Economy of India 1

Economy of India

Economy of India

Mumbai, Maharashtra is considered the trade and commerce capital of India

Rank 10th (nominal) / 3rd (PPP)

Currency Indian rupee (INR) ( ) = 100 Paise

Fiscal year 1 April – 31 March

Trade organizations WTO, SAFTA, BRIC, G-20 and others

Statistics

GDP $1.87  trillion (nominal: 10th; 2013)$5.07 trillion (PPP: 3rd; 2013)

GDP growth 5.7% (2014)

GDP per capita $1,504 (nominal: 130th; 2013)$4,077(PPP: 127th; 2013)

GDP by sector agriculture: 13.7%, industry: 21.5%, services: 64.8% (2013)[1][2]

Inflation (CPI) CPI: 8.79%, WPI: 5.05% (January 2014)

Population below povertyline

29.5% (2012, Rangarajan panel)22% (2012, Reserve Bank of India),14.3% or 179.6 million people (2014, World Bank)[3]

Gini coefficient 33.9[4]

Labour force 487.3 million (2013 est.)

Labour force byoccupation

agriculture: 49%, industry: 20%, services: 31% (2012 est.)

Unemployment 3% Urban, 2% Rural, 10.8 million Total(2013, NSSO method)

Average gross salary $1.46 per hour ($3,036.8 yearly in 2010);[5]

GNI per capita: $1,570 yearly per person (2013);[6]

Average household income: $6,671 yearly (2011)[7]

Main industries agriculture, petroleum products, chemicals, pharmaceuticals, software, textiles, steel, transportation equipment,machinery, cement, mining, construction[8][9]

Economy of India 2

Ease-of-doing-businessrank

134th (2014)

External

Exports $296.8 billion: merchandize exports,$145.6 billion: services exports,$442.4 billion: total (2012)[10]

Export goods software, petrochemicals, agriculture products, jewelry, engineering goods,[11] pharmaceuticals, textiles, chemicals,transportation parts, ores and other commodities

Main export partners  European Union 16.8%(2012)  United States 12.8%  United Arab Emirates 12.4%  China 5.1%  Singapore 4.7%

Imports $488.6 billion: merchandize imports,$128.1 billion: services imports,$616.7 billion: total (2012)

Import goods crude oil, gold and precious stones, electronics, engineering goods, chemicals, plastics, coal and ores, iron and steel,vegetable oil and other commodities

Main import partners  China 11.1% (2012)  European Union 11.1%  United Arab Emirates 7.7%  Saudi Arabia 6.7%

  Switzerland 5.9%

FDI stock Inflows: $151.7 billion,Outflows: $54.6 billion (2009-2013)[12]

Public finances

Public debt 66.7% of GDP (2013.)[13]

Budget deficit 4.8% of GDP (2012–13)[14]

Revenues $181.3 billion billion (2013 est.)

Expenses $281.6 billion billion (2013 est.)

Economic aid $2.107 billion (2008)

Credit rating BBB- (Domestic)BBB- (Foreign)BBB+ (T&C Assessment)Outlook: Stable(Standard & Poor's)

Foreign reserves $316.39 billion[15]

Main data source: CIA World Fact Book [16]

All values, unless otherwise stated, are in US dollars.

The economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). The country is one of the G-20 major economies, a member of BRICS and a developing economy that is among the top 20 global traders according to the WTO.[17] India was the 19th-largest merchandise and the 6th largest services exporter in the world in 2013; it imported a total of $616.7 billion worth of merchandise and services in 2013, as the 12th-largest merchandise and 7th largest services importer.[18] India's economic growth slowed to 4.7% for the 2013–14 fiscal year, in contrast to higher economic growth rates in 2000s.[19] IMF projects India's GDP

Economy of India 3

to grow at 5.4% over 2014-15. Agriculture sector is the largest employer in India's economy but contributes adeclining share of its GDP (13.7% in 2012-13). Its manufacturing industry has held a constant share of its economiccontribution, while the fastest-growing part of the economy has been its services sector - which includesconstruction, telecom, software and information technologies, infrastructure, tourism, education, health care, travel,trade, banking and others components of its economy.The post independence-era Indian economy (from 1947 to 1991) was a mixed economy with an inward-looking,centrally planned, interventionist policies and import-substituting economic model that failed to take advantage ofthe post-war expansion of trade and that nationalized many sectors of its economy.[20] India's share of global tradefell from 1.3% in 1953 to 0.5% in 1983.[21] This model contributed to widespread inefficiencies and corruption, andit was poorly implemented.[22]

After a fiscal crisis in 1991, India has increasingly adopted free-market principles and liberalised its economy tointernational trade. These reforms were started by former Finance minister Manmohan Singh under the PrimeMinistership of P.V.Narasimha Rao. They eliminated much of Licence Raj, a pre- and post-British era mechanism ofstrict government controls on setting up new industry. Following these economic reforms, and a strong focus ondeveloping national infrastructure such as the Golden Quadrilateral project by former Prime Minister Atal BihariVajpayee, the country's economic growth progressed at a rapid pace, with relatively large increases in per-capitaincomes. The south western state of Maharashtra contributes the highest towards India's GDP among all states, whileBihar is among its poorest states in terms of GNI per capita. Mumbai is known as the trade and financial capital ofIndia.

OverviewThe combination of protectionist, import-substitution, and Fabian socialism, social democratic-inspired policiesgoverned India for sometime after the end of British occupation. The economy was then characterised by extensiveregulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth.[23] Since1991, continuing economic liberalisation has moved the country towards a market-based economy. By 2008, Indiahad established itself as one of the world's faster-growing economies. Growth significantly slowed to 6.8% in2008–09, but subsequently recovered to 7.4% in 2009–10, while the fiscal deficit rose from 5.9% to a high 6.5%during the same period.[24] India's current account deficit surged to 4.1% of GDP during Q2 FY11 against 3.2% theprevious quarter. The unemployment rate for 2012–13, according to Government of India's Labour Bureau, was4.7% nationwide, by UPS method; and 3% by NSSO method. India's consumer price inflation has ranged between8.9 to 12% over the 2009-2013 period.[25]

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

Pre-colonial period (up to 1773)The citizens of the Indus Valley civilisation, a permanent settlement that flourished between 2800 BC and 1800 BC,practiced agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, andtraded with other cities. Evidence of well-planned streets, a drainage system and water supply reveals theirknowledge of urban planning, which included the world's first urban sanitation systems and the existence of a formof municipal government.

Economy of India 4

The spice trade between India and Europe wasthe main catalyst for the Age of Discovery.

Maritime trade was carried out extensively between South India andsoutheast and West Asia from early times until around the fourteenthcentury AD. Both the Malabar and Coromandel Coasts were the sitesof important trading centres from as early as the first century BC, usedfor import and export as well as transit points between theMediterranean region and southeast Asia. Over time, traders organisedthemselves into associations which received state patronage.Raychaudhuri and Habib claim this state patronage for overseas tradecame to an end by the thirteenth century AD, when it was largely takenover by the local Parsi, Jewish and Muslim communities, initially onthe Malabar and subsequently on the Coromandel coast.

Atashgah is a temple built by Indiantraders before 1745. The temple iswest of Caspian Sea, between West

Asia and Eastern Europe. Theinscription shown is in Sanskrit

(above) and Persian.

Other scholars suggest trading from India to West Asia and Eastern Europe wasactive between 14th and 18th century. During this period, Indian traders hadsettled in Surakhani, a suburb of greater Baku, Azerbaijan. These traders hadbuilt a Hindu temple, now preserved by the government of Azerbaijan. FrenchJesuit Villotte, who lived in Azerbaijan in late 1600s, wrote this Indian templewas revered by Hindus; the temple has numerous carvings in Sanskrit or Punjabi,dated to be between 1500 and 1745 AD. The Atashgah temple built by theBaku-resident traders from India suggests commerce was active and prosperousfor Indians by the 17th century.

Further north, the Saurashtra and Bengal coasts played an important role inmaritime trade, and the Gangetic plains and the Indus valley housed severalcentres of river-borne commerce. Most overland trade was carried out via theKhyber Pass connecting the Punjab region with Afghanistan and onward to theMiddle East and Central Asia. Although many kingdoms and rulers issued coins,barter was prevalent. Villages paid a portion of their agricultural produce as

revenue to the rulers, while their craftsmen received a part of the crops at harvest time for their services.

Silver coin of the Maurya Empire, 3rd century BC.

Silver coin of the Gupta dynasty, 5th century AD.Sean Harkin estimates China and India may have accounted for 60 to 70 percent of world GDP in the 17th century.Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of quantitative information. The Mughal economy functioned on an elaborate system of coined currency, land revenue and trade. Gold, silver and copper coins were issued by the royal mints which functioned on the basis of free coinage. The political stability and uniform revenue policy resulting from a centralised administration under the Mughals, coupled with a well-developed internal trade network, ensured that India, before the arrival of the British, was to a large extent economically unified, despite having a traditional agrarian economy characterised by a predominance of subsistence agriculture dependent on primitive technology. After the decline of the Mughals, western, central and parts of south and north India were integrated and administered by the Maratha Empire. After the loss at the Third Battle of Panipat, the Maratha Empire disintegrated into several confederate states, and the resulting political instability and armed conflict severely affected economic life in several parts of the country, although this was compensated for to

Economy of India 5

some extent by localised prosperity in the new provincial kingdoms. By the end of the eighteenth century, the BritishEast India Company entered the Indian political theatre and established its dominance over other European powers.This marked a determinative shift in India's trade, and a less powerful impact on the rest of the economy.

Colonial period (1773–1947)

An aerial view of Calcutta Port taken in 1945.Calcutta, which was the economic hub of British

India, saw increased industrial activity duringWorld War II.

There is no doubt that our grievances against the British Empirehad a sound basis. As the painstaking statistical work of theCambridge historian Angus Maddison has shown, India's shareof world income collapsed from 22.6% in 1700, almost equal toEurope's share of 23.3% at that time, to as low as 3.8% in 1952.Indeed, at the beginning of the 20th century, "the brightest jewelin the British Crown" was the poorest country in the world interms of per capita income.

— Manmohan SinghCompany rule in India brought a major change in the taxation andagricultural policies, which tended to promote commercialisation ofagriculture with a focus on trade, resulting in decreased production offood crops, mass impoverishment and destitution of farmers, and in theshort term, led to numerous famines. The economic policies of the British Raj caused a severe decline in thehandicrafts and handloom sectors, due to reduced demand and dipping employment. After the removal ofinternational restrictions by the Charter of 1813, Indian trade expanded substantially and over the long term showedan upward trend. The result was a significant transfer of capital from India to England, which, due to the colonialpolicies of the British, led to a massive drain of revenue rather than any systematic effort at modernisation of thedomestic economy.

Estimated per capita GDP of India and United Kingdom from 1700 to 1950,inflation adjusted to 1990 US$.[26] Other estimates suggest a similar

stagnation in India's per capita GDP and income during the colonial era.

India's colonisation by the British created aninstitutional environment that, on paper,guaranteed property rights among the colonisers,encouraged free trade, and created a singlecurrency with fixed exchange rates, standardisedweights and measures and capital markets. Italso established a system of railways andtelegraphs, a civil service that aimed to be freefrom political interference, a common-law andan adversarial legal system. This coincided withmajor changes in the world economy –industrialisation, and significant growth inproduction and trade. However, at the end ofcolonial rule, India inherited an economy thatwas one of the poorest in the developing world,

with industrial development stalled, agriculture unable to feed a rapidly growing population, a largely illiterate andunskilled labour force, and extremely inadequate infrastructure.

The 1872 census revealed that 91.3% of the population of the region constituting present-day India resided invillages, and urbanisation generally remained sluggish until the 1920s, due to the lack of industrialisation and

absence of adequate transportation. Subsequently, the policy of discriminating protection (where certain important industries were given financial protection by the state), coupled with the Second World War, saw the development

Economy of India 6

and dispersal of industries, encouraging rural-urban migration, and in particular the large port cities of Bombay,Calcutta and Madras grew rapidly. Despite this, only one-sixth of India's population lived in cities by 1951.The impact of British occupation on India's economy is a controversial topic. Leaders of the Indian independencemovement and economic historians have blamed colonial occupation for the dismal state of India's economy in itsaftermath and argued that financial strength required for industrial development in Europe was derived from thewealth taken from colonies in Asia and Africa. At the same time, right-wing historians have countered that India'slow economic performance was due to various sectors being in a state of growth and decline due to changes broughtin by colonialism and a world that was moving towards industrialisation and economic integration.

Pre-liberalisation period (1947–1991)Indian economic policy after independence was influenced by the colonial experience, which was seen by Indianleaders as exploitative, and by those leaders' exposure to British social democracy as well as the planned economy ofthe Soviet Union. Domestic policy tended towards protectionism, with a strong emphasis on import substitutionindustrialisation, economic interventionism, a large government run public sector, business regulation, and centralplanning, while trade and foreign investment policies were relatively liberal. Five-Year Plans of India resembledcentral planning in the Soviet Union. Steel, mining, machine tools, telecommunications, insurance, and power plants,among other industries, were effectively nationalised in the mid-1950s.

“ Never talk to me about profit, Jeh, it is a dirtyword. ”

—Nehru, India's Fabian Socialism inspired first prime minister to industrialist J.R.D. Tata, when Tata suggested state-owned companies should beprofitable,

Jawaharlal Nehru, the first prime minister of India, along with the statistician Prasanta Chandra Mahalanobis,formulated and oversaw economic policy during the initial years of the country's independence. They expectedfavourable outcomes from their strategy, involving the rapid development of heavy industry by both public andprivate sectors, and based on direct and indirect state intervention, rather than the more extreme Soviet-style centralcommand system. The policy of concentrating simultaneously on capital- and technology-intensive heavy industryand subsidising manual, low-skill cottage industries was criticised by economist Milton Friedman, who thought itwould waste capital and labour, and retard the development of small manufacturers. The rate of growth of the Indianeconomy in the first three decades after independence was derisively referred to as the Hindu rate of growth byeconomists, because of the unfavourable comparison with growth rates in other Asian countries.

“(In the current Indian regulatory system, ) I cannot decide how much to borrow, what shares to issue, at what price, what wages and bonus topay, and what dividend to give. I even need the government's permission for the salary I pay to a senior executive. ”

—J. R. D. Tata in 1969,

Since 1965, the use of high-yielding varieties of seeds, increased fertilisers and improved irrigation facilitiescollectively contributed to the Green Revolution in India, which improved the condition of agriculture by increasingcrop productivity, improving crop patterns and strengthening forward and backward linkages between agricultureand industry. However, it has also been criticised as an unsustainable effort, resulting in the growth of capitalisticfarming, ignoring institutional reforms and widening income disparities.Subsequently the Emergency and Garibi Hatao concept under which income tax levels at one point rose to amaximum of 97.5%, a record in the world for non-communist economies, started diluting the earlier efforts.

Economy of India 7

Post-liberalisation period (since 1991)Main articles: Economic liberalisation in India and Economic development in India

GDP of India has risen rapidly since 1991.

In the late 1970s, the government led byMorarji Desai eased restrictions on capacityexpansion for incumbent companies,removed price controls, reduced corporatetaxes and promoted the creation of smallscale industries in large numbers. However,the subsequent government policy of Fabiansocialism hampered the benefits of theeconomy, leading to high fiscal deficits anda worsening current account. The collapseof the Soviet Union, which was India'smajor trading partner, and the Gulf War,which caused a spike in oil prices, resultedin a major balance-of-payments crisis forIndia, which found itself facing the prospect of defaulting on its loans. India asked for a $1.8 billion bailout loanfrom the International Monetary Fund (IMF), which in return demanded de-regulation.[27]

In response, Prime Minister Narasimha Rao, along with his finance minister Manmohan Singh, initiated theeconomic liberalisation of 1991. The reforms did away with the Licence Raj, reduced tariffs and interest rates andended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.[28] Sincethen, the overall thrust of liberalisation has remained the same, although no government has tried to take on powerfullobbies such as trade unions and farmers, on contentious issues such as reforming labour laws and reducingagricultural subsidies. By the turn of the 21st century, India had progressed towards a free-market economy, with asubstantial reduction in state control of the economy and increased financial liberalisation. This has beenaccompanied by increases in life expectancy, literacy rates and food security, although urban residents havebenefited more than agricultural residents.[29]

While the credit rating of India was hit by its nuclear weapons tests in 1998, it has since been raised to investmentlevel in 2003 by S&P and Moody's. India enjoyed high growth rates for a period from 2003 to 2007 with growthaveraging 9% during this period.[30] Growth then moderated due to the global financial crisis starting in 2008. In2003, Goldman Sachs predicted that India's GDP in current prices would overtake France and Italy by 2020,Germany, UK and Russia by 2025 and Japan by 2035, making it the third largest economy of the world, behind theUS and China. India is often seen by most economists as a rising economic superpower and is believed to play amajor role in the global economy in the 21st century.Starting in 2012, India entered a period of more anaemic growth, with growth slowing down to 4.4%.[31] Othereconomic problems also became apparent: a plunging Indian rupee, a persistent high current account deficit and slowindustrial growth. Hit by the U.S. Federal Reserve's decision to taper quantitative easing, foreign investors had beenrapidly pulling out money from India though this has now reversed with the Stock market at near all time high andthe current account deficit narrowing substantially.India is ranked at 134 out of 189, overall, in World Bank's 2013 ease of doing business index. However, this scoremasks the underlying data: in terms of starting a business, dealing with bureaucratic permits and enforcing contracts,it is ranked among the 10 worst in the world; while in terms of protecting investors, general operations and othermeasures, India ranks very favorably among 189 countries.[32]

Economy of India 8

Sectors

Percent labor employment in India by its economic sectors (2010).[33]

The GDP contribution of various sectors of Indian economy have evolved between1951 to 2013, as its economy has diversified and developed.

Historically, India has classified and trackedits economy and GDP as three sectors -agriculture, industry and services.Agriculture includes crops, horticulture,milk and animal husbandry, aquaculture,fishing, sericulture, aviculture, forestry andrelated activities. Industry includes variousmanufacturing sub-sectors. India's definitionof services sector includes its construction,retail, software, IT, communications,hospitality, infrastructure operations,education, health care, banking andinsurance, and many other economicactivities.[34][35]

Agriculture

Main articles: Agriculture in India, Forestryin India, Animal husbandry in India, Fishingin India and Natural resources in India

India ranks second worldwide in farmoutput. Agriculture and allied sectors likeforestry, logging and fishing accounted for17% of the GDP and employed 51% of thetotal workforce in 2012. As Indian economyhas diversified and grown, agriculture'scontribution to GDP has steadily declinedfrom 1951 to 2011, yet it is still the largestemployment source and a significant piece of the overall socio-economic development of India.[36] Crop yield perunit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plansand steady improvements in irrigation, technology, application of modern agricultural practices and provision ofagricultural credit and subsidies since the Green Revolution in India. However, international comparisons reveal theaverage yield in India is generally 30% to 50% of the highest average yield in the world. Indian states Uttar Pradesh,Punjab, Haryana, Madhya Pradesh, Andhra Pradesh, Bihar, West Bengal, Gujarat and Maharashtra are keyagricultural contributing states of India.

India receives an average annual rainfall of 1,208 millimetres (47.6 in) and a total annual precipitation of4000 billion cubic metres, with the total utilisable water resources, including surface and groundwater, amounting to1123 billion cubic metres. 546,820 square kilometres (211,130 sq mi) of the land area, or about 39% of the totalcultivated area, is irrigated. India's inland water resources including rivers, canals, ponds and lakes and marineresources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment tonearly six million people in the fisheries sector. In 2008, India had the world's third largest fishing industry.India is the largest producer in the world of milk, jute and pulses, and also has the world's second largest cattle population with 175 million animals in 2008. It is the second largest producer of rice, wheat, sugarcane, cotton and groundnuts, as well as the second largest fruit and vegetable producer, accounting for 10.9% and 8.6% of the world fruit and vegetable production respectively. India is also the second largest producer and the largest consumer of silk

Economy of India 9

in the world, producing 77,000 tons in 2005.India exports several agriculture products, such as Basmati rice, wheat, cereals, spices, fresh fruits, dry fruits, buffalobeef meat, cotton, tea, coffee and other cash crops particularly to the Middle East, Southeast and East Asiancountries. It earns about 10 percent of its export earnings from this trade.

IndustryIndustry accounts for 26% of GDP and employs 22% of the total workforce. According to the World Bank, India'sindustrial manufacturing GDP output in 2012 was 10th largest in the world on current US dollar basis ($239.5billion),[37] and 9th largest on inflation adjusted constant 2005 US dollar basis ($197.1 billion).[38] The Indianindustrial sector underwent significant changes as a result of the economic liberalisation in India economic reformsof 1991, which removed import restrictions, brought in foreign competition, led to the privatisation of certaingovernment owned public sector industries, liberalised the FDI regime, improved infrastructure and led to anexpansion in the production of fast moving consumer goods.[39] Post-liberalisation, the Indian private sector wasfaced with increasing domestic as well as foreign competition, including the threat of cheaper Chinese imports. It hassince handled the change by squeezing costs, revamping management, and relying on cheap labour and newtechnology. However, this has also reduced employment generation even by smaller manufacturers who earlierrelied on relatively labour-intensive processes.

Petroleum products and chemicals

Petroleum products and chemicals are a major contributor to India's industrial GDP, and together they contributeover 34% of its export earnings. India hosts many oil refinery and petrochemical operations, including the world'slargest refinery complex in Jamnagar that processes 1.24 million barrels of crude per day.[40] By volume, Indianchemical industry was the third largest producer in Asia, and it alone contributed 5% of its GDP. India is one of thetop 5 world producers of agrochemicals, polymers and plastics, dyes and various organic and inorganicchemicals.[41] Despite being a large producer and exporter of chemicals, India is a net importer of chemicals givenits domestic demand for products.[42]

Pharmaceuticals

The Indian pharmaceutical industry has grown in recent years to become a major manufacturer of health careproducts to the world. India produced about 8 per cent of global pharmaceutical supply in 2011 by value, thatincluded over 60,000 generic brands of medicines sold around the world.[43] It is one of the fastest-growingsub-sectors of its industry and significant contributor of India's export earnings. The state of Gujarat has become ahub for the manufacture and export of pharmaceuticals and APIs.[44] The industry is expected to double from its2012 levels to US$55 billion by 2020, according to a McKinsey report.[45]

Engineering

Engineering industry of India is the largest sub-sector of its industry GDP and is one of three largest foreignexchange earning sectors for the country.[46] It includes transport equipment, machine tools, capital goods,transformers, switchgears, furnaces, cast and forged simple to precision parts for turbines, automobiles and railways.The industry employs about four million workers. On value added basis, India's engineering industry sector exported$67 billion worth of engineering goods in 2013-14 fiscal year, as well served part of the domestic demand forengineering goods.[47]

The engineering industry of India includes its growing car, motorcycle and scooters industry, as well as productivitymachinery such as tractors. India manufactured and assembled about 18 million passenger and utility vehicles in2011, of which 2.3 million were exported. India is the world's largest producer of and the largest market for tractors,accounting for 29% of world's tractor production in 2013.[][48] India is the 12th largest producer and 7th largestconsumer of machine tools in the world.

Economy of India 10

Gems and jewelry

Gems and jewelry industry is an ancient andcontinuing major sub-sectors of Indian economy.Many famous stones such as the Koh-i-noor andHope Diamond (above), now at the Smithsonian,

came from India.[49][50]

India is one of the world's largest diamonds and gem polishing andjewelry manufacturing center; it is also one of the two largestconsumers of gold.[51][52] After crude oil and petroleum products, theexport and import of gold, precious metals, precious stones, gems andjewelry accounts for the largest portion of India's global trade. Theindustry contributes about 7% of India's GDP, employs millions, and isa major source of its foreign exchange earnings.[53] The gems andjewellery industry, in 2013, created 251000 crore (US$42 billion) ineconomic output on value added basis. It is growing sector of Indianeconomy, and A.T. Kearney projects it to grow to 500000 crore(US$83 billion) by 2018.[54]

The gems and jewelry industry has been an ancient art and continuouseconomic activity in India, traced over several thousand years.[55] Till18th century, India was the world's only known major reliable source

of diamond mining and its processing. Now, South Africa and Australia are the major sources of diamonds andprecious metals, but along with Antwerp, New York, and Ramat Gan, Indian cities such as Surat and Mumbai are thehubs of world's jewelry polishing, cutting, precision finishing, supply and trade. Unlike other centers, the gems andjewelry economic activity in India is primarily artisans driven, is manual, the sector is highly fragmented, and 96%of the industry is served by family owned operations.

Indian gem and jewelry economy's particular strength is in precision cutting, polishing and processing smalldiamonds (below one carat). Yet, India is also a hub for processing of larger diamonds, pearls and other preciousstones. About 11 out of 12 diamonds set in any jewellery in the world are cut and polished in India.[56] It is also amajor hub of gold and other precious metal-based precision jewelry industry. Its domestic demand for gold andjewelry products is another driver of India's GDP.

Textile

Textile industry contributes about 4 per cent to the country’s GDP, 14 per cent of the industrial production, and 17per cent to export earnings. India's textile industry has transformed from a declining sector to a rapidly developingone in recent years. After freeing the industry in 2004–2005 from a number of limitations, primarily financial, thegovernment gave a green light to massive investment inflows – both domestic and foreign. During the period from2004 to 2008, total investment into textile sector increased by 27 billion dollars. Ludhiana produces 90% of woollensin India and is known as the Manchester of India. Tirupur has gained universal recognition as the leading source ofhosiery, knitted garments, casual wear and sportswear. Expanding textile centers such as Ichalkaranji enjoy one ofthe highest per capita incomes in the country. India's cotton farms, fiber and textile industry provides employment to45 million people in India, including some child labour (1%). The sector is estimated to employ around 400,000children under the age of 18.

Mining

Main article: Mining in IndiaIndia's mining industry was the 4th largest producer of minerals in the world by volume, and 8th largest producer byvalue in 2009.[57] In 2013, it mined and processed 89 minerals, of which 4 were fuel, 3 were atomic energy minerals,and 80 non-fuel.[58] The government owned public sector accounted for 68% of mineral produced by volume, in2011-12.Nearly 50% of India's mining industry, by output value, is concentrated in eight states - Odisha, Rajasthan, Chhattisgarh, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh and Karnataka. Another 25% of the output

Economy of India 11

by value comes from its offshore oil and gas resources.[] India operated about 3,000 mines in 2010, half of whichwere coal, limestone and iron ore.[59] On output value basis, India's was one of five largest producers of mica,chromite, coal, lignite, iron ore, bauxite, barites, zinc, manganese; while being one of the 10 largest global producersof many other minerals. India was fourth largest producer of steel in the world in 2013,[60] and seventh largestproducer of aluminum.[61]

India's mineral resources are vast.[62] However, its mining industry has declined - contributing 2.3% of its GDP in2010 compared to 3% in 2000, and employed 2.9 million people - a decreasing percentage of its total labor. India is anet importer of many minerals including coal. India's mining sector decline is because of complex permit, regulatoryand administrative procedures that take 6 to 20 fold more time than other mining countries such as Australia andSouth Africa, inadequate infrastructure, shortage of capital resources, and slow adoption of ecologically andenvironmentally sustainable technologies.[63]

ServicesFurther information: Information technology in India and Business process outsourcing in IndiaIndia's services sector has the largest share in the GDP, accounting for 57% in 2012, up from 15% in 1950. It is the12th largest in the world by nominal GDP, and fourth largest when purchasing power is taken into account. Theservices sector provides employment to 27% of the work force. Information technology and business processoutsourcing are among the fastest-growing sectors, having a cumulative growth rate of revenue 33.6% between 1997and 1998 and 2002–03 and contributing to 25% of the country's total exports in 2007–08. The growth in the ITsector is attributed to increased specialisation, and an availability of a large pool of low cost, highly skilled, educatedand fluent English-speaking workers, on the supply side, matched on the demand side by increased demand fromforeign consumers interested in India's service exports, or those looking to outsource their operations. The share ofthe Indian IT industry in the country's GDP increased from 4.8% in 2005–06 to 7% in 2008. In 2009, seven Indianfirms were listed among the top 15 technology outsourcing companies in the world.

Energy and power

Main article: Electricity sector in India

As of 2010, India imported about 70% of itscrude oil requirements. Shown here is an ONGCplatform at Mumbai High in the Arabian Sea, one

of the sites of domestic production.

As of 2009, India is the fourth largest producer of electricity and oilproducts and the fourth largest importer of coal and crude-oil in theworld. Coal and oil together account for 66% of the energyconsumption of India.India's oil reserves meet 25% of the country's domestic oil demand. Asof 2012, India's total proven oil reserves of 5.5 million barrels(870 million litres), while gas reserves stood at 43,800 million cubicfeet (1,240 million cubic metres). Oil and natural gas fields are locatedoffshore at Mumbai High, Krishna Godavari Basin and the CauveryDelta, and onshore mainly in the states of Assam, Gujarat andRajasthan. India is the fourth largest consumer of oil in the world andimported 726386 crore (US$120 billion) worth of oil in 2011-12,which had an adverse effect on its current account deficit. The petroleum industry in India mostly consists of publicsector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited(HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL). There aresome major private Indian companies in the oil sector such as Reliance Industries Limited (RIL) which operates theworld's largest oil refining complex.

As of December 2011, India had an installed power generation capacity of 233.929 GW as of December 2013, of which thermal power contributed 68.31%, hydroelectricity 17.05%, other sources of renewable energy 12.59%, and

Economy of India 12

nuclear power 2.04%. India meets most of its domestic energy demand through its 106 billion tonnes of coalreserves. India is also rich in certain alternative sources of energy with significant future potential such as solar, windand biofuels (jatropha, sugarcane). India's dwindling uranium reserves stagnated the growth of nuclear energy in thecountry for many years. Recent discoveries of natural uranium in Tummalapalle belt, which promises to be one ofthe top 20 of the world's reserves, and an estimated reserve of 846,477 metric tons (933,081 short tons) of thorium –about 25% of world's reserves – are expected to fuel the country's ambitious nuclear energy program in the long-run.The Indo-US nuclear deal has also paved the way for India to import uranium from other countries.

Infrastructure

Main articles: Indian road network, Indian Railways, Ports in India and Transport in IndiaIndia's infrastructure and transport sector contributes about 5% of its GDP. India has the world's second largest roadnetwork in quantitative terms, covering more than 4.3 million kilometers. Qualitatively, India's roads are a mix ofmodern highways and narrow, unpaved roads. India also has the lowest kilometer lane road density per 100,000people among G-27 countries - leading to traffic congestion. It is upgrading its infrastructure. As of May 2014, Indiahad completed and placed in use over 22,600 kilometres of recently built 4 or 6-lane highways connecting most of itsmajor manufacturing, commercial and cultural centers. India's road infrastructure carries 60% of freight and 87% ofpassenger traffic.Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers and 7,172stations. This government owned and operated railway network carried an average of 23 million passengers a day,and over a billion tonnes of freight a year.[64] India has a coastline of 7,500 kilometers with 13 major ports and 60operational non-major ports, which together handle 95% of the country’s external trade by volume and 70% by value(rest handled by air).[65] Nhava Sheva, Mumbai is the largest public port, while Mundra is the largest private seaport.[66] The airport infrastructure of India includes 125 airports,[67] of which 66 airports are licensed to handle bothpassengers and logistics.[68]

About 74 people out of 100 have land or wireless telephones in India, or about 927 million telephone subscribers,two-thirds of them in urban areas. Internet use has been growing rapidly in India, with an estimated 243 million usersin June 2014. This is projected to grow to 330–370 million users by 2016.[69]

Retail

Main article: Retailing in IndiaRetail industry contributes between 14–15% to 20% of India's GDP.[70] The Indian retail market is estimated to beUS$450 billion and one of the top five retail markets in the world by economic value. India is one of thefastest-growing retail market in the world, and is projected to reach $1.3 trillion by 2020.[71]

India's retailing industry mostly consists of the local mom and pop store, owner manned shops and street vendors.Organised retail supermarkets are growing but small, with a market share of 4% as of 2008. In 2012 governmentpermitted 51% FDI in multi brand retail and 100% FDI in single brand retail. However, a lack of back endwarehouse retail infrastructure, as well as state level permits and red tape continues to limit organized retail's growthin Indian economy.[72] Over thirty regulations such as "signboard licences" and "anti-hoarding measures" have to becomplied before a store can open doors. There are taxes for moving goods from state to state, and even within states.The lack of infrastructure and efficient retail network, according to The Wall Street Journal, causes a third of India'sagriculture produce to be lost from spoilage.[73]

Economy of India 13

Tourism

Main articles: Tourism in India and Medical tourism in IndiaInternational and domestic tourism industry contributes more to India's GDP than its textile sector. India attracted6.85 million international tourist arrivals and $18.4 billion in foreign exchange earnings from tourism receipts in2013.[74] Tourism to India has seen a steady growth, year on year, from 4.45 million arrivals in 2006 to nearly 7million arrivals in 2013. The United States is the largest source of international tourists to India, while EuropeanUnion nations and Japan are other major sources of international tourists.[75][76] Less than 10% of internationaltourists visit the Taj Mahal, with majority visiting other cultural, thematic and holiday circuits.[77] Over 12 millionIndian citizens take international trips each year for tourism, while domestic tourism within India adds about 740million Indian travelers. The combined international and domestic tourism contributed 5.92% of India's GDP, and9.3% to its employment in 2011.[78] India has a fast-growing medical tourism sector of its health care economyoffering low cost health and long term care.[79]

Banking and finance

Main article: Finance in IndiaSee also: Banking in India and Insurance in IndiaThe Indian money market is classified into the organised sector, comprising private, public and foreign ownedcommercial banks and cooperative banks, together known as scheduled banks, and the unorganised sector, whichincludes individual or family owned indigenous bankers or money lenders and non-banking financial companies.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.Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatoryfor banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, smallbusinesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bankbranches has increased from 8,260 in 1969 to 72,170 in 2007 and the population covered by a branch decreased from63,800 to 15,000 during the same period. The total bank deposits increased from 59.1 billion (US$980 million) in1970–71 to 38309.22 billion (US$640 billion) in 2008–09. Despite an increase of rural branches, from 1,860 or22% of the total number of branches in 1969 to 30,590 or 42% in 2007, only 32,270 out of 500,000 villages arecovered by a scheduled bank.India's gross domestic saving in 2006–07 as a percentage of GDP stood at a high 32.8%. More than half of personalsavings are invested in physical assets such as land, houses, cattle, and gold. The government owned public sectorbanks hold over 75% of total assets of the banking industry, with the private and foreign banks holding 18.2% and6.5% respectively. Since liberalisation, the government has approved significant banking reforms. While some ofthese relate to nationalised banks, like encouraging mergers, reducing government interference and increasingprofitability and competitiveness, other reforms have opened up the banking and insurance sectors to private andforeign players.

Economy of India 14

External trade and investmentFurther information: Globalisation in India and List of the largest trading partners of India

Global trade relations

A map showing the global distribution of Indian exports in 2006 as a percentage of thetop market (USA – $20.9 billion).

Until the liberalisation of 1991, Indiawas largely and intentionally isolatedfrom the world markets, to protect itseconomy and to achieve self-reliance.Foreign trade was subject to importtariffs, export taxes and quantitativerestrictions, while foreign directinvestment (FDI) was restricted byupper-limit equity participation,restrictions on technology transfer,export obligations and governmentapprovals; these approvals wereneeded for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around$200 million annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid,commercial borrowing and deposits of non-resident Indians. India's exports were stagnant for the first 15 years afterindependence, due to general neglect of trade policy by the government of that period. Imports in the same period,due to industrialisation being nascent, consisted predominantly of machinery, raw materials and consumer goods.

India's exports (top) and imports, by value, in 2013-2014.

Economy of India 15

Since liberalisation, the value of India's international trade has increased sharply, with the contribution of total tradein goods and services to the GDP rising from 16% in 1990–91 to 47% in 2008–10. India accounts for 1.44% ofexports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercialservices trade worldwide. India's major trading partners are the European Union, China, the United States ofAmerica and the United Arab Emirates. In 2006–07, major export commodities included engineering goods,petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agriculturalproducts, iron ore and other minerals. Major import commodities included crude oil and related products, machinery,electronic goods, gold and silver. In November 2010, exports increased 22.3% year-on-year to 850.63 billion(US$14 billion), while imports were up 7.5% at 1251.33 billion (US$21 billion). Trade deficit for the same monthdropped from 468.65 billion (US$7.8 billion) in 2009 to 400.7 billion (US$6.7 billion) in 2010.India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, theWTO. While participating actively in its general council meetings, India has been crucial in voicing the concerns ofthe developing world. For instance, India has continued its opposition to the inclusion of such matters as labour andenvironment issues and other non-tariff barriers to trade into the WTO policies.

Balance of payments

Cumulative Current Account Balance 1980–2008based on IMF data

Since independence, India's balance of payments on its current accounthas been negative. Since economic liberalisation in the 1990s,precipitated by a balance of payment crisis, India's exports roseconsistently, covering 80.3% of its imports in 2002–03, up from 66.2%in 1990–91. However, the global economic slump followed by ageneral deceleration in world trade saw the exports as a percentage ofimports drop to 61.4% in 2008–09.[80] India's growing oil import bill isseen as the main driver behind the large current account deficit, whichrose to $118.7 billion, or 11.11% of GDP, in 2008–09.[81] Between January and October 2010, India imported$82.1 billion worth of crude oil.

Indian economy has run a trade deficit every year over 2002-2012 period, with a merchandise trade deficit ofUS$189 billion in 2011-12.[82] Its trade with China has the largest deficit, about $31 billion in 2013.[83]

India's reliance on external assistance and concessional debt has decreased since liberalisation of the economy, andthe debt service ratio decreased from 35.3% in 1990–91 to 4.4% in 2008–09.[84] In India, External CommercialBorrowings (ECBs), or commercial loans from non-resident lenders, are being permitted by the Government forproviding an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates themthrough ECB policy guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act of1999. India's foreign exchange reserves have steadily risen from $5.8 billion in March 1991 to $318.6 billion inDecember 2009. [85] In 2012, the United Kingdom announced an end to all financial aid to India, citing the growthand robustness of Indian economy.[86][87]

Foreign direct investmentSee also Foreign direct investment, India section.

Economy of India 16

Share of top five investing countries in FDI inflows. (2000–2010)

Rank Country Inflows(million USD)

Inflows (%)

1 Mauritius 50,164 42.00

2 Singapore 11,275 9.00

3 USA 8,914 7.00

4 UK 6,158 5.00

5 Netherlands 4,968 4.00

Into IndiaAs the third-largest economy in the world in PPP terms, India has attracted foreign direct investment; During theyear 2011, FDI inflow into India stood at $36.5 billion, 51.1% higher than 2010 figure of $24.15 billion. India hasstrengths in telecommunication, information technology and other significant areas such as auto components,chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies werea significant hindrance. Over time, India has adopted a number of FDI reforms. India has a large pool of skilledmanagerial and technical expertise. The size of the middle-class population stands at 300 million and represents agrowing consumer market.India's liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in ventures. Industrial policy reformshave substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easyaccess to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estatesector owes some credit to a booming economy and liberalised FDI regime. In March 2005, the governmentamended the rules to allow 100% FDI in the construction sector, including built-up infrastructure and constructiondevelopment projects comprising housing, commercial premises, hospitals, educational institutions, recreationalfacilities, and city- and regional-level infrastructure. Over 2012-14, India extended these reforms to defense,telecom, oil, retail, aviation and a number of other sectors.[88][89]

During 2000–10, the country attracted $178 billion as FDI. The inordinately high investment from Mauritius is dueto routing of international funds through the country given significant tax advantages; double taxation is avoided dueto a tax treaty between India and Mauritius, and Mauritius is a capital gains tax haven, effectively creating azero-taxation FDI channel.From IndiaSince 2000, Indian companies have expanded overseas, investing FDI and creating jobs outside India. Over the2006-2010 period, FDI by Indian companies outside India amounted to 1.34 per cent of its GDP.[90] Indiancompanies have deployed FDI and started operations in the United States,[91] while others have expanded in Europeand Africa.[92] The Indian company Tata is United Kingdom's largest manufacturer and private sectoremployer.[93][94]

Economy of India 17

Currency

The RBI's new headquarters in Mumbai

Main articles: Indian rupee and Reserve Bank of India

Year Rupee per US$(average annual)

1975 8.4058

1980 7.8800

1985 12.3640

1990 17.4992

1995 32.4198

2000 44.9401

2005 44.1000

2010 45.7393

2013 58.5515

The Indian rupee ( ) is the only legal tender in India, and is also accepted as legal tender in the neighbouring Nepaland Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. Thehighest-denomination banknote is the 1,000 note; the lowest-denomination coin in circulation is the 50 paise coin;with effect from 30 June 2011 all denominations below 50 paise have ceased to be legal currency. India's monetarysystem is managed by the Reserve Bank of India (RBI), the country's central bank. Established on 1 April 1935 andnationalised in 1949, the RBI serves as the nation's monetary authority, regulator and supervisor of the monetarysystem, banker to the government, custodian of foreign exchange reserves, and as an issuer of currency. It isgoverned by a central board of directors, headed by a governor who is appointed by the Government of India.The rupee was linked to the British pound from 1927 to 1946 and then the U.S. dollar till 1975 through a fixed exchange rate. It was devalued in September 1975 and the system of fixed par rate was replaced with a basket of four major international currencies – the British pound, the U.S. dollar, the Japanese yen and the Deutsche mark. In 1991, after the collapse of its largest trading partner Soviet Union, India faced the major foreign exchange crisis and the rupee was devalued by around 19% in two stages on 1 and 2 July. In 1992 a Liberalized Exchange Rate Mechanism – LERMS- was introduced. Under LERMS exporters had to surrender 40 percent of their foreign exchange earnings to the RBI at the RBI determined exchange rate. The balance 60% was allowed to be converted at the market determined exchange rate. In 1994 the rupee was convertible on the current account, with some capital controls.

Economy of India 18

Reserve Bank of India intervenes in the foreign exchange market to curb excessive volatility.Wikipedia:CitationneededAfter the sharp devaluation in 1991 and transition to current account convertibility in 1994, the value of the rupee islargely determined by the market forces. The rupee has been fairly stable during the decade 2000 to 2010. InSeptember 2013, the rupee touched an all time low 68.27 to the U.S. dollar.[95]

Income and consumptionMain article: Income in India

Gini Index of India compared to other countries per World Bank data tablesas of 2014.[96]

India's gross national income per capita hadexperienced high growth rates since 2002.India's Per Capita Income has tripled from Rs.19,040 in 2002–03 to Rs. 53,331 in 2010–11,averaging 13.7% growth over these eight yearspeaking 15.6% in 2010–11. However growth inthe inflation adjusted Per capita income of thenation slowed to 5.6% in 2010–11, down from6.4% in the previous year. These consumptionlevels are on an individual basis, not household.On a household basis, the average income inIndia was $6,671 per household in 2011.[97]

Per 2011 census, India has about 330 million houses and 247 million households. The household size in India hasdropped in recent years, with 2011 census reporting 50% of households have 4 or less members. The average per2011 census was 4.8 members per household, and included surviving grandparents. These households produced aGDP of about $1.7 Trillion. The household consumption patterns per 2011 census: approximately 67% ofhouseholds use firewood, crop residue or cow dung cakes for cooking purposes; 53% do not have sanitation ordrainage facilities on premises; 83% have water supply within their premises or 100 metres from their house in urbanareas and 500 metres from the house in rural areas; 67% of the households have access to electricity; 63% ofhouseholds have landline or mobile telephone connection; 43% have a television; 26% have either a two wheel(motorcycle) or four wheel (car) vehicle. Compared to 2001, these income and consumption trends representmoderate to significant improvements. One report in 2010 claimed that the number of high income households hascrossed lower income households.

Per capita gross national income of India in 2013 compared to othercountries, on Purchasing Power Parity basis, per World Bank data.[98]

PovertyMain article: Poverty in IndiaThe World Bank in 2010, using its older 2005methodology, estimated about 400 millionpeople in India, as compared to 1.29 billionpeople worldwide, live on less than $1.25 (PPP)per day. The World Bank reviewed and proposedrevisions in May 2014, to its poverty calculationmethodology and purchasing power parity basisfor measuring poverty worldwide, includingIndia. According to this revised methodology,the world had 872.3 million people below the

new poverty line, of which 179.6 million people lived in India. In other words, India with 17.5% of total world's population, had 20.6% share of world's poorest in 2013. According to a 2005-2006 survey,[99] India had about 61

Economy of India 19

million children under the age of 5 who were chronically malnourished. A 2011 UNICEF report stated that thatbetween 1990 to 2010, India achieved a 45 percent reduction in under age 5 mortality rates, and now ranks 46 in 188countries on this metric.Since the early 1950s, successive governments have implemented various schemes to alleviate poverty, under centralplanning, that have met with partial success. In 2005, Indian government enacted the Mahatma Gandhi NationalRural Employment Guarantee Act, guaranteeing 100 days of minimum wage employment to every rural householdin all the districts of India. In 2011, this Rural Employment Guarantee programme was widely criticised as no moreeffective than other poverty reduction programs in India. Despite its best intentions, MGNREGA is beset withcontroversy about corrupt officials, deficit financing as the source of funds, poor quality of infrastructure built underthis program, and unintended destructive effect on poverty. Other studies suggest that the Rural EmploymentGuarantee welfare program has helped in reducing rural poverty in some cases.[100][101] Yet other studies report thatIndia's economic growth has been the driver of sustainable employment and poverty reduction, but a sizablepopulation remains in poverty.[102][103]

EmploymentSee also: Labour in India, Indian labour law and Child labour in IndiaAgricultural and allied sectors accounted for about 52.1% of the total workforce in 2009–10. While agricultureemployment has fallen over time in percentage of labor employed, services which includes construction andinfrastructure have seen a steady growth accounting for 20.3% of employment in 2012-13. Of the total workforce,7% is in the organised sector, two-thirds of which are in the government controlled public sector. About 51.2% ofthe labor in India is self-employed. According to 2005-06 survey, there is a gender gap in employment and salaries.In rural areas, both men and women are primarily self-employed, mostly in agriculture. In urban areas, salaried workwas the largest source of employment for both men and women in 2006.[104]

Unemployment in India is characterised by chronic (disguised) unemployment. Government schemes that targeteradication of both poverty and unemployment (which in recent decades has sent millions of poor and unskilledpeople into urban areas in search of livelihoods) attempt to solve the problem, by providing financial assistance forsetting up businesses, skill honing, setting up public sector enterprises, reservations in governments, etc. The declinein organised employment due to the decreased role of the public sector after liberalisation has further underlined theneed for focusing on better education and has also put political pressure on further reforms.[105] India's labourregulations are heavy even by developing country standards and analysts have urged the government to abolish ormodify them in order to make the environment more conducive for employment generation. The 11th five-year planhas also identified the need for a congenial environment to be created for employment generation, by reducing thenumber of permissions and other bureaucratic clearances required. Further, inequalities and inadequacies in theeducation system have been identified as an obstacle preventing the benefits of increased employment opportunitiesfrom reaching all sectors of society.Child labour in India is a complex problem that is basically rooted in poverty. The Indian government hasimplemented, since the 1990s, a variety of programs to eliminate child labor. These have included setting up schools,launching free school lunch program, setting up special investigation cells and others. Desai et al. state that recentstudies on child labour in India have found some pockets of industries in which children are employed, but overall,relatively few Indian children are employed. Child labor below the age of 10 is now rare. In the 10-14 group, thelatest surveys find only 2% of children working for wage, while another 9% work within their home or rural farmsassisting their parents in times of high work demand such as sowing and harvesting of crops.[106]

India has the second largest diaspora around the world, an estimated 25 million people,[107] many of whom work overseas and remit funds back to their families. The Middle East region is the largest source of employment of expat Indians. The crude oil production and infrastructure industry of Saudi Arabia employs over 2 million expat Indians. Cities such as Dubai and Abu Dhabi in United Arab Emirates alone have employed another 2 million Indian

Economy of India 20

construction workers during its construction boom in recent decades.[108] In 2009–10, remittances from Indianmigrants overseas stood at 2500 billion (US$42 billion), the highest in the world, but their share in FDI remainedlow at around 1%.

Economic trends and issues

Commercial office buildings in Gurgaon.

With 1.2 billion people and the world’s fourth-largest economy,India’s recent growth and development has been one of the mostsignificant achievements of our times. Over the six and halfdecades since independence, the country has brought about alandmark agricultural revolution that has transformed the nationfrom chronic dependence on grain imports into a globalagricultural powerhouse that is now a net exporter of food. Lifeexpectancy has more than doubled, literacy rates havequadrupled, health conditions have improved. India will soonhave the largest and youngest workforce the world has ever seen.At the same time, the country is in the midst of a massive wave of urbanization as some 10 million peoplemove to towns and cities each year in search of jobs and opportunity. It is the largest rural-urban migration ofthis century. Massive investments will be needed to create the jobs, housing, and infrastructure to meet soaringaspirations and make towns and cities more livable and green.

— World Bank: "India Country Overview 2013"

AgricultureMain article: Agriculture in IndiaAgriculture is an important part of Indian economy. In 2008, a New York Times article claimed, with the righttechnology and policies, India could contribute to feeding not just itself but the world. However, agricultural outputof India lags far behind its potential. The low productivity in India is a result of several factors. According to theWorld Bank, India's large agricultural subsidies are distorting what farmers grow and they are hamperingproductivity-enhancing investment. While overregulation of agriculture has increased costs, price risks anduncertainty, governmental intervention in labour, land, and credit markets are hurting the market. Infrastructure suchas rural roads, electricity, ports, food storage, retail markets and services are inadequate. Further, the average size ofland holdings is very small, with 70% of holdings being less than one hectare in size. Irrigation facilities areinadequate, as revealed by the fact that only 39% of the total cultivable land was irrigated as of 2010, resulting infarmers still being dependent on rainfall, specifically the monsoon season, which is often inconsistent and unevenlydistributed across the country. Farmer incomes are low also in part because of lack of food storage and distributioninfrastructure. A third of India's agriculture produce is lost from spoilage.

Economy of India 21

Corruption

Perception of corruption index for India compared to other countries,2010.

Main article: Corruption in IndiaCorruption has been one of the pervasive problemsaffecting India. A 2005 study by TransparencyInternational (TI) found that more than half of thosesurveyed had firsthand experience of paying bribe orpeddling influence to get a job done in a public officein the previous year. A follow-on 2008 TI study foundthis rate to be 40 percent. In 2011, TransparencyInternational ranked India at 95th place amongst 183countries in perceived levels of public sectorcorruption.

In 1996, red tape, bureaucracy and the Licence Raj were suggested as a cause for the institutionalised corruption andinefficiency. More recent reports suggest the causes of corruption in India include excessive regulations andapproval requirements, mandated spending programs, monopoly of certain goods and service providers bygovernment controlled institutions, bureaucracy with discretionary powers, and lack of transparent laws andprocesses.The Right to Information Act (2005) which requires government officials to furnish information requested bycitizens or face punitive action, computerisation of services, and various central and state government acts thatestablished vigilance commissions, have considerably reduced corruption and opened up avenues to redressgrievances.In 2011, the Indian government concluded that most spending fails to reach its intended recipients. A large,cumbersome and tumor-like bureaucracy sponges up or siphons off spending budgets. India's absence rates are oneof the worst in the world; one study found that 25% of public sector teachers and 40% of government owned publicsector medical workers could not be found at the workplace. Similarly, there are many issues facing Indian scientists,with demands for transparency, a meritocratic system, and an overhaul of the bureaucratic agencies that overseescience and technology.The Indian economy has an underground economy, with a 2006 report alleging that the Swiss Bankers Associationsuggested India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks. Thisamounts to 13 times the country's total external debt. These allegations have been denied by Swiss BankingAssociation. James Nason, the Head of International Communications for Swiss Banking Association, suggests "The(black money) figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated asgospel truth. However, this story was a complete fabrication. The Swiss Bankers Association never published such areport. Anyone claiming to have such figures (for India) should be forced to identify their source and explain themethodology used to produce them."

EducationMain article: Education in IndiaIndia has made huge progress in terms of increasing primary education attendance rate and expanding literacy toapproximately three-fourths of the population. India's literacy rate had grown from 52.2% in 1991 to 74.04% in2011. The right to education at elementary level has been made one of the fundamental rights under the eighty-sixthAmendment of 2002, and legislation has been enacted to further the objective of providing free education to allchildren.[109] However, the literacy rate of 74% is still lower than the worldwide average and the country suffersfrom a high dropout rate. Further, the literacy rates and educational opportunities vary by region, gender, urban andrural areas, and among different social groups.[110]

Economy of India 22

Economic disparitiesMain articles: Economic disparities in India and Poverty in India

Economic disparities among the States and Union Territories of India,on GDP per capita, PPP basis in 2011.

Poverty rates in India’s poorest states are threeto four times higher than those in the moreadvanced states. While India’s average annualper capita income was $1,410 in 2011 –placing it among the poorest of the world’smiddle-income countries – it was just $436 inUttar Pradesh (which has more people thanBrazil) and only $294 in Bihar, one of India’spoorest states.

— World Bank: India Country Overview 2013A critical problem facing India's economy is thesharp and growing regional variations among India'sdifferent states and territories in terms of poverty,availability of infrastructure and socio-economicdevelopment. Six low-income states – Bihar,Chhattisgarh, Jharkhand, Madhya Pradesh, Odishaand Uttar Pradesh – are home to more than one-thirdof India's population. Severe disparities exist amongstates in terms of income, literacy rates, lifeexpectancy and living conditions.

The five-year plans, especially in the pre-liberalisation era, attempted to reduce regional disparities by encouragingindustrial development in the interior regions and distributing industries across states, but the results have not beenvery encouraging since these measures in fact increased inefficiency and hampered effective industrial growth. Afterliberalisation, the more advanced states have been better placed to benefit from them, with well-developedinfrastructure and an educated and skilled workforce, which attract the manufacturing and service sectors. Thegovernments of backward regions are trying to reduce disparities by offering tax holidays and cheap land, andfocusing more on sectors like tourism which, although being geographically and historically determined, can becomea source of growth and develops faster than other sectors. India's income Gini coefficient is 33.9, according to TheWorld Bank, indicating overall income distribution to be more uniform than East Asia, Latin America and Africathat have higher Gini coefficients.There is a continuing debate on whether India's economic expansion has been pro-poor or anti-poor.[111] Studiessuggest that the economic growth has been pro-poor and has reduced poverty in India.[112]

InsuranceLife InsuranceThere are 23 private-sector firms providing life insurance, who have commenced operations over the period2000–10. The industry which reported in annual growth rate of 19.8% during the period 1996–97 to 2000–01 has,post opening up the sector reported in an annual growth rate of 23.4% during 2001–02 to2010–11.Wikipedia:Citation needed There has been an average growth of 34% in the first premium in the insurancesector between 2001 and 2002 and 2010–11. The life insurers underwrote new business of Rs 1,26,381 crore duringfinancial year 2010–11 as against Rs 1,09,894 crore during the year 2009–10, recording a growth of 15%. Of thenew business premium underwritten, LIC accounted Rs 87012.65 crore (68.9% market share). The market share ofthese insurers was 65.1% and 34.9% respectively in the corresponding period 2009–10.Wikipedia:Citation needed

Economy of India 23

Other InsuranceThe industry which reported a growth rate of around 10 percent during the period 1996–97 to 2000–10 has, postopening up the sector, reported average annual growth of 15.85% over the period 2001–02 to2010–11.Wikipedia:Citation needed In addition, the specialized insurers Export Credit Guarantee Corporation andAgriculture Insurance Company (AIC) are offering credit guarantee and corp insurance respectively. AIC, which hasinitially offering coverage under the National Agriculture Insurance Company (NAIS), has now started providingcrop insurance cover on commercial line as well.Wikipedia:Citation needed It has introduced several innovativeproducts such as weather insurance and specific crop related products. The premium underwritten by the non lifeinsurers during 2010–11 was Rs 42,576 crore as against Rs 34,620 crore in 2009–10. The growth was satisfactory,particularly in the view of the across the broad cuts in the tariff rates. The private insurers underwrote premium of Rs17,424 crore as against rs Rs 13,977 crore in 2009–10. The public sector insurers on the other hand, underwrote apremium of Rs 25,151.8 in 2010–11 as against Rs 20,643.5 crore in 2009–10, i.e. a growth of 21.8% as against14.5% in 2009–10.Wikipedia:Citation neededMarket PenetrationThe Indian insurance business has in the past remained under developed with low levels of insurance penetration.Post liberalization sector has succeeded in raising the levels of insurance penetration from 2.3 (life 1.8 and non life0.7) in 2000 to 5.1 (life 4.4 and non life 0.7) in 2010.Wikipedia:Citation needed

Security MarketsThe development of Indian security markets began with launch of Bombay Stock Exchange (BSE), Mumbai in July1875 and Ahmedabad Stock exchange in 1894 and 22 other exchange in various cities over the years. In 2014,India's stock exchange market became the 10th largest in the world by market capitalization, just above those ofSouth Korea and Australia.[113] India's two major stock exchanges, BSE and National Stock Exchange of India, hada market capitalization of US$1.4997 trillion and US$1.4722 trillion respectively as of June 2014, according toWorld Federation of Exchanges.[114]

The Initial Public Offering (IPO) market in India has been small compared to NYSE and NASDAQ, raising US$300million in 2013 and US$1.4 billion in 2012. Ernst and Young states[115] that the low IPO activity reflects marketconditions as well as slow government approval process and complex regulations. Before 2013, Indian companieswere not allowed to list their securities internationally without first completing an IPO in India. In 2013, thesesecurity laws were reformed and Indian companies can now choose where they want to list first - overseas,domestically, or concurrently.[116] Further, security laws have been revised to ease overseas listings of already listedcompanies, to increase liquidity for private equity and international investors in Indian companies.

Notes[1] Agriculture's share in GDP declines to 13.7% in 2012-13 (http:/ / articles. economictimes. indiatimes. com/ 2013-08-30/ news/

41618996_1_gdp-foodgrains-allied-sectors) The Economic Times (30 August 2013)[2] India's Fiscal Budget 2012-13 (http:/ / indiabudget. nic. in/ es2012-13/ echap-10. pdf) Chapter 10, Government of India (February 2014)[3] Shawn Donnan, World Bank eyes biggest global poverty line increase in decades (http:/ / www. ft. com/ intl/ cms/ s/ 0/

091808e0-d6da-11e3-b95e-00144feabdc0. html#axzz34f4iVmaC) The Financial Times (9 May 2014)

• Chandy and Kharas, What Do New Price Data Mean for the Goal of Ending Extreme Poverty? (http:/ / www. brookings. edu/ blogs/up-front/ posts/ 2014/ 05/ 05-data-extreme-poverty-chandy-kharas) Brookings Institute, Washington D.C. (May 2014)

[4] GINI index (http:/ / data. worldbank. org/ indicator/ SI. POV. GINI) World Bank (2009-2012)[5] International Labor Comparisons - India (http:/ / www. bls. gov/ fls/ india. htm) Average Salary Tables, Bureau of Labor Statistics, US

Government (2012)[6] GNI per capita, Atlas method (current US$) (http:/ / data. worldbank. org/ indicator/ NY. GNP. PCAP. CD/ countries) World Bank (2014)[7] Table 3.4, World Consumer Income and Expenditure Patterns - Annual Household Income (http:/ / www. euromonitor. com/ medialibrary/

PDF/ Book_WCIEP0. pdf) Euro Monitor International (2013), pp 45

Economy of India 24

[8] GDP of India and major Sectors of Economy (http:/ / data. gov. in/ catalog/gdp-india-and-major-sectors-economy-share-each-sector-gdp-and-growth-rate-gdp-and-other#web_catalog_tabs_block_10) Government ofIndia (2013)

[9] Foreign Trade Performance of India Annual Report (http:/ / www. dgciskol. nic. in/ ) Directorate General of Commercial Intelligence andStatistics, Ministry of Commerce and Industry, Government of India (2012)

[10] Trade Profile - India (http:/ / stat. wto. org/ CountryProfile/ WSDBCountryPFView. aspx?Country=IN& Language=F) World TradeOrganization (2013)

[11][11] India's definition of engineering goods includes metal products, industrial machinery and equipment, auto and its components, and transportequipment

[12] World Investment Report 2014 (http:/ / unctad. org/ en/ PublicationsLibrary/ wir2014_en. pdf) UNCTAD - United Nations Conference onTrade and Development (February 2014), page 206

[13] World Economic Outlook Database, October 2012 (http:/ / www. imf. org/ external/ pubs/ ft/ weo/ 2012/ 02/ weodata/ weorept.aspx?sy=2010& ey=2017& scsm=1& ssd=1& sort=country& ds=. & br=1& c=534& s=NGDP_RPCH,NGDPD,GGXWDG_NGDP& grp=0&a=& pr. x=45& pr. y=12)

[14] India 2014 Article IV Consultation - Country Report 14/57 (http:/ / www. imf. org/ external/ pubs/ ft/ scr/ 2014/ cr1457. pdf) InternationalMonetary Fund, page 6 (February 2014)

[15] http:/ / in. reuters. com/ article/ 2014/ 07/ 11/ india-rbi-forexreserve-idINKBN0FG1AE20140711[16] https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ geos/ in. html[17] World Trade Organization, World Trade Report 2013 (http:/ / www. wto. org/ english/ res_e/ booksp_e/ world_trade_report13_e. pdf),

Geneva, ISBN 978-92-870-3859-3[18] Modest trade growth anticipated for 2014 and 2015 following two year slump (http:/ / www. wto. org/ english/ news_e/ pres14_e/ pr721_e.

htm) World Trade Organization (14 April 2014)[19] RBI governor Raghuram Rajan meets Narendra Modi (http:/ / www. livemint. com/ Politics/ Jh1N8RUWG7J5BKZfTSyYZO/

RBI-governor-Raghuram-Rajan-meets-Narendra-Modi. html) LiveMint (1 June 2014)[20] The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4 (Jul.–Aug. 2006), p. 4: "Father and daughter shackled the

energies of the Indian people under a mixed economy that combined the worst features of capitalism and socialism. Their model wasinward-looking and import—substituting rather than an outward-looking and export-promoting, and it denied India a share in the prosperitythat a massive expansion in global trade brought in the post-World War II era."

[21] List of Tables (http:/ / www. wto. org/ english/ res_e/ statis_e/ its2013_e/ its13_world_trade_dev_e. pdf), World Trade, WTO Geneva, pp22-23

[22] The India Model, by Das, Gurcharan. 1936. Foreign Affairs, Vol. 85, No. 4 (Jul.–Aug. 2006), p. 4: "But even this system could havedelivered more had it been better implemented. It did not have to degenerate into a 'license-permit-quota raj'... "

[23] ref name="potential">[24] Economic Survey 2010, pp. 1–2.[25] Inflation, consumer prices (annual %) (http:/ / data. worldbank. org/ indicator/ FP. CPI. TOTL. ZG) The World Bank (2014)[26] Maddison A (2007), Contours of the World Economy I-2030AD, Oxford University Press, ISBN 978-0199227204. The data tables from this

book are available online here (http:/ / www. ggdc. net/ maddison/ oriindex. htm)[27][27] Task Force Report 2006, p. 7.[28] Task Force Report 2006, pp. 7–8.[29] Task Force Report 2006, pp. 17–20.[30] http:/ / www. un. org/ en/ development/ desa/ policy/ wesp/ wesp_archive/ 2010annex. pdf[31] GDP growth in 2012-13 worse than expected (http:/ / www. livemint. com/ Politics/ burPSwwZ4JstNqkBGGWXCP/

Economy-grows-45-in-fiscal-2013. html) LiveMint and The Wall Street Journal (31 January 2014)[32] Ease of Doing Business Indices (http:/ / www. doingbusiness. org/ rankings), World Bank (June 2013)[33] Employment across various sectors (http:/ / planningcommission. nic. in/ data/ datatable/ 0306/ table 116. pdf), NSSO 66th Nationwide

Survey, Planning Commission, Government of India (June 3, 2014), pp 116[34] Indian Economy (http:/ / indiainbusiness. nic. in/ newdesign/ index. php?param=advantage/ 163) Government of India (2013)[35] Employment across various sectors (http:/ / planningcommission. nic. in/ data/ datatable/ 0306/ table 116. pdf), NSSO 66th Nationwide

Survey, Planning Commission, Government of India (3 June 2014)[36][36] Economic Survey 2010, p. 180.[37] GDP and its breakdown at current prices in US Dollars (http:/ / unstats. un. org/ unsd/ snaama/ dnlList. asp) United Nations Statistics

Division (2013)[38] GDP and its breakdown at constant 2005 prices in US Dollars (http:/ / unstats. un. org/ unsd/ snaama/ dnlList. asp) United Nations Statistics

Division (2013)[39] Task Force Report 2006, pp. 9–10.[40] Top ten large oil refineries (http:/ / www. hydrocarbons-technology. com/ features/ feature-top-ten-largest-oil-refineries-world/ )

Hydrocarbon Technologies (September 2013)[41] Indian Chemical Industry (http:/ / www. ibef. org/ download/ Chemicals-March-220313. pdf) IBEF, Ministry of Commerce and Industry,

Government of India (March 2013)

Economy of India 25

[42] Indian Chemical Industry (http:/ / www. ibef. org/ download/ chemicals-august-2013. pdf) IBEF, Ministry of Commerce and Industry,Government of India (August 2013)

[43] Indian Pharmaceutical Industry (http:/ / www. ibef. org/ download/ Pharmaceuticals-March-220313. pdf) IBEF, Ministry of Commerce andIndustry, Government of India (2013)

[44] Gujarat Pharma Industry (http:/ / www. in. kpmg. com/ pdf/ gujarat-pharma08. pdf) KPMG (2010)[45] Indian Pharmaceutical Industry (http:/ / www. ibef. org/ industry/ pharmaceutical-india. aspx) IBEF, Ministry of Commerce and Industry,

Government of India (2013)[46] Engineering industry of India (http:/ / www. ibef. org/ industry/ engineering-india. aspx) IBEF, Ministry of Commerce and Industry,

Government of India (April 2014)[47] Making a case for higher engineering exports (http:/ / www. financialexpress. com/ news/ making-a-case-for-higher-engineering-exports/

1273068) The Financial Express (24 July 2014)[48] Global Tractor Market Analysis Available to AEM Members from Agrievolution Alliance (http:/ / www. aem. org/ News/ Advisors/ AEM/

?HL=Global_Tractor_Market_Analysis_Available_to_AEM_Members_from_Agrievolution_Alliance& A=1292) Association of EquipmentManufacturers, Milwaukee, Wisconsin, USA (2014)

[49][49] India Before Europe, C.E.B. Asher and C. Talbot, Cambridge University Press, 2006, ISBN 0-521-80904-5, p. 40[50][50] A History of India, Hermann Kulke and Dietmar Rothermund, Edition: 3, Routledge, 1998, p. 160; ISBN 0-415-15482-0[51] India's gem and Jewelry Sector (https:/ / www. dnb. co. in/ IndianGemsandJewellerySector/ Overview. asp) Dun and Bradstreet (2012)[52] Consumer demand for gold up 53% in Q2 2013 led by strong growth in China and India (http:/ / www. gold. org/ news-and-events/

press-releases/ consumer-demand-gold-53-q2-2013-led-strong-growth-china-and-india) World Gold Council (August 2013)[53] Gems and Jewelry Industry in India (http:/ / www. ibef. org/ industry/ gems-jewellery-india. aspx) IBEF, Ministry of Commerce and

Industry, Government of India (2013)[54] All that glitters is Gold: India Jewellery Review 2013 (http:/ / www. ficci. com/ spdocument/ 20332/ India-Jewellery-Review-2013. pdf)

A.T. Kearny (2014)[55][55] Oppi Untracht (1997), Traditional jewelry of India, ISBN 978-0810938861, pp 1-23[56] Indian diamond cutting and polishing sector (http:/ / www. rough-polished. com/ en/ analytics/ 77889. html) Rough and Polished (6 March

2013)[57] Mining (http:/ / mospi. nic. in/ Mospi_New/ upload/ SYB2014/ CH-15-MINING/ Mining. pdf) Chapter 15, Ministry of Statistics and

Programme Implementation, Govt of India (2011)[58] Emerging economies and India’s mining industry (http:/ / www. ey. com/ IN/ en/ Industries/ Mining---Metals/

EY-emerging-economies-and-Indias-mining-industry) Ernst & Young (2014)[59] Mining (http:/ / mospi. nic. in/ Mospi_New/ upload/ SYB2014/ CH-15-MINING/ Mining. pdf) Chapter 15, Ministry of Statistics and

Programme Implementation, Govt of India (2011), pp 205[60] World Steel Figures in 2013 (https:/ / www. worldsteel. org/ dms/ internetDocumentList/ bookshop/ Word-Steel-in-Figures-2013/ document/

World Steel in Figures 2013. pdf) World Steel Association (2014), pp 9[61] Aluminum (http:/ / minerals. usgs. gov/ minerals/ pubs/ commodity/ aluminum/ mcs-2014-alumi. pdf) USGS, U.S. Government (2014)[62] Mines (http:/ / business. gov. in/ Industry_services/ mines. php) Business Knowledge Resources, Government of India (2013)[63] Unlocking the Potential of the Indian Minerals Sector (http:/ / mines. nic. in/

writereaddata\Contentlinks\9eeb6e3b6113423586029ee88e1f4b36. pdf) Ministry of Mines, Govt of India (November 2011)[64] Indian Railways (http:/ / www. indianrailways. gov. in/ railwayboard/ uploads/ directorate/ stat_econ/ MTHSTAT/ 2014/

MER_March_2014. pdf) Govt of India (2014)[65] India Infrastructure Summit 2012 (http:/ / www. ey. com/ Publication/ vwLUAssets/ FICCI_Infra_report_final/ $FILE/

FICCI_Infra_report_final. pdf) Ernst & Young (2013), pp 4[66] Ports (http:/ / business. gov. in/ infrastructure/ ports. php) Business Resources, Govt of India (2013)[67] Airports (http:/ / www. aai. aero/ allAirports/ airports. jsp) AAI, Govt of India (2013)[68] LIST OF LICENSED AERODROME (http:/ / dgca. nic. in/ aerodrome/ aero_list. pdf) Directorate General of Commercial Aviation, Govt of

India (May 2014)[69] Gnanasambandam et al., Online and upcoming: The Internet’s impact on India (http:/ / www. mckinsey. com/ ~/ media/ mckinsey offices/

india/ pdfs/ online_and_upcoming_the_internets_impact_on_india. ashx) McKinsey & Company (December 2012)[70] The Indian Kaleidoscope - Emerging trends in retail (http:/ / www. pwc. in/ en_IN/ in/ assets/ pdfs/ industries/ retail-and-consumer/

retail-report-300812. pdf) PWC (2012)[71] Successful Innovations in Indian Retail (http:/ / www. strategyand. pwc. com/ media/ file/

RAI_Strategyand_Successful-Innovations-in-Indian-Retail. pdf) Booz Allen & PwC (February 2013)[72] Sharma and Mukherji, Bad Roads, Red Tape, Burly Thugs Slow Wal-Mart's Passage in India (http:/ / online. wsj. com/ news/ articles/

SB10001424127887323622904578129294224588914) The Wall Street Journal (12 January 2013)[73] India's Food Transportation Ordeal (http:/ / online. wsj. com/ news/ articles/ SB10001424127887324907204578187122310400706) The

Wall Street Journal (11 January 2013)[74] UNWTO Tourism Highlights 2014 Edition (http:/ / dtxtq4w60xqpw. cloudfront. net/ sites/ all/ files/ pdf/ unwto_highlights14_en_hr_0. pdf)

United Nations World Tourism Organization, pp 9

Economy of India 26

[75] India's tourism performance (http:/ / asiapacific. unwto. org/ sites/ all/ files/ pdf/ cap-csa-24-5b_ref_indias_report. pdf) United NationsWorld Tourism Organization (2013)

[76] Yearbook of Tourism Statistics, Data 2008 – 2012, 2014 Edition (http:/ / www2. unwto. org/ publication/yearbook-tourism-statistics-data-2008-2012-2014-edition) United Nations World Tourism Organization (2014)

[77] RN Pandey, Inbound Tourism Statistics of India (http:/ / statistics. unwto. org/ sites/ all/ files/ pdf/ india_inbound_0. pdf) Ministry ofTourism, Govt of India (2012)

[78] The GDP contribution of international tourism is estimated at 2.8% by UNWTO, International Tourism Statistics (http:/ / dtxtq4w60xqpw.cloudfront. net/ sites/ all/ files/ docpdf/ statistics. pdf)

[79] Medical Tourism draws Americans to India (http:/ / communities. washingtontimes. com/ neighborhood/ travelers-notebook/ 2013/ aug/ 18/medical-tourism-draws-americans-india/ ) Washington Times (18 August 2013)

[80] Economic Survey 2010, pp. 127–129.[81][81] Economic Survey 2010, p. 127.[82] 2013 Annual Report (http:/ / commerce. gov. in/ publications/ pdf/ annualreport_overview-2012-13. pdf) Ministry of Commerce, Govt of

India (2013)[83] India's trade deficit with China mounts to $ 31.42 bn (http:/ / articles. economictimes. indiatimes. com/ 2014-01-10/ news/

46066593_1_trade-deficit-indian-it-trade-data) The Economic Times (10 January 2014)[84] Economic Survey 2010, pp. 142–144.[85][85] Economic Survey 2010, p. 132.[86] UK to end financial aid to India (http:/ / www. ft. com/ intl/ cms/ s/ 0/ 30203e68-2a55-11e2-99bb-00144feabdc0. html#axzz396DRjDNU)

The Financial Times (9 November 2012)[87] http:/ / in. reuters. com/ article/ 2014/ 09/ 05/ india-cenbank-forex-reserves-idINS8N0QH02M20140905[88] Govt unleashes big-bang FDI reforms, opens up defence (http:/ / timesofindia. indiatimes. com/ business/ india-business/

Govt-unleashes-big-bang-FDI-reforms-opens-up-defence/ articleshow/ 21110866. cms) The Times of India (17 July 2014)[89] Govt allows FDI multi-brand retail, aviation in bold reform push (http:/ / in. reuters. com/ article/ 2012/ 09/ 14/

india-economy-retail-fdi-reform-idINDEE88D08M20120914) Reuters (14 September 2012)[90] Shah and Patnaik, India's financial globalisation (http:/ / www. imf. org/ external/ pubs/ ft/ wp/ 2011/ wp1107. pdf) IMF (2012)[91] Mahindra Expands Effort to Counter Global Rivals with U.S. Engineering (http:/ / online. wsj. com/ news/ articles/

SB10001424052702304655304579552181391629024) The Wall Street Journal (9 May 2014)[92] A Slice of World Action (http:/ / businesstoday. intoday. in/ story/ bt-500-indian-inc-goes-global/ 1/ 189144. html) Business Today (11

November 2012)[93] India’s industrial outpost Tata for now (http:/ / www. economist. com/ node/ 21528653) The Economist (10 September 2011)[94] JLR's Ratan Tata warns on UK competitiveness (http:/ / www. telegraph. co. uk/ finance/ newsbysector/ industry/ 9722673/

JLRs-Ratan-Tata-warns-on-UK-competitiveness. html) The Telegraph (5 December 2012)[95] USD INR (http:/ / finance. yahoo. com/ echarts?s=USDINR=X+ Interactive#symbol=USDINR=X;range=2y) Currency Conversion Rates,

Yahoo[96] Table 2.9 of World Development Indicators: Distribution of income or consumption (http:/ / wdi. worldbank. org/ table/ 2. 9) The World

Bank[97] Table 3.4, World Consumer Income and Expenditure Patterns - Annual Household Income (http:/ / www. euromonitor. com/ medialibrary/

PDF/ Book_WCIEP0. pdf) Euro Monitor International (2013)[98] GNI per capita, PPP (current international $) (http:/ / data. worldbank. org/ indicator/ NY. GNP. PCAP. PP.

CD?order=wbapi_data_value_2013+ wbapi_data_value+ wbapi_data_value-last& sort=desc) The World Bank (July 2014)[99] Nutrition (http:/ / www. unicef. org/ india/ nutrition. html), Fast Facts, UNICEF (2009)[100] Sarkar & Kumar (2011), Impact of MGNREGA on Reducing Rural Poverty and Improving Socio-economic Status of Rural Poor: A Study

in Burdwan District of West Bengal (http:/ / purl. umn. edu/ 119395), Agricultural Economics Research Review, Vol 24[101] Swain & Ray (2013), Social welfare through guaranteed wage employment: experience of National Rural Employment Guarantee Scheme

in an Indian state, Journal of International and Comparative Social Policy, 29(1), 79-90[102] Aggarwal & Kumar (November 2012), Structural change, industrialization and poverty reduction: the case of India (http:/ / sswa. unescap.

org/ pdf/ sswa_development_paper_1206_nov2012. pdf), in United Nation's UNIDO workshop "The Untold Story: Structural Change forPoverty Reduction–The Case of the BRICS", Vienna, 16–17 August (pp 1-68)

[103] Kotwal, Ramaswami & Wadhwa (2011), Economic liberalization and Indian economic growth: What's the evidence?, Journal of EconomicLiterature, Vol. 49, No. 4, 1152-1199

[104] Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India Human Development in India:Challenges for a Society in Transition (http:/ / ihds. umd. edu/ IHDS_files/ 04HDinIndia. pdf), Oxford University Press, page 40-44

[105] Economic Survey 2010, pp. 275–277.[106] Desai, Sonalde, Amaresh Dubey, B.L. Joshi, Mitali Sen, Abusaleh Shariff and Reeve Vanneman (201) India Human Development in India:

Challenges for a Society in Transition (http:/ / ihds. umd. edu/ IHDS_files/ 04HDinIndia. pdf), Oxford University Press, page 131[107] India and its diaspora (http:/ / moia. gov. in/ accessories. aspx?aid=10) Ministry of Overseas Indian Affairs, India[108] Leone Lakhani, Dubai's expat Indians: The world's most productive foreign workers (http:/ / edition. cnn. com/ 2014/ 05/ 15/ business/

dubai-indians-expats-elections/ ) CNN (19 May 2014)

Economy of India 27

[109] Economic Survey 2010, pp. 280–281.[110] Ranking of states and union territories by lireacy rate: 2011 (http:/ / censusindia. gov. in/ 2011-prov-results/ data_files/ india/

Final_PPT_2011_chapter6. pdf) Census of India, Ministry of Home Affairs, Government of India (2013)[111] Datt & Ravallion (2011), Has India's economic growth become more pro-poor in the wake of economic reforms?, The World Bank

Economic Review, 25(2), pp 157-189[112] Tripathi, Sabyasachi (December 2013), Has urban economic growth in Post-Reform India been pro-poor between 1993-94 and 2009-10?

(http:/ / mpra. ub. uni-muenchen. de/ 52336/ 1/ MPRA_paper_52336. pdf) Indian Council for Research on International Economic Relations,MPRA Paper No. 52336, Ludwig Maximilians Universität München

[113] ‘Modi Mania’ propels India’s stock market into world’s top 10 (http:/ / www. ft. com/ intl/ cms/ s/ 0/fa07a946-e1a1-11e3-b7c4-00144feabdc0. html#axzz38le1HY8o) The Financial Times (22 May 2014)

[114] Latest Statistics of Stock Exchanges Worldwide (http:/ / www. world-exchanges. org/ statistics/ monthly-reports) WFE (July 2014), seecomplete report for 2014-June

[115] EY Global IPO Trends Global IPO Trends Q4 2013 (http:/ / www. ey. com/ Publication/ vwLUAssets/EY_-_Global_IPO_Trends_Q4_2013/ $FILE/ EY-Global-IPO-Trends-Q4-2013. pdf) Ernst & Young (2014)

[116] Listing abroad sans domestic IPO set to be a reality soon (http:/ / www. business-standard. com/ article/ markets/listing-abroad-sans-domestic-ipo-set-to-be-a-reality-soon-113122000712_1. html) Business Standard (28 July 2013)

ReferencesBooks• Datt, Ruddar; Sundharam, K.P.M. (2009). Indian Economy. New Delhi: S. Chand Group. p. 976.

ISBN 978-81-219-0298-4.• Drèze, John; Sen, Amartya (1996). India: Economic Development and Social Opportunity. Oxford University

Press. p. 292. ISBN 978-0-19-564082-3.• Iftikhar-ul-Awwal, A. Z. M. (1982) The Industrial Development of Bengal, 1900-1939 (http:/ / books. google. co.

uk/ books?id=oATtAAAAMAAJ& q=the+ industrial+ development+ of+ bengal& dq=the+ industrial+development+ of+ bengal& hl=en& sa=X& ei=XZHnU6PfGuLQ7AbjhoH4DA& ved=0CCEQ6AEwAA) VikasPublishing House: New Delhi, 1982, Pages: 256, ISBN 0706915798

• Kumar, Dharma (2005). The Cambridge Economic History of India, Volume II : c. 1757–2003. New Delhi:Orient Longman. p. 1115. ISBN 978-81-250-2710-2.

• Nehru, Jawaharlal (1946). The Discovery of India. Penguin Books. ISBN 0-14-303103-1.• Panagariya, Arvind (2008). India: The Emerging Giant. Oxford University Press. p. 514.

ISBN 978-0-19-531503-5.• Raychaudhuri, Tapan; Habib, Irfan (2004). The Cambridge Economic History of India, Volume I : c. 1200 – c.

1750. New Delhi: Orient Longman. p. 543. ISBN 978-81-250-2709-6.• Roy, Tirthankar (2006). The Economic History of India 1857–1947. Oxford University Press. p. 385.

ISBN 978-0-19-568430-8.Papers and reports• "Economic reforms in India: Task force report" (http:/ / harrisschool. uchicago. edu/ News/ press-releases/ IPP

Economic Reform in India. pdf) (PDF). University of Chicago. p. 32.• "Economic Survey 2009–10" (http:/ / indiabudget. nic. in/ es2009-10/ chapt2010/ chapter. zip). Ministry of

Finance, Government of India. p. 294.

Economy of India 28

Further readingBooks• Alamgir, Jalal (2008). India's Open-Economy Policy. Routledge. ISBN 978-0-415-77684-4.• Bharadwaj, Krishna (1991). "Regional differentiation in India". In Sathyamurthy, T.V. Industry & agriculture in

India since independence. Oxford University Press. pp. 189–199. ISBN 0-19-564394-1.Articles• "Growth of India" (http:/ / www. janderie. live. haverford. edu/ wiki/ index. php?title=India_growth). Retrieved

2005-08-10.• "Milton Friedman on the Nehru/Mahalanobis Plan" (http:/ / www. indiapolicy. org/ debate/ Notes/ fried_opinion.

html). Retrieved 2005-07-16.• "Infrastructure in India: Requirements and favourable climate for foreign investment" (http:/ / www. asiatradehub.

com/ india/ intro. asp). Retrieved 2005-08-14.• Bernardi, Luigi and Fraschini, Angela (2005). Tax System And Tax Reforms in India (http:/ / ideas. repec. org/ p/

uca/ ucapdv/ 45. html). Working paper n. 51.• Centre for Media Studies (2005). India Corruption Study 2005: To Improve Governance Volume – I: Key

Highlights (http:/ / www. prajanet. org/ newsroom/ internal/ tii/ ICS2k5_Vol1. pdf) (PDF). TransparencyInternational India. Retrieved 2009-06-21.

• Ghosh, Jayati. "Bank Nationalisation: The Record" (http:/ / www. macroscan. com/ cur/ jul05/cur210705Bank_Nationalisation. htm). Macroscan. Retrieved 2005-08-05.

• Gordon, Jim and Gupta, Poonam (2003). Understanding India's Services Revolution (http:/ / www. imf. org/external/ np/ apd/ seminars/ 2003/ newdelhi/ gordon. pdf) (PDF). 12 November 2003. Retrieved 2009-06-21.

• Panagariya, Arvind (2004). India in the 1980s and 1990s: A Triumph of Reforms (http:/ / ideas. repec. org/ p/wpa/ wuwpit/ 0403005. html).

• Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). Understanding Regional Economic Growth inIndia (http:/ / web. archive. org/ web/ 20070701042205/ http:/ / www2. cid. harvard. edu/ cidwp/ 088. pdf) (PDF).Working paper 88. Archived from the original (http:/ / www2. cid. harvard. edu/ cidwp/ 088. pdf) on 1 July 2007.

• Srinivasan, T.N. (2002). Economic Reforms and Global Integration (http:/ / www. econ. yale. edu/ ~srinivas/ec_reforms. pdf) (PDF). 17 January 2002. Retrieved 2009-06-21.

• Kurian, N.J. "Regional disparities in india" (http:/ / planningcommission. nic. in/ reports/ sereport/ ser/vision2025/ regdsprty. doc). Retrieved 2005-08-06.

News• Ravi S Jha. "India, the Goliath, Falls with a Thud" (http:/ / www. khaleejtimes. com/ kt-article-display-1.

asp?section=business& xfile=data/ business/ 2008/ october/ business_october347. xml).• "India says 21 of 29 states to launch new tax" (http:/ / www. dailytimes. com. pk/ default.

asp?page=story_25-3-2005_pg5_13). Daily Times. 25 March 2005.• "Economic structure" (http:/ / www. economist. com/ countries/ India/ profile. cfm?folder=Profile-Economic

Structure). The Economist. 6 October 2003.a• "Regional stock exchanges – Bulldozed by the Big Two" (http:/ / www. thehindubusinessline. com/ businessline/

2001/ 07/ 20/ stories/ 0420. 62& nbsp;billion. htm). Retrieved 2005-08-10.• "FinMin considers three single-brand retail FDI proposals" (http:/ / news. indiamart. com/ story/

finmin-considers-three-single-brand-retail-fdi-proposals-169557. html).

Economy of India 29

External links

Wikimedia Commons has media related to Economy of India.

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Government of India websites• Ministry of Finance, Government of India (http:/ / finmin. nic. in/ )• Department of Commerce, Government of India (http:/ / commerce. nic. in/ )• Department of Industrial Policy & Promotion (http:/ / dipp. nic. in/ English/ default. aspx)• Office of the Economic Adviser (http:/ / eaindustry. nic. in/ )• India in Business (http:/ / www. indiainbusiness. nic. in/ )- Official website for Investment and Trade in India• Union Budget & Economic Survey (http:/ / indiabudget. nic. in/ index. asp)• Income Tax Department of India (http:/ / www. incometaxindia. gov. in/ home. asp)• Central Board of Excise and Customs (http:/ / www. cbec. gov. in/ cae1-english. htm)• Reserve Bank of India's database on the Indian economy (http:/ / www. rbi. org. in/ scripts/ Statistics. aspx)Publications and statistics• Key indicators of household consumer expenditure in India 2011–2012 (http:/ / www. indiaenvironmentportal.

org. in/ reports-documents/ key-indicators-household-consumer-expenditure-india-2011-2012)• World Bank India 2012 Trade Summary Statistics (http:/ / wits. worldbank. org/ CountryProfile/ Country/ IND/

Year/ 2012/ Summary)• World Bank – India Country Overview (http:/ / www. worldbank. org. in/ WBSITE/ EXTERNAL/ COUNTRIES/

SOUTHASIAEXT/ INDIAEXTN/0,,contentMDK:20195738~menuPK:295591~pagePK:141137~piPK:141127~theSitePK:295584,00. html)

• Ernst & Young 2011 Report on Doing Business in India (http:/ / www. ey. com/ Publication/ vwLUAssets/Doing_business_in_India_2011/ $FILE/ Doing_business_in_India_2011. pdf)

• IMF, India (http:/ / www. imf. org/ external/ country/ IND/ index. htm)• CIA – The World Factbook – India (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ geos/ in.

html)• Quandl – India Country Overview (http:/ / www. quandl. com/ india)

Article Sources and Contributors 30

Article Sources and ContributorsEconomy of India  Source: http://en.wikipedia.org/w/index.php?oldid=625136315  Contributors: 12 Noon, 25 Cents FC, 99econ, A Stop at Willoughby, A.arvind.arasu, AJIT KANKARIYA,Aathma123, Abanerjee054, Abecedare, Abhaynagale, Abhiag, Abhirassharma, Abhishekc2q, AbhisheksinghWIKI, Abhowmick, Abjerer, Achmad Fahri, Acs4b, Adityaconsul, Adityapatadia,Adived, Aeonx, AgniKalpa, Agrawalmayur, Ajoykt, Alaadw, Alan Liefting, Alanscottwalker, Alexius08, AlexiusHoratius, Aliyevramin, Alokagrawal8, Alongla, Alpha 4615, Amartyabag,Amaury, Ambuj.Saxena, Amit20081980, Amitswarup, Amos Tori, AmyNorth, Anbu121, Andreakoo, Anir1uph, Anirvan, Anishurahman, Ankitbhatt, Ankururdu, Anon200401, Antandrus, AnujTalwar, Anwar saadat, Apeloverage, ApostleVonColorado, Apurv1980, Archon 2488, AreJay, Arjun024, Arjun1001, Armyjawan1, Arnsy, Arsonal, Ascendantbias, Ashish itct, Ashok4himself,Asmit adgaonkar, Astute neophyte, Atulsnischal, Au7, Aude, Aurorion, Australian cowboy, Autostat, Av9, Avi malu, Awareoftypes, AxG, Axl, Azileretsis, BD2412, Baileypalblue, Banes,Bangalore102, Barek, Battlecry, Bcs09, Bdebbarma, Belagola, Beland, Belinda-Rikku, Bgwhite, Bharatgopal, Biker Biker, Bilingual2000, Billmcn, Bilwaj, Birju wishmaster, Bishal Khan,Bjalring, Blacksun, Bobblewik, Bobbytheonlyone, Bobo192, Boiscoupe, Bongwarrior, Bookofjude, Boromir123, Bowei Huang 2, Brad101, Brainboy109, BrightStarSky, Brighterorange, BryanDerksen, Bugnot, Bunchofgrapes, Bunnyhop11, By78, C mon, CWii, Caknuck, CalJW, Callanecc, Can't sleep, clown will eat me, Cannolis, Capricorn42, Catgut, Cfplp, Chaitanya.lala,Challengetheodds, Chamarty, Chanakyathegreat, Charlesdrakew, CharlieEchoTango, Cheatae, Ched, Chengroop, Chetanshaw, Chinimilli.naresh, Chipmunkdavis, Chris the speller,ChrisGualtieri, Christopher140691, Ckatz, Cleanningup, Closedmouth, Cntras, Colesbury, CommonsDelinker, Coolcat101cara, Cordless Larry, Cosmos416, Cpl Syx, Crackedge, Cremepuff555,Crow, Crux, Curps, Cyfal, D, DGG, DIEGO RICARDO PEREIRA, DSachan, DaGizza, DadaNeem, Dana boomer, Dandv, DanielCD, Danilomath, Darguz Parsilvan, Dark Shikari, Darth Panda,Datastat, Datizyou, David Biddulph, David Condrey, Dbachmann, Debo eco1982, Dede2008, Deepak, Dekisugi, Delhipro, Delirium, Deville, Dewan357, Dewritech, Discospinster, Divoc, Diwas,Dl2000, DocWatson42, DocendoDiscimus, Doldrums, DonitzLiebt, Draumr, Dream Eater, Dudafiery, Duncan, Dupz, Duroy, ESkog, EWikist, Economist1994, Edgar181, Edward, Eggman64,Ekabhishek, Elockid, Emperor Genius, Endgame1, Enghinmatsci, Enigma Blues, Enthusiast10, Epbr123, Euchiasmus, Eug.galeotti, Evano1van, Everyking, Exist early now, Eyewax, Ezeeyahoo,Falcon8765, Ferntipr, Filcopper, Firsfron, Flat Out, Fowler&fowler, Fraggle81, Francs2000, Freeworldforever, Frosty, Frze, Funandtrvl, Gadfium, Gadget850, Gaius Cornelius, Ganesh.rao,Ganeshk, Gaurav1146, Generalboss3, Geoguy10, Ghaighai, Gilliam, Gimmetrow, GingerGeek, Gloriamarie, Gmaxwell, GoShow, Gogo Dodo, Goleyo, Goodwin-Brent, Gourav7999, Gppande,Grafen, Gralo, Green Giant, GregorB, Greice70, Ground Zero, Gsarwa, Gscshoyru, Gthorvey, Gunjankg, Gurch, Guru00005, Gurubrahma, HIDECCHI001, HappyCamper, Harsha850,Harshasur1, Hashimzia, Haymaker, Haza-w, Hcobb, Headbomb, Hebrides, Hendrick 99, Herbu, Herbythyme, Hhsajjad, Hibernian, Hindigo, Hintha, Hkelkar, Hmains, Holy Ganga, Honorablesir,Hu12, Huaiwei, Huniebunie, ITA 01, Ias2008, IceBrotherhood, IceKarma, Icecoolsushobhan, Idleguy, IdreamofJeanie, Igordebraga, Ilmari Karonen, Imc, Incidious, Incrazy, Indiabuff,Indianajones3210, Indianbllood, Indianstar, Indon, InduProjectsLimited, Insanity Incarnate, Intgr, Iridescent, Irrigator, IvanCrives, J mareeswaran, Jackol, Jafferhamdani83, Jagged 85, Jalamgir,JamesabhirupZZZZ, Jamesontai, Janmejai, Jasonuhl, Jaspreet johar, Jaxl, Jay, Jay Turner, JayC, Jb3141, Jd027, Jeroje, Jgnbr, Jillids, Jim1138, Joelr31, JohnCD, Johnuniq, Jolly Janner,Jonoikobangali, Jorunn, Jose Icaza, Joseph Solis in Australia, Joshfinnie, Joshua Issac, Jovianeye, Joyson Prabhu, Jswaminathan, Jtkachuk, Jtkiefer, JuJube, Judgesurreal777, K6ka, Ka FaraqGatri, Kaaenaat, Kaal, Kaaveh Ahangar, Kanonkas, Kapitop, Karlhahn, Karthikndr, Kattabomman, Kbdank71, Kbh3rd, Kearstyn, Ketiltrout, Khalidshou, Khazar2, King Zebu, Kintetsubuffalo,Kiore, Kishore.kp100, Kjtobo, Kkm010, Kkumaresan26, KnightRider, KnowledgeHegemony, KnowledgeHegemonyPart2, Kothesk, Kotis, Kozuch, Kristod, Kungfuadam, Kuru, Kusha21,KuwarOnline, L Kensington, LaMenta3, Lacrimosus, Ladril, Lalit Jagannath, Leandrod, LeaveSleaves, Ledenierhomme, Legolas2186, LeoFrank, Lightmouse, Lights, Ligulem, LilHelpa,LilSanta, LittleDan, Locomotive999, LogicDictates, Lokalkosmopolit, Lolcrap, Lordharrypotter, Lordofwar1, Loren.wilton, MER-C, Maa sekhar, Madavpv, Madchester, Madhava 1947, Madstat,Magioladitis, Maheshkumaryadav, Mahusha, Maitreyayadav, Malcolmxl5, Manaspunhani, Manassingh1989, Manubrel, Mar4d, Mark Arsten, Marshall1984, Marskell, MartinDK,Materialscientist, Mathaiman, MattieTK, Mattisse, Maurice Flesier, Maxamegalon2000, MaximvsDecimvs, Mayur.thakare, Maziotis, Meelar, Mentifisto, Merbabu, Michael Devore, MichaelHardy, MightyWarrior, Mike Rosoft, Mithridates, Mittal.fdk, Mjpieters, Mmalhi, Money.news, Monster eagle, Moreschi, Mowgli, Mr Stephen, MrFawwaz, Mrt3366, MsDivagin, Mschiffler,Muhandes, Munci, Mvinas, MythNReality, N4y6, Nakon, Namenotek, Nanu1212, Nathan Johnson, Navhus, NawlinWiki, Neeeooo, Neelkamala, NeilN, Neqitan, Netpilot43556, Neverquick,Niceguyedc, Nichalp, Nickshanks, Nihiltres, Nikkul, Nilei.net, Nirbhaygupta, Nirvana888, Nishkid64, Nitinku5021a, Nitnaga, Nobleeagle, Noitazilivic, Nosedown, Notashamed, Nsaa, Nubinwiki, NuclearWarfare, OMERZEN, Oblivious, ObscureReality, Ocaasi, Ohconfucius, Olga sdn, Oli Filth, OllieFury, Orangewhitegreen, Otolemur crassicaudatus, Ottre, PDH, PakEconomist,Pamri, Panandh, Parunach, PathFinder, Pathik.dude, PaulHanson, Pavlovič, Pawan Kaul, Paxsimius, Perspicacite, Petemclaren, Petrb, Pharaoh of the Wizards, Phil Boswell, PhilKnight, PhilipTrueman, PhnomPencil, Piano non troppo, Picaroon, Pinkadelica, Pinkcushion, Piyushshukla970, Pizzadeliveryboy, Plinkit, Pmlineditor, Poeloq, Politicalpandit, Polylerus, Ponyo, Poseidon123,Possum, Ppntori, Pracharak0, Pragvansh7, Prajjwal Gandharv, Prakashkool007, Pranshil gourkar, Preetikapoor0, Prince20080, Profbond07, Qatenary, Quadell, Quannam, QuéSéYo2, Qwyrxian,R'n'B, RA0808, RG2, RTC, Raguks, RainbowOfLight, Raja Hussain, Rajaram Sarangapani, Rajputbhatti, Rakesh999991, Ralphrau, Rameshplm, Ramitmahajan, Rammstein737,Ramprasad002053, Ramu coolhimesh, Ranmehta, Rao Ravindra, Rathosubrat, Ravikiran r, Rconner, Reach Out to the Truth, ReluctantPhilosopher, Removepoverty, Rettetast, RexNL, Riana,Rich Farmbrough, Richard D. LeCour, Richard-of-Earth, Rinju9, Rishab1988, Rjwilmsi, Rmky87, RoadTrain, RobertG, Robertvan1, Rocko181, Roux, RoyBoy, Rr2503, Rsrikanth05,S.saurabh.p, S3000, SBC-YPR, SDas, SFK2, SSZ, Saboor ali khan, Sachincrai, Sadiqkhan 6384, Sailsbystars, Saksham, Salamurai, Sam Hocevar, Samar60, Samkitshah64198618, Sandiprouth,SandyGeorgia, Sandyqbg, Sanjeevsofteng, Sanyasi, Sapnam, Saravask, Sarosh8, Saturn HT, Saurabhzutshi, SchmuckyTheCat, SchreiberBike, Sdeox, Seaphoto, Sen dp, Senhorak, Seraphiel,Sfan00 IMG, Sghatak22, Shahab, Shankar mallapur, Sharkkiller2050, Shashank.131, Shawx, Shelvinc, Shiljuhere, Shivap, Shovon76, Shrini37, Shyam, Siddheshk, Signswork, Silvrous,SiobhanHansa, Sionus, Sir Edgar, SivaKumar, Sjock, Sjö, Skarebo, Skcpublic, Skier Dude, Skinsmoke, SkyWalker, Skydoc28, SlimVirgin, Smano555, Snigbrook, Snow Blizzard, Soccer2020,Someguy1221, Sophie2895, Soulparadox, SpNeo, SpacemanSpiff, SpikeToronto, Spliffy, Spruceforest, Sreejithk2000, Srimanta.Bhuyan, Ssanagav, StasMalyga, Stelpa, Strike Eagle,SubZero..Vighu.., Subhengg84, Sudhir7777, Sudoman, Suhail sharma, Sukucivil, Sumanch, Sumanthk, Sumiteditor, Sundar, Sunilshamnur, Sunny planet, Sunray, Superprof, Surinamer,Suryapsingh, Sushant gupta, Suyogaerospace, Svmandke, Sweetmusician, Tabletop, Tadkashadka, Tarun.Varshney, Tarunmah, TastyPoutine, Tatiraju.rishabh, Taxman, Tbhotch, Telugodu123,Terrace4, Thakur rigved, That Guy, From That Show!, Thatguyflint, The Thing That Should Not Be, The Wikimon, The idiot, TheCascadian, Theda, ThevikasIN, ThisIsAce, Thunderboltz, Tiderolls, Tim1357, Titodutta, Tmopkisn, Tolly4bolly, Tony1, Toy111, Tpbradbury, Traitortanmay, Trakesht, Treatakbar, Treemapper, Treisijs, Tri400, Troy44, Trust Is All You Need, Turlo Lomon,TurquoiseThreads, Ugog Nizdast, Ujwal10101, Us bison power, User2004, Utcursch, V.Chowla, Van helsing, Vanisaac, Varghesejacob, Vedant, Venkat20122, Vensatry, Vikram infodrive,Vikythewild, Vimalkalyan, Vinaypv5, VirtualSteve, VishalB, Vishibt, Vishvajit87, Vivek7de, Vjz666, Vkailasa, Vkshah2, Vkvora2001, Voltigeur, Vp singh11, Wasbeer, Wavelength, WayneSlam, Wayward, Wenli, WetFirefighter, WhaleWey, WhatisFeelings?, Whiskey in the Jar, Widr, WikHead, Wiki alf, Wiki.Gunjan, Wikidea, Wikipelli, Wikirao, Williamvoor, Win.monroe,Wingsoop, Woohookitty, Worldwatcher2000, Wpedzich, Wushi-En, Xiaojeng, Xman1, Yabaluri Goutham, Yasht101, Yintan, Yogesh Khandke, Zangar, Zbxgscqf, Zhonghuo, Zlerman,Zuggernaut, ZulzarAli, ~shuri, Žiedas, రవిచంద్ర, ಪ್ರದೀಪ್, 2085 anonymous edits

Image Sources, Licenses and ContributorsFile:Mumbai skyline88907.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Mumbai_skyline88907.jpg  License: Creative Commons Attribution-Sharealike 3.0  Contributors:User:Jeet221990File:Indian Rupee symbol.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Indian_Rupee_symbol.svg  License: Public Domain  Contributors: OrionistFile:Increase2.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Increase2.svg  License: Public Domain  Contributors: SarangFile:Flag of Europe.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Europe.svg  License: Public Domain  Contributors: User:Verdy p, User:-xfi-, User:Paddu,User:Nightstallion, User:Funakoshi, User:Jeltz, User:Dbenbenn, User:Zscout370File:Flag of the United States.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_United_States.svg  License: Public Domain  Contributors: Anomie, Mr. StradivariusFile:Flag of the United Arab Emirates.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_United_Arab_Emirates.svg  License: Public Domain  Contributors: AnimeAddict AA, Avala, Dbenbenn, Duduziq, F l a n k e r, Fry1989, Fukaumi, Gryffindor, Guanaco, Homo lupus, Kacir, Klemen Kocjancic, Krun, Ludger1961, Madden, Neq00, Nightstallion,Piccadilly Circus, Pmsyyz, RamzyAbueita, Ricordisamoa, Zscout370, 5 anonymous editsFile:Flag of the People's Republic of China.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_People's_Republic_of_China.svg  License: Public Domain  Contributors:Drawn by User:SKopp, redrawn by User:Denelson83 and User:Zscout370 Recode by cs:User:-xfi- (code), User:Shizhao (colors)File:Flag of Singapore.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Singapore.svg  License: Public Domain  Contributors: VariousFile:Flag of Saudi Arabia.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Saudi_Arabia.svg  License: Public Domain  Contributors: Alkari, Ancintosh, Anime Addict AA,AnonMoos, Bobika, Brian Ammon, CommonsDelinker, Cycn, Denelson83, Duduziq, Ekabhishek, Er Komandante, Fabioravanelli, Fry1989, Gazimagomedov, Herbythyme, Homo lupus,INeverCry, Jeff G., Klemen Kocjancic, Lokal Profil, Love Krittaya, Love monju, Mattes, Menasim, Mnmazur, Mohammed alkhater, Nard the Bard, Nightstallion, Palosirkka, Pitke, Pmsyyz,Ranveig, Ratatosk, Reisio, Ricordisamoa, Saibo, Sarang, SiBr4, Wouterhagens, Zscout370, Zyido, 13 anonymous editsFile:Flag of Switzerland.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Switzerland.svg  License: Public Domain  Contributors: User:Marc Mongenet Credits: User:-xfi-User:Zscout370File:Silk route.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Silk_route.jpg  License: Public Domain  Contributors: Whole_world_-_land_and_oceans_12000.jpg: NASA/GoddardSpace Flight Center derivative work: Splette (talk)File:Atashgah-inscription-jackson1911.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Atashgah-inscription-jackson1911.jpg  License: Public Domain  Contributors: A. V.Williams Jackson (1862 – 1937)

Image Sources, Licenses and Contributors 31

file:MauryanCoin.JPG  Source: http://en.wikipedia.org/w/index.php?title=File:MauryanCoin.JPG  License: Public domain  Contributors: en:User:PHG (now en:User:Per Honor et Gloria) akaUser:PHGCOM (now User:World Imaging) on Commonsfile:Kumaragupta.JPG  Source: http://en.wikipedia.org/w/index.php?title=File:Kumaragupta.JPG  License: GNU Free Documentation License  Contributors: Original uploader was Per Honor etGloria at en.wikipediaFile:HooglyKolkata1945.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:HooglyKolkata1945.jpg  License: Public Domain  Contributors: Claude Waddell, military photographerFile:1700 AD through 1950 AD per capita GDP of United Kingdom and India during the Colonial Era.png  Source:http://en.wikipedia.org/w/index.php?title=File:1700_AD_through_1950_AD_per_capita_GDP_of_United_Kingdom_and_India_during_the_Colonial_Era.png  License: unknown  Contributors:User:M Tracy HunterFile:India GDP without labels.PNG  Source: http://en.wikipedia.org/w/index.php?title=File:India_GDP_without_labels.PNG  License: Creative Commons Zero  Contributors: Jacklee, Magogthe Ogre, Roland zhFile:2010 Percent labor employment in India by its economic sectors.png  Source:http://en.wikipedia.org/w/index.php?title=File:2010_Percent_labor_employment_in_India_by_its_economic_sectors.png  License: unknown  Contributors: User:M Tracy HunterFile:1951 to 2013 Trend Chart of Sector Share of Total GDP for each year, India.png  Source:http://en.wikipedia.org/w/index.php?title=File:1951_to_2013_Trend_Chart_of_Sector_Share_of_Total_GDP_for_each_year,_India.png  License: unknown  Contributors: User:M Tracy HunterFile:HopeDiamondwithLighting2 (cropped).JPG  Source: http://en.wikipedia.org/w/index.php?title=File:HopeDiamondwithLighting2_(cropped).JPG  License: Creative CommonsAttribution-Sharealike 3.0  Contributors: 350z33File:ONGC Oil Platform.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:ONGC_Oil_Platform.jpg  License: Creative Commons Attribution 2.0  Contributors: Nandu Chitnis fromPune, IndiaFile:2006Indian exports.PNG  Source: http://en.wikipedia.org/w/index.php?title=File:2006Indian_exports.PNG  License: Creative Commons Attribution-Sharealike 3.0  Contributors: Originaluploader was Anwar saadat at en.wikipediafile:April 2013 to March 2014 Export commodities from India, by percent value in US$.png  Source:http://en.wikipedia.org/w/index.php?title=File:April_2013_to_March_2014_Export_commodities_from_India,_by_percent_value_in_US$.png  License: unknown  Contributors: User:M TracyHunterfile:April 2013 to March 2014 Import commodities from India, by percent value in US$.png  Source:http://en.wikipedia.org/w/index.php?title=File:April_2013_to_March_2014_Import_commodities_from_India,_by_percent_value_in_US$.png  License: unknown  Contributors: User:M TracyHunterFile:Cumulative Current Account Balance.png  Source: http://en.wikipedia.org/w/index.php?title=File:Cumulative_Current_Account_Balance.png  License: Creative CommonsAttribution-ShareAlike 1.0 Generic  Contributors: DynV, Emilfaro, SBC-YPR, 2 anonymous editsFile:RBI-Tower.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:RBI-Tower.jpg  License: Creative Commons Attribution-ShareAlike 3.0 Unported  Contributors: User:NichalpFile:2014 Gini Index World Map, income inequality distribution by country per World Bank.svg  Source:http://en.wikipedia.org/w/index.php?title=File:2014_Gini_Index_World_Map,_income_inequality_distribution_by_country_per_World_Bank.svg  License: Creative CommonsAttribution-Sharealike 3.0  Contributors: User:M Tracy HunterFile:2013 Gross National Income GNI per capita Purchasing Power Parity PPP per World Bank, India compared.svg  Source:http://en.wikipedia.org/w/index.php?title=File:2013_Gross_National_Income_GNI_per_capita_Purchasing_Power_Parity_PPP_per_World_Bank,_India_compared.svg  License: unknown Contributors: User:M Tracy HunterFile:Cyber Green Building, Gurgaon, Haryana, India - 20070613.jpg  Source:http://en.wikipedia.org/w/index.php?title=File:Cyber_Green_Building,_Gurgaon,_Haryana,_India_-_20070613.jpg  License: Creative Commons Attribution 2.0  Contributors: User:NikkulFile:World Map Index of perception of corruption.svg  Source: http://en.wikipedia.org/w/index.php?title=File:World_Map_Index_of_perception_of_corruption.svg  License: Public Domain Contributors: derivate work: TalkstosocksFile:35 India States and Union Territories GDP per capita on PPP basis in 2011.svg  Source:http://en.wikipedia.org/w/index.php?title=File:35_India_States_and_Union_Territories_GDP_per_capita_on_PPP_basis_in_2011.svg  License: Creative Commons Attribution-Sharealike 3.0 Contributors: User:M Tracy HunterImage:Commons-logo.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Commons-logo.svg  License: logo  Contributors: AnomieImage:Wikiquote-logo.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Wikiquote-logo.svg  License: Public Domain  Contributors: -xfi-, Dbc334, Doodledoo, Elian, Guillom, Jeffq,Krinkle, Maderibeyza, Majorly, Nishkid64, RedCoat, Rei-artur, Rocket000, 11 anonymous edits

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