India. Retrieved on MAy 17, 2007. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.
• Milton Friedman on the Nehru/Mahalanobis Plan. Retrieved on 2005-07-16. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 622 - The beginning of the Islamic calendar. 1054 - Three Roman legates fractured relations between the Western and
• Forex reserves up by $88mn. Retrieved on 2005-08-10. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 612 BC - Killing of Sinsharishkun, King of Assyrian Empire
• CIA - The World Factbook. Retrieved on 2005-08-02. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 338 BC - A Macedonian army led by Philip II defeated the combined forces of Athens and Thebes in the
• Infrastructure in India: Requirements and favorable climate for foreign investment. Retrieved on 2005-08-14. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1183 - Taira no Munemori and the Taira clan take the young Emperor Antoku and the three sacred treasures
• PPP GDP 2004. Retrieved on 2005-08-14. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1183 - Taira no Munemori and the Taira clan take the young Emperor Antoku and the three sacred treasures
• Total GDP 2004. Retrieved on 2005-08-14. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1183 - Taira no Munemori and the Taira clan take the young Emperor Antoku and the three sacred treasures
• Forbes Global 2000 (Ger-Ind). Retrieved on 2005-10-15. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 533 - Byzantine General Belisarius makes his formal entry into Carthage, having conquered it from the
• Forbes Global 2000 (Ind-Jap). Retrieved on 2005-10-15. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 533 - Byzantine General Belisarius makes his formal entry into Carthage, having conquered it from the
• John, Williamson (2006-05-11). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 330 - Byzantium is renamed ''Nova Roma'' during a dedication ceremony but is more popularly referred to as Constantinople The Rise of the Indian Economy. Retrieved on 2008-03-18. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 37 - The Roman Senate annuls Tiberius ' will and proclaims Caligula emperor

External links

Government of India websites

• Finance Ministry of India
• India in Business- Official website for Investment and Trade in India
• Reserve Bank of India's database on the Indian economy
• India Brand Equity Foundation

Reports and statistics

• India and the Knowledge Economy - a World Bank Institute report. The World Bank Institute is the Capacity development branch of the World Bank.
• Ernst & Young 2006 report on doing Business in India
• CIA - The World Factbook -- India