| Economy of India |  | | Currency | 1 Indian Rupee (INR) (₨) = 100 Paise | | Fiscal year | April 1–March 31 | | Trade organisations | WTO, SAFTA | | Statistics | | GDP (PPP) | $5.21 trillion (PPP) (2008 est.) (3rd) | | GDP growth | 9.6% (2006/07) | | GDP per capita | $1,089 (nominal); $4,543 (PPP) [2] | | GDP by sector | agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.) | | Inflation (CPI) | 3.5% (2008 est.) | Population
below poverty line | 25% (2002 est.) [3] | | Labour force | 509.3 million (2006 est.) | Labour force
by occupation | agriculture: 60%, industry: 12%, services: 28% (2003) | | Unemployment | 7.8% (2006 est.) | | Main industries | textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, services | | External | | Exports | $125 billion (Financial Year 2006-2007) | | Export goods | textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures, services | | Main export partners | US 18%, the People's Republic of China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005) | | Imports | $187.9 billion f.o.b. (2006 est.) | | Import goods | crude oil, machinery, gems, fertilizer, chemicals | | Main import partners | the People's Republic of China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005) | | Public finances | | Public debt | $132.1 billion (2006 est.) | | Revenues | $109.4 billion (2006 est.) | | Expenses | $143.8 billion; including capital expenditures of $15 billion (2006 est.) | | Economic aid | recipient: $2.9 billion (FY98/99) | Main data source: CIA World Factbook
All values, unless otherwise stated, are in US dollars | | | The economy of India, measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of US $1.50 trillion (2008).[1] It has a GDP growth rate of 9.4% for the fiscal year 2006–2007.[2] However, India's huge population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised 2007 estimate).[3][4] The World Bank classifies India as a low-income economy.[5][6] “INR†redirects here. ...
A Paisa (pl. ...
is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ...
is the 90th day of the year (91st in leap years) in the Gregorian calendar. ...
For other uses of the initials WTO, see WTO (disambiguation). ...
The South Asia Free Trade Agreement is an agreement reached at the 12th South Asian Association for Regional Cooperation (SAARC) summit at Islamabad, capital of Pakistan on 6 January 2004. ...
GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ...
PPP of GDP for the countries of the world (2003). ...
There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ...
It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ...
Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ...
CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ...
For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American...
UAE redirects here. ...
USD redirects here. ...
USD redirects here. ...
In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. ...
World map of GDP (Nominal and PPP). ...
It has been suggested that this article or section be merged with Demographics of India. ...
Look up Per capita in Wiktionary, the free dictionary. ...
The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...
India's economy is diverse, encompassing agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and play an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global outsourcing of customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering. Other sectors like manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding, aviation , tourism and retailing are showing strong potentials with higher growth rates. Outsourcing is subcontracting a process, such as product design or manufacturing, to a third-party company. ...
Customer service (also known as Client Service) is the provision of service to customers before, during and after a purchase. ...
Software engineering is the application of a systematic, disciplined, quantifiable approach to the development, operation, and maintenance of software. ...
Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ...
Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ...
Insulin crystals Biotechnology is technology based on biology, especially when used in agriculture, food science, and medicine. ...
Nanotechnology refers to a field of applied science and technology whose theme is the control of matter on the atomic and molecular scale, generally 100 nanometers or smaller, and the fabrication of devices that lie within that size range. ...
Copy of the original phone of Alexander Graham Bell at the Musée des Arts et Métiers in Paris Telecommunication is the assisted transmission of signals over a distance for the purpose of communication. ...
Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ...
Aviation encompasses all the activities relating to airborne devices created by human ingenuity, generally known as aircraft. ...
Tourist redirects here. ...
Retail redirects here. ...
India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate. Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ...
The private sector of a nations economy consists of all that is outside the state. ...
International trade is defined as trade between two or more partners from different countries (an exporter and an importer). ...
This article is about economics. ...
In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. ...
Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ...
India faces a fast-growing population and the challenge of reducing economic and social inequality. Poverty remains a serious problem, although it has declined significantly since independence. Official surveys estimated that in the year 2004-2005, 27% of Indians were poor. Differences in national income equality around the world as measured by the national Gini coefficient. ...
A boy from Jakarta, Indonesia shows his find. ...
[edit] History -
India's economic history can be broadly divided into three eras, beginning with the pre-colonial period lasting up to the 17th century. The advent of British colonisation started the colonial period in the 17th century, which ended with independence in 1947. The third period stretches from independence in 1947 until now. Economic history of India, in the sense of the meaning of the term economic in its current sense, is at least 5,000 years old. ...
// 5 BC Silver punch-marked coins were minted by the Mahajanapadas 1 Indias economy had a 32. ...
[edit] Pre-colonial The citizens of the Indus Valley civilisation, a permanent and predominantly urban settlement that flourished between 2800 BC and 1800 BC, practised agriculture, domesticated animals, used uniform weights and measures, made tools and weapons, and traded with other cities. Evidence of well planned streets, a drainage system and water supply reveals their knowledge of urban planning, which included the world's first urban sanitation systems and the existence of a form of municipal government.[7] The Indus Valley Civilization existed along the Indus River and the Vedic Sarasvati River in present-day Pakistan. ...
Urban planning is concerned with the ordering and design of settlements, from the smallest towns to the worlds largest cities. ...
E. Coli bacteria under magnification Sanitation is the hygienic disposal or recycling of waste, as well as the policy and practice of protecting health through hygienic measures. ...
It has been suggested that this article or section be merged into Local government of the United States. ...
The 1872 census revealed that 99.3% of the population of the region constituting present-day India resided in villages,[8] whose economies were largely isolated and self-sustaining, with agriculture the predominant occupation. This satisfied the food requirements of the village and provided raw materials for hand-based industries, such as textiles, food processing and crafts. Although many kingdoms and rulers issued coins, barter was prevalent. Villages paid a portion of their agricultural produce as revenue to the rulers, while its craftsmen received a part of the crops at harvest time for their services.[9] Coin of the Gupta king Kumara Gupta I. Obv: Bust of King Kumaragupta with headband decorated with crescents. ...
Coin of the Gupta king Kumara Gupta I. Obv: Bust of King Kumaragupta with headband decorated with crescents. ...
The Gupta dynasty ruled the Gupta Empire of India, from around 320 to 550. ...
The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ...
For other uses, see Textile (disambiguation). ...
Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. ...
Arts and crafts comprise a whole host of activities and hobbies that are related to making things with ones own hands and skill. ...
A 19th-centure example of barter: A sample labor for labor note for the Cincinnati Time Store. ...
Religion, especially Hinduism, and the caste and the joint family systems, played an influential role in shaping economic activities.[10] The caste system functioned much like medieval European guilds, ensuring the division of labour, providing for the training of apprentices and, in some cases, allowing manufacturers to achieve narrow specialization. For instance, in certain regions, producing each variety of cloth was the speciality of a particular sub-caste. Hinduism is a religious tradition[1] that originated in the Indian subcontinent. ...
Caste systems are traditional, hereditary systems of social classification, that evolved due to the enormous diversity in India (where all three primary races met, not by forced slavery but by immigration). ...
Complex Family is a generic term for any family structure involving more than two adults. ...
A guild is an association of persons of the same trade or pursuits, formed to protect mutual interests and maintain standards of morality or conduct. ...
Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ...
 Estimates of the per capita income of India (1857–1900) as per 1948–49 prices. [11] Textiles such as muslin, Calicos, shawls, and agricultural products such as pepper, cinnamon, opium and indigo were exported to Europe, the Middle East and South East Asia in return for gold and silver.[12] Image File history File links Download high resolution version (1010x501, 104 KB) Precolonial National Income of India (1857-1900). ...
Image File history File links Download high resolution version (1010x501, 104 KB) Precolonial National Income of India (1857-1900). ...
Muslin is a type of finely-woven cotton fabric, introduced to Europe from the Middle East in the 17th century. ...
Calico is a textile made from unbleached, and often not fully processed, cotton. ...
The examples and perspective in this article or section may not represent a worldwide view. ...
Binomial name L.[1] Black pepper (Piper nigrum) is a flowering vine in the family Piperaceae, cultivated for its fruit, which is usually dried and used as a spice and seasoning. ...
Binomial name J.Presl Cassia (Chinese cinnamon) is also commonly called (and sometimes sold as) cinnamon. ...
This article is about the drug. ...
Indigo is the color on the spectrum between about 450 and 420 nm in wavelength, placing it between blue and violet. ...
Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of quantitative information. One estimate puts the revenue of Akbar's Mughal Empire in 1600 at £17.5 million, in contrast with the total revenue of Great Britain in 1800, which totalled £16 million.[13] India, by the time of the arrival of the British, was a largely traditional agrarian economy with a dominant subsistence sector dependent on primitive technology. It existed alongside a competitively developed network of commerce, manufacturing and credit. After the fall of the Mughals, India was administered by Maratha Empire. The maratha empire's budget in 1740s, at its peak, was Rs. 100 million. After the loss at Panipat, the maratha empire disintegrated into confederate states of Gwalior, Baroda, Indore, Jhansi, Nagpur, Pune and Kolhapur. Gwalior state had a budget of Rs. 30M. However, at this time, British East India company entered the Indian political theatre. Until, 1857, when India was firmly under the British crown, the country remained in a state of political instability due to internecine wars and conflicts.[14] This article needs additional references or sources for verification. ...
Mughal Empire at its greatest extent in 1700 Capital Lahore, Delhi, Agra , Kabul, Lucknow and Bhopal Language(s) Persian (initially also Chagatai; later also Urdu) Government Absolute Monarchy , Unitary Government with a federal structure Emperor - 1526-1530 Babur - 1530–1539 and after restoration 1555–1556 Humayun - 1556–1605 Akbar - 1605...
For details of notes and coins, see British coinage and British banknotes. ...
Mughal Empire at its greatest extent in 1700 Capital Lahore, Delhi, Agra , Kabul, Lucknow and Bhopal Language(s) Persian (initially also Chagatai; later also Urdu) Government Absolute Monarchy , Unitary Government with a federal structure Emperor - 1526-1530 Babur - 1530–1539 and after restoration 1555–1556 Humayun - 1556–1605 Akbar - 1605...
Flag of the Maratha Empire Extent of the Maratha Empire ca. ...
[edit] Colonial Colonial rule brought a major change in the taxation environment from revenue taxes to property taxes resulting in mass impoverishment and destitution of the great majority of farmers. It also created an institutional environment that, on paper, guaranteed property rights among the colonizers, encouraged free trade, and created a single currency with fixed exchange rates, standardized weights and measures, capital markets, a well developed system of railways and telegraphs, a civil service that aimed to be free from political interference, and a common-law, adversarial legal system.[15] India's colonisation by the British coincided with major changes in the world economy—industrialisation, and significant growth in production and trade. However, at the end of colonial rule, India inherited an economy that was one of the poorest in the developing world,[16] with industrial development stalled, agriculture unable to feed a rapidly growing population, one of the world's lowest life expectancies, and low rates of literacy. It has been suggested that European colonies in India be merged into this article or section. ...
This page deals with property as ownership rights. ...
Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ...
A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency (most often the US Dollar), to a basket of other currencies, or to another measure of value...
The capital market is the market for securities, where companies and the government can raise long-term funds. ...
Telegraphy (from the Greek words tele = far away and grapho = write) is the long distance transmission of written messages without physical transport of letters, originally over wire. ...
This article is about the measure of remaining life. ...
Literacy is the ability to use text to communicate across space and time. ...
An estimate by Cambridge University historian Angus Maddison reveals that India's share of the world income fell from 22.6% in 1700, comparable to Europe's share of 23.3%, to a low of 3.8% in 1952.[17] While Indian leaders during the Independence struggle, and left-nationalist economic historians have blamed colonial rule for the dismal state of India's economy in its aftermath, a broader macroeconomic view of India during this period reveals that there were sectors of growth and decline, resulting from changes brought about by colonialism and a world that was moving towards industrialisation and economic integration.[18][19] The University of Cambridge is the second-oldest university in the English-speaking world, with one of the most selective sets of entry requirements in the United Kingdom. ...
Economic history is the study of how economic phenomena evolved in the past. ...
Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ...
Economic integration is a term used to describe how different aspects between economies are integrated. ...
[edit] Independence to 1991
 Growth rate of India's real GDP per capita (Constant Prices: Chain series) (1950–2006). Data Source: Penn World tables. Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labour and financial markets, a large public sector, business regulation, and central planning.[20] Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy. They expected favourable outcomes from this strategy, because it involved both public and private sectors and was based on direct and indirect state intervention, rather than the more extreme Soviet-style central command system.[21] The policy of concentrating simultaneously on capital- and technology-intensive heavy industry and subsidising manual, low-skill cottage industries was criticized by economist Milton Friedman, who thought it would waste capital and labour, and retard the development of small manufacturers.[22] Image File history File links Indias_growth_rate_of_real_GDP_per_capita(1950-2006). ...
Image File history File links Indias_growth_rate_of_real_GDP_per_capita(1950-2006). ...
Not to be confused with Political economy. ...
The Fabian Society is a British socialist intellectual movement best known for its initial ground-breaking work beginning in the late 19th century and then up to World War I. Similar societies exist in Australia and New Zealand. ...
Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. ...
Import substitution industrialization (also called ISI) is a trade and economic policy based on the premise that a developing country should attempt to substitute products which it imports, mostly finished goods, with locally produced substitutes. ...
Industrialisation (or industrialization) or an industrial revolution (in general, with lowercase letters) is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state . ...
A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. ...
A planned economy is an economic system in which decisions about the production, allocation and consumption of goods and services are planned ahead of time, usually in a centralized fashion, though some proposed systems favour decentralized planning. ...
Pandit Jawaharlal Nehru (Hindi: , IPA: (November 14, 1889 – May 27, 1964) was a major political leader of the Congress Party, a pivotal figure in the Indian independence movement and the first Prime Minister of independent India. ...
The Prime Minister of India is, in practice, the most powerful person in the Government of India. ...
P.C. Mahalanobis Prasanta Chandra Mahalanobis (Bangla: পà§à¦°à¦¶à¦¾à¦¨à§à¦¤ চনà§à¦¦à§à¦° মহলানবিস) (June 29, 1893–June 28, 1972) was an Indian scientist and applied statistician. ...
A young Indira Nehru and Mahatma Gandhi, during one of the latters fasts Indira Priyadarshini Gandhi (Hindi: ) (19 November 1917 - October 31, 1984) She was the Prime Minister of India for three consecutive terms from 1966 to 1977 and for a fourth term from 1980 until her assassination in...
The economy of the Soviet Union was based on a system of state ownership and administrative planning. ...
Heavy industry does not have a single fixed meaning compared to light industry. ...
A cottage industry is an industry – primarily manufacturing – which includes many producers, working from their homes, typically part time. ...
Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ...
India's low average growth rate from 1947–80 was derisively referred to as the Hindu rate of growth, because of the unfavourable comparison with growth rates in other Asian countries, especially the "East Asian Tigers".[15] Hindu rate of growth is an expression used to refer to the low annual growth rate of the economy of India, which stagnated around 3. ...
Korean name Hangul: Skyline of Central, Hong Kongs financial centre (viewed from Victoria Peak, Hong Kong) Seoul, the capital of South Korea The skyline of Singapores town area at dusk. ...
[edit] After 1991
 Goldman Sachs has predicted that India will become 3rd largest economy of the world by 2035 based on predicted growth rate of 5.3 to 6.1%. Currently It is cruising at 9.4% growth rate. In the late 80s, the government led by Rajiv Gandhi eased restrictions on capacity expansion for incumbents, removed price controls and reduced corporate taxes. While this increased the rate of growth, it also led to high fiscal deficits and a worsening current account. The collapse of the Soviet Union, which was India's major trading partner, and the first Gulf War, which caused a spike in oil prices, caused a major balance-of-payments crisis for India, which found itself facing the prospect of defaulting on its loans.[23] In response, Prime Minister Narasimha Rao along with his finance minister Manmohan Singh initiated the economic liberalisation of 1991. The reforms did away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.[24] Since then, the overall direction of liberalisation has remained the same, irrespective of the ruling party, although no party has tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labour laws and reducing agricultural subsidies.[25] Image File history File links IndianEconomicForecast. ...
Image File history File links IndianEconomicForecast. ...
Rajiv Ratna Gandhi राजीव गाधीं (IPA: ), born in Mumbai, (August 20, 1944 – May 21, 1991), the eldest son of Indira and Feroze Gandhi, was the 7th Prime Minister of India (and the 2nd from the Gandhi family) from his mothers death on 31 October 1984 until his resignation on December 2...
For other uses, see Iraq war (disambiguation). ...
Pamulaparthi Venkata Narasimha Rao (June 28, 1921 - December 23, 2004) was the ninth Prime Minister of the Republic of India. ...
This article is about the Prime Minister of India. ...
Economic reform in India is something which is under close study. ...
Licence Raj refers to the elaborate licences, regulations and the accompanying red tape, that were required to set up business in India between 1947-1990. ...
This article is about economics. ...
A union (labor union in American English; trade union, sometimes trades union, in British English; either labour union or trade union in Canadian English) is a legal entity consisting of employees or workers having a common interest, such as all the assembly workers for one employer, or all the workers...
Since 1990 India has emerged as one of the wealthiest economies in the developing world; during this period, the economy has grown constantly, but with a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates and food security.
While the credit rating of India was hit by its nuclear tests in 1998, it has been raised to investment level in 2007 by S&P and Moody's.[26][dead link][27] In 2003, Goldman Sachs predicted that India's GDP in current prices will overtake France and Italy by 2020, Germany, UK and Russia by 2025 and Japan by 2035. By 2035, it was projected to be the third largest economy of the world, behind US and China.[28][29] The Goldman Sachs Group, Inc. ...
[edit] Government intervention
[edit] State planning and the mixed economy -
After independence, India opted for a centrally planned economy to try to achieve an effective and equitable allocation of national resources and balanced economic development. The process of formulation and direction of the Five-Year Plans is carried out by the Planning Commission, headed by the Prime Minister of India as its chairperson.[30] The economy of India is based in part on planning through her five-year plans, developed, executed and monitored by the Planning Commission. ...
This article refers to an economy controlled by the state. ...
The economy of India is based in part on planning through her five-year plans, developed, executed and monitored by the Planning Commission. ...
This article needs cleanup. ...
The Prime Minister of India is, in practice, the most powerful person in the Government of India. ...
Deputy Chairpersons of the planning commission of India. ...
 The number of people employed in non-agricultural occupations in the public and private sectors. Totals are rounded. Private sector data relates to non-agriculture establishments with 10 or more employees. [31] India's mixed economy combines features of both capitalist market economy and the socialist planned economy, but has shifted more towards the former over the past decade. The public sector generally covers areas which are deemed too important or not profitable enough to leave to the market, including such services as the railways and postal system. Image File history File links Data source: Tables 31 & 32 Economic Survey 2004-2005. ...
Image File history File links Data source: Tables 31 & 32 Economic Survey 2004-2005. ...
A mixed economy is an economic system that incorporates aspects of more than one economic system. ...
Since independence, there have been phases of nationalizing such areas as banking. More recently, there have been phases of privatizing such sectors.[31] Nationalization is the act of taking assets into state ownership. ...
[edit] Public expenditure India's public expenditure is classified as development expenditure, comprising central plan expenditure and central assistance and non-development expenditures; these categories can each be divided into capital expenditure and revenue expenditure. Central plan expenditure is allocated to development schemes outlined in the plans of the central government and public sector undertakings; central assistance refers to financial assistance and developmental loans given for plans of the state governments and union territories. Non-development capital expenditure comprises capital defense expenditure, loans to public enterprises, states and union territories and foreign governments, while non-development revenue expenditure comprises revenue defence expenditure, administrative expenditure, subsidies, debt relief to farmers, postal deficit, pensions, social and economic services (education, health, agriculture, science and technology), grants to states and union territories and foreign governments.[32][33][31] Public finance (government finance) is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government. ...
Capital has a number of related meanings in economics, finance and accounting. ...
For the tax agency in Ireland of the same name, see Revenue Commissioners. ...
A union territory is an administrative division of India. ...
The military of India, officially known as the Indian armed forces, is the primary military organisation responsible for the territorial security and defense of India. ...
A subsidy is generally a monetary grant given by government in support of an activity regarded as being in the public interest. ...
For other uses, see Debt (disambiguation). ...
For other uses, see Mail (disambiguation). ...
This article is about budget deficits. ...
This article does not cite any references or sources. ...
India's non-development revenue expenditure has increased nearly fivefold in 2003–04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single largest item of expenditure and accounted for more than 40% of the total non development expenditure in the 2003–04 budget. Defence expenditure increased fourfold during the same period and has been increasing due to growing tensions in the region, the expensive dispute with Pakistan over Jammu and Kashmir and an effort to modernise the military. Administrative expenses are compounded by a large salary and pension bill, which rises periodically due to revisions in wages, dearness allowance etc. subsidies on food, fertilizers, education and petroleum and other merit and non-merit subsidies account are not only continuously rising, especially because of rising crude oil and food prices, but are also harder to rein in, because of political compulsions.[34][31] The RBI headquarters in Mumbai The RBI Regional Office in Mumbai The RBI heaquarters in Delhi. ...
, Bombay redirects here. ...
This article is about the area administered by India. ...
Romanino, Superintendent paying the workers, 1531-32, fresco, Castello del Buonconsiglio, Trento, Italy. ...
This article does not cite any references or sources. ...
A wage is a compensation which workers receive in exchange for their labor. ...
Dearness allowance (DA) is a part of persons salary in India. ...
A subsidy is generally a monetary grant given by government in support of an activity regarded as being in the public interest. ...
Fertilizers are chemicals given to plants with the intention of promoting growth; they are usually applied either via the soil or by foliar spraying. ...
Petro redirects here. ...
[edit] Public receipts India has a three-tier tax structure, wherein the constitution empowers the union government to levy income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service tax, customs and excise duties and the state governments to levy sales tax on intrastate sale of goods, tax on entertainment and professions, excise duties on manufacture of alcohol, stamp duties on transfer of property and collect land revenue (levy on land owned). The local governments are empowered by the state government to levy property tax, Octroi and charge users for public utilities like water supply, sewage etc.[35][36] More than half of the revenues of the union and state governments come from taxes, of which half come from Indirect taxes. More than a quarter of the union government's tax revenues is shared with the state governments.[37] Judiciary Supreme Court of India Chief Justice of India High Courts District Courts Elections Political Parties Local & State Govt. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation An income tax is a tax levied on the financial income...
Because of the broad term wealth, property tax, capital transfer taxes (inheritance tax, gift tax) and capital gains taxes are sometimes referred to as wealth taxes. // Net worth tax Some countrys governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for...
The examples and perspective in this article or section may not represent a worldwide view. ...
A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ...
Customs is an authority or agency in a country responsible for collecting customs duties and for controlling the flow of animals and goods (including personal effects and hazardous items) in and out of a country. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation Excise tax, sometimes called an excise duty, is a type of...
India is a federal republic comprising twenty-eight states and seven union territories. ...
Entertainment tax is a tax on entertainment. ...
A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. ...
Alcoholic beverages An alcoholic beverage is a drink containing ethanol, commonly known as alcohol, although in chemistry the definition of an alcohol includes many other compounds. ...
Stamp duty is a form of tax that is levied on documents. ...
Local governments are administrative offices of an area smaller than a state. ...
Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ...
Octroi (0. ...
A public utility is a company that maintains the infrastructure for a public service. ...
Water supply is the process of self-provision or provision by third parties of water of various qualities to different users. ...
Sewage is the mainly liquid waste containing some solids produced by humans which typically consists of washing water, faeces, urine, laundry waste and other material which goes down drains and toilets from households and industry. ...
An indirect tax (such as sales tax, value added tax (VAT), or goods and services tax (GST)) is collected from the person who bears the tax by intermediaries and the proceeds passed on to government. ...
The tax reforms, initiated in 1991, have sought to rationalise the tax structure and increase compliance by taking steps in the following directions:
- Reducing the rates of individual and corporate income taxes, excises, customs and making it more progressive
- Reducing exemptions and concessions
- Simplification of laws and procedures
- Introduction of Permanent account number to track monetary transactions
- 21 of the 29 states introduced Value added tax (VAT) on April 1, 2005 to replace the complex and multiple sales tax system[36][38]
The non-tax revenues of the central government come from fiscal services, interest receipts, public sector dividends, etc., while the non-tax revenues of the States are grants from the central government, interest receipts, dividends and income from general, economic and social services.[34] Permanent Account Number (PAN) is a national identification number, issued to all taxpayers of India whose income is taxable. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Gold standard Fiscal policy Spending Deficit Debt Policy-mix Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Regulation Banking Fractional-reserve Full-reserve Free banking Islamic...
is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ...
Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...
Fiscal municipality in Huesca, Spain The term fiscal refers to government debt, expenditures and revenues, or to finance (particularly financial revenue) in general. ...
Inter-State share in the federal tax pool is decided by the recommendations of the Finance Commission to the President. Finance Commission is an impartial authority established under Article 280 of the Constitution of India by the President. ...
[edit] General budget The Finance minister of India presents the annual union budget in the Parliament on the last working day of February. The budget has to be passed by the Lok Sabha before it can come into effect on April 1, the start of India's fiscal year. The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year. This economic survey involves all the various NGOs, women organizations, business people, old people associations etc. The Finance Minister of India is a cabinet position in the Government of India. ...
Indias general budget is presented each year on the last day of February by the countrys Finance minister in Parliament. ...
Sansad Bhavan, The Parliament of India The Parliament of India (or Sansad) is bicameral. ...
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The Lok Sabhha (alternatively titled, the House of the People, by the Constitution of India) is the lower house in the Parliament of India. ...
is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ...
The Finance Ministry presents the Economic Survey in the parliament every year, just before the Union Budget. ...
India's union budget for 2005–06, had an estimated outlay of Rs.5,14,344 crores ($118 billion). Earnings from taxes amount to Rs. 2,73,466 crore ($63b). India's fiscal deficit amounts to 4.5% or 1,39,231 crore ($32b).[39] The fiscal deficit is expected to be 3.8% of GDP, by March 2007.[40] Indias 2005-2006 General budget was presented on February 28, 2005 by the Finance Minister, P. Chidambaram. ...
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[edit] Currency system
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Main article: Indian rupee The Rupee is the only legal tender accepted in India. The exchange rate as of February 24, 2008 is about 40.07 to a US dollar,[41] 59.41 to a Euro, and 79.83 to a UK pound. The Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in circulation is the 25 paise coin.[42] “INR†redirects here. ...
Image File history File links Size of this preview: 226 × 599 pixel Image in higher resolution (525 × 1392 pixel, file size: 205 KB, MIME type: image/jpeg) This image depicts a unit of currency. ...
Image File history File links Size of this preview: 226 × 599 pixel Image in higher resolution (525 × 1392 pixel, file size: 205 KB, MIME type: image/jpeg) This image depicts a unit of currency. ...
Mohandas Karamchand Gandhi (October 2, 1869–January 30, 1948) (Devanagari: मोहनदास करमचनà¥à¤¦ गांधी, Gujarati મોહનદાસ કરમચંદ ગાંધી) was a national icon who led the struggle for Indias independence from British colonial rule, empowered by tens of millions of common Indians. ...
Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ...
is the 55th day of the year in the Gregorian calendar. ...
2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ...
A Paisa (pl. ...
[edit] Labour -
The large population puts further pressure on infrastructure and social services. A positive factor has been the large working-age population, which forms 45.33%[43] of the population and is expected to increase substantially, because of the decreasing dependency ratio. The national labour market has been tightly regulated by successive governments ever since the Workmen's Compensation Act was passed in 1923. Indias labour force exhibits extremes ranging from large numbers of illiterate workers unaccustomed to machinery or routine, to a sizable pool of highly educated scientists, technicians, and engineers, capable of working anywhere in the world. ...
In economics, the dependency ratio is the ratio of the economically dependent part of the population, to the productive part. ...
[edit] Natural resources India's total cultivable area is 1,269,219 km² (56.78% of total land area), which is decreasing due to constant pressure from an ever growing population and increased urbanisation. Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of SI unit of surface area square metre, one of the SI derived units. ...
India has a total water surface area of 314,400 km² and receives an average annual rainfall of 1,100 mm. Irrigation accounts for 92% of the water utilisation, and comprised 380 km² in 1974, and is expected to rise to 1,050 km² by 2025, with the balance accounted for by industrial and domestic consumers. India's inland water resources comprising rivers, canals, ponds and lakes and marine resources comprising the east and west coasts of the Indian ocean and other gulfs and bays provide employment to nearly 6 million people in the fisheries sector. India is the sixth largest producer of fish in the world and second largest in inland fish production.[citation needed] A millimetre (American spelling: millimeter, symbol mm) is an SI unit of length that is equal to one thousandth of a metre. ...
Irrigation is the artificial application of water to the soil usually for assisting in growing crops. ...
This article is about the water body. ...
Bay redirects here. ...
In geography, a bay or gulf is a collection of water that is surrounded by land on three sides. ...
A fishery (plural: fisheries) is an organized effort by humans to catch fish or other aquatic species, an activity known as fishing. ...
India's major mineral resources include Coal (fourth-largest reserves in the world), Iron ore, Manganese, Mica, Bauxite, Titanium ore, Chromite, Natural gas, Diamonds, Petroleum, Limestone and Thorium (world's largest along Kerala's shores). India's oil reserves, found in Bombay High off the coast of Maharashtra, Gujarat, and in eastern Assam meet 25% of the country's demand.[44][4] For other uses, see Mineral (disambiguation). ...
Coal Example chemical structure of coal Coal is a fossil fuel formed in ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ...
General Name, symbol, number iron, Fe, 26 Chemical series transition metals Group, period, block 8, 4, d Appearance lustrous metallic with a grayish tinge Standard atomic weight 55. ...
General Name, symbol, number manganese, Mn, 25 Chemical series transition metals Group, period, block 7, 4, d Appearance silvery metallic Standard atomic weight 54. ...
Rock with mica Mica sheet Mica flakes The mica group of sheet silicate minerals includes several closely related materials having highly perfect basal cleavage. ...
This article is about the ore. ...
General Name, symbol, number titanium, Ti, 22 Chemical series transition metals Group, period, block 4, 4, d Appearance silvery grey-white metallic Standard atomic weight 47. ...
Chromite, iron magnesium chromium oxide: (Fe,Mg)Cr2O4, is an oxide mineral belonging to the spinel group. ...
For other uses, see Natural gas (disambiguation). ...
This article is about the mineral. ...
Petro redirects here. ...
For other uses, see Limestone (disambiguation). ...
General Name, Symbol, Number thorium, Th, 90 Chemical series Actinides Group, Period, Block n/a, 7, f Appearance silvery white Standard atomic weight 232. ...
, Kerala ( ; Malayalam: കേരളം; ) is a state on the Malabar Coast of southwestern India. ...
Mumbai High is an offshore oilfield off the coast of Mumbai. ...
, Maharashtra (Marathi: महाराषà¥à¤Ÿà¥à¤° , IPA , translation: Great Nation) is Indias third largest state in area and second largest in population after Uttar Pradesh. ...
This article is for the Indian state. ...
, Assam ( ) (Assamese: অসম Ôxôm) is a north eastern state of India with its capital at Dispur, a suburb of the city Guwahati. ...
Rising energy demand concomitant with economic growth has created a perpetual state of energy crunch in India. India is poor in oil resources and is currently heavily dependent on coal and foreign oil imports for its energy needs. Though India is rich in Thorium, but not in Uranium, which it might get access to if a nuclear deal with US comes to fruition. India is rich in certain energy resources which promise significant future potential - clean / renewable energy resources like solar, wind, biofuels (jatropha, sugarcane). General Name, Symbol, Number thorium, Th, 90 Chemical series Actinides Group, Period, Block n/a, 7, f Appearance silvery white Standard atomic weight 232. ...
This article is about the chemical element. ...
// With about 300 clear sunny days in a year, Indias theoretical solar power reception, just on its land area, is about 5 EWh/year (i. ...
As of April 2007 the installed capacity of wind power in India was 7,113. ...
[edit] Physical infrastructure |
