Friday, June 27, 2008

Financial institutions

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

India inherited several institutions, such as the civil services, Reserve Bank of India, railways, etc., from its British rulers. Mumbai serves as the nation's commercial capital, with the Reserve Bank of India (RBI), Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) located here. The headquarters of many financial institutions are also located in the city.

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

Indian economy is largely dependent upon its four commanding centres which behalf four of its major sectors:-Manufacturing Mumbai,Commerce Delhi,Exports Kolkata and Services Bangalore.Other important cities are Chennai,Ahmedabad,Hyderabad and Kanpur. The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's monetary authority, regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBI is governed by a central board, headed by a governor who is appointed by the Central government of India.

The BSE Sensex or the BSE Sensitive Index is a value-weighted index composed of 30 companies with April 1979 as the base year (100). These companies have the largest and most actively traded stocks and are representative of various sectors, on the Exchange. They account for around one-fifth of the market capitalisation of the BSE. The Sensex is generally regarded as the most popular and precise barometer of the Indian stock markets. Incorporated in 1992, the National Stock Exchange is one of the largest and most advanced stock markets in India. The NSE is the world's third largest stock exchange in terms of transactions. There are a total of 23 stock exchanges in India, but the BSE and NSE comprise 83% of the volumes.[49] The Securities and Exchange Board of India (SEBI), established in 1992, regulates the stock markets and other securities markets of the country.

[edit] Sectors

[edit] Agriculture

Main article: Agriculture in India
Composition of India's total production (million tonnes) of foodgrains and commercial crops, in 2003–04.
Composition of India's total production (million tonnes) of foodgrains and commercial crops, in 2003–04.

India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 16.6% of the GDP in 2007, employed 60% of the total workforce[4] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic development of India. Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since Green revolution in India. However, international comparisons reveal that the average yield in India is generally 30% to 50% of the highest average yield in the world.[50]

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

  • Illiteracy, general socio-economic backwardness, slow progress in implementing land reforms and inadequate or inefficient finance and marketing services for farm produce.
  • The average size of land holdings is very small (less than 20,000 m²) and is subject to fragmentation, due to land ceiling acts and in some cases, family disputes. Such small holdings are often over-manned, resulting in disguised unemployment and low productivity of labour.
  • Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of such practices, high costs and impracticality in the case of small land holdings.
  • Irrigation facilities are inadequate, as revealed by the fact that only 52.6% of the land was irrigated in 2003–04,[51] which result in farmers still being dependent on rainfall, specifically the Monsoon season. A good monsoon results in a robust growth for the economy as a whole, while a poor monsoon leads to a sluggish growth.[52] Farm credit is regulated by NABARD, which is the statutory apex agent for rural development in the subcontinent.

[edit] Industry

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

India is fourteenth in the world in factory output. They together account for 27.6% of the GDP and employ 17% of the total workforce.[4] However, about one-third of the industrial labour force is engaged in simple household manufacturing only. [5]

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

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

34 Indian companies have been listed in the Forbes Global 2000 ranking for 2008.[56] The 10 leading companies are:

World Rank ↓Company ↓LogoIndustry ↓Revenue
(billion $) ↓		Profits
(billion $) ↓		Assets
(billion $) ↓		Market Value
(billion $) ↓
193Reliance IndustriesOil & Gas Operations26.072.7930.6789.29
198Oil and Natural Gas CorporationOil & Gas Operations18.904.1133.7954.11
219State Bank of IndiaBanking15.771.47188.5633.29
303Indian Oil CorporationOil & Gas Operations42.681.8225.3916.36
374ICICI BankBanking9.840.6491.0729.85
411NTPCUtilities7.841.6020.3441.57
647Steel Authority of India LimitedMaterials7.881.458.0526.37
738Tata SteelMaterials5.830.9711.4814.63
826Bharti AirtelTelecommunications Services4.260.946.6139.16
846Reliance CommunicationsTelecommunications Services3.130.6513.0829.63

[edit] Services

Infosys headquarters in Bangalore, one of the largest software companies in India.
Infosys headquarters in Bangalore, one of the largest software companies in India.

India is fifteenth in services output. It provides employment to 23% of work force, and it is growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 55% in 2007 up from 15% in 1950.[4] Business services (information technology, information technology enabled services, business process outsourcing) are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth in the IT sector is attributed to increased specialisation, availability of a large pool of low cost, but highly skilled, educated and fluent English-speaking workers. On the supply side and on the demand side, increased demand from foreign consumers interested in India's service exports or those looking to outsource their operations. India's IT industry, despite contributing significantly to its balance of payments, accounted for only about 1% of the total GDP or 1/50th of the total services.[57]

[edit] Banking and finance

Main article: Banking in India
Structure of the organised banking sector in India. Number of banks are in brackets.
Structure of the organised banking sector in India. Number of banks are in brackets.[58]

The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). 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.[59]

Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6 times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank.[60][61]

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

[edit] Socio-economic characteristics

[edit] Poverty

Percentage of population living under the poverty line
Percentage of population living under the poverty line
Main article: Poverty in India

Large numbers of India's people live in abject poverty. Wealth distribution in India is improving since the liberalization and with the end of the socialist rule termed as the license raj.[63] While poverty in India has reduced significantly, official figures estimate that 27.5%[64] of Indians still lived below the national poverty line in 2004-2005.[65] A 2007 report by the state-run National Commission for Enterprises in the Unorganised Sector (NCEUS) found that 65% of Indians, or 750 million people, lived on less than 20 rupees per day[66] with most working in "informal labour sector with no job or social security, living in abject poverty."[67]

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

[edit] Corruption

Main article: Corruption in India

Corruption has been one of the pervasive problems affecting India. The economic reforms of 1991 reduced the red tape, bureaucracy and the Licence Raj that had strangled private enterprise and was blamed for the corruption and inefficiencies. Yet, a 2005 study by Transparency International (TI) India found that more than half of those surveyed had firsthand experience of paying bribe or peddling influence to get a job done in a public office.[70]

The Right to Information Act (2005) and equivalent acts in the states, that require government officials to furnish information requested by citizens or face punitive action, computerisation of services and various central and state government acts that established vigilance commissions have considerably reduced corruption or at least have opened up avenues to redress grievances.[70] The 2007 report by Transparency International ranks India at 72nd place and states that significant improvements were made by India in reducing corruption.[71][72]

[edit] Occupations and unemployment

Agricultural and allied sectors accounted for about 57% of the total workforce in 1999–2000, down from 60% in 1993–94. While agriculture has faced stagnation in growth, services have seen a steady growth. Of the total workforce, 8% is in the organised sector, two-thirds of which are in the public sector. The NSSO survey estimated that in 1999–2000, 106 million, nearly 10% of the population were unemployed and the overall unemployment rate was 7.32%, with rural areas doing marginally better (7.21%) than urban areas (7.65%).

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

[edit] Regional imbalance

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

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

See also: States of India by size of economy
See also: Standard of living in India#Regional imbalance

[edit] External trade and investment

[edit] Global trade relations

Share of top five investing countries in FDI inflows. (2000–2007)[78]
RankCountryInflows
(Million USD)		Inflows (%)
1Flag of Mauritius Mauritius85,17844.24%[79]
2Flag of the United States United States18,0409.37%
3Flag of the United Kingdom United Kingdom15,3637.98%
4Flag of the Netherlands Netherlands11,1775.81%
5Flag of Singapore Singapore9,7425.06%

India currently accounts for 1.2% of World trade as of 2006 according to the WTO.[80] Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledging economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around $200M annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.[81]

Indian exports in 2006
Indian exports in 2006

India's exports were stagnant for the first 15 years after independence, due to the predominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Imports in the same period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialisation. Since liberalisation, the value of India's international trade has become more broad-based and has risen to Rs. 63,080,109 crores in 2003–04 from Rs.1,250 crores in 1950–51.[citation needed] India's major trading partners are China, the US, the UAE, the UK, Japan and the EU.[82] The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.[83]

India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the World Trade Organization. While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world. For instance, India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers into the WTO policies.[84]

[edit] Balance of payments

Since independence, India's balance of payments on its current account has been negative. Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in 1990–91. Although India is still a net importer, since 1996–97, its overall balance of payments (i.e., including the capital account balance), has been positive, largely on account of increased foreign direct investment and deposits from non-resident Indians; until this time, the overall balance was only occasionally positive on account of external assistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008, which could be used in infrastructural development of the country if used effectively.

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

India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03, it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.[85] In India, External Commercial Borrowings (ECBs) are being permitted by the Government for providing an additional source of funds to Indian corporates. The Ministry of Finance monitors and regulates these borrowings (ECBs) through ECB policy guidelines.[86]

[edit] Foreign direct investment in India

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

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

A number of changes were approved on the FDI policy to remove the caps in most sectors. Restrictions will be relaxed in sectors as diverse as civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (April-March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year. The FDI inflow for 2007-08 has been reported as $25bn.[89]

[edit] See also

[edit] Notes

  1. ^ Economic Times India
  2. ^ "[http://online.wsj.com/article/SB121213639165032371.html?mod=googlenews_wsj India Defies Turmoil With Growth of 8.8%]", MarketWatch, May 31, 2007.
  3. ^ IMF - World Economic Outlook Database. CIA (2007-10-15). Retrieved on 2007-10-24.
  4. ^ a b c d e f CIA - The World Factbook - India. CIA (2007-09-20). Retrieved on 2007-10-02.
  5. ^ India climbs up the income ladder
  6. ^ World Bank Country Classification Groups, (July 2006 data)
  7. ^ Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1.
  8. ^ Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin Books, 519.
  9. ^ Datt, Ruddar & Sundharam, K.P.M. (2005). "2", Indian Economy. S.Chand, 15–16. ISBN 81-219-0298-3.
  10. ^ Sankaran, S (1994). "3", Indian Economy: Problems, Policies and Development. Margham Publications, 50. ISBN.
  11. ^ Kumar, Dharma (Ed.). "4", The Cambridge Economic History of India (Volume 2), 422.
  12. ^ Datt, Ruddar & Sundharam, K.P.M.. "2", Indian Economy, 16.
  13. ^ "Economy of Mughal Empire", Bombay Times, Times of India, 2004-08-17.
  14. ^ Kumar, Dharma (Ed.). "1", The Cambridge Economic History of India (Volume 2), 32–35.
  15. ^ a b Williamson, John and Zagha, Roberto (2002). "From the Hindu Rate of Growth to the Hindu Rate of Reform". Working Paper No. 144. Center for research on economic development and policy reform.
  16. ^ Roy, Tirthankar (2000). "1", The Economic History of India. Oxford University Press, 1. ISBN 0-19-565154-5.
  17. ^ "Of Oxford, economics, empire, and freedom", The Hindu, October 2, 2005.
  18. ^ Roy, Tirthankar (2000). "10", The Economic History of India. Oxford University Press, 304. ISBN 0-19-565154-5.
  19. ^ Roy, Tirthankar (2000). "preface", The Economic History of India. Oxford University Press. ISBN 0-19-565154-5.
  20. ^ a b Kelegama, Saman and Parikh, Kirit (2000). "Political Economy of Growth and Reforms in South Asia". Second Draft.
  21. ^ Cameron, John and Ndhlovu, P Tidings (2001). "Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism".
  22. ^ Milton Friedman on the Nehru/Mahalanobis Plan. Retrieved on 2005-07-16.
  23. ^ Ghosh, Arunabha (2004-06-01). "India's pathway trough economic crisis". Global Economic Governance Programme GEG Working Paper 2004/06. Retrieved on 2007-10-02.
  24. ^ Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms".
  25. ^ "That old Gandhi magic", The Economist, November 27, 1997.
  26. ^ "S&P raises India's credit rating.
  27. ^ "India's sovereign credit upgraded".
  28. ^ Wilson, Dominic; Purushothaman, Roopa (2003-10-01). DreamingWith BRICs: The Path to 2050. Global economics paper No. 99. Goldman Sachs. Retrieved on 2007-10-04.
  29. ^ Grammaticas, Damian. "Indian economy 'to overtake UK'". BBC News. Retrieved on 2007-01-26.
  30. ^ History of the Planning Commission. Retrieved on 2005-07-22.
  31. ^ a b c d e f g Economic Survey 2004–2005. Retrieved on 2006-07-15.
  32. ^ Public expenditure was classified as plan and non-plan expenditure in the 1987–1988 union budget. It is now referred to as development and non-development expenditure, but the definition remains the same. Development expenditure is a capital expenditure.
  33. ^ Datt, Ruddar & Sundharam, K.P.M.. "55", Indian Economy, 943.
  34. ^ a b Datt, Ruddar & Sundharam, K.P.M.. "55", Indian Economy, 943–945.
  35. ^ Service tax and expenditure tax are not levied in Jammu and Kashmir; Intra-state sale happens when goods or the title of goods move from one state to another.
  36. ^ a b Bernardi, Luigi and Fraschini, Angela (2005). "Tax System And Tax Reforms In India". Working paper n. 51.
  37. ^ Tax revenue was 88% of total union government revenue in 1950–51 and has come down to 73% in 2003–04, as a result of increase in non-tax revenue. Tax revenues were 70% of total state government revenues in 2002 to 2003. Indirect taxes were 84% of the union governments total tax revenue and have come down to 62% in 2003–04, mostly due to cuts in import duties and rationalisation. The states share in union government's tax revenue is 28.0% for the period 2000 to 2005 as per the recommendations of the eleventh finance commission. In addition, states that do not levy sales tax on sugar, textiles and tobacco, are entitled to 1.5% of the proceeds.Datt, Ruddar & Sundharam, K.P.M. (2005). Indian Economy. S.Chand, 938, 942, 946. ISBN 81-219-0298-3.
  38. ^ "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax", Daily Times, March 25, 2005.
  39. ^ Union Budget & Economic Survey. Retrieved on 2006-07-29.
  40. ^ Revenue surge boosts fiscal health.
  41. ^ U.S. Dollar to Indian Rupee Exchange Rate - Yahoo! Finance India
  42. ^ RBI
  43. ^ Datt, Mihir Bhojani & Vivek Sundharam, K.P.M.. "7", Indian Economy, 90,97,98,100.
  44. ^ Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN.
  45. ^ Infrastructure the missing link. Retrieved on 2005-08-14.
  46. ^ Infrastructure in India: Requirements and favorable climate for foreign investment. Retrieved on 2005-08-14.
  47. ^ India's Economic Growth Unexpectedly Quickens to 9.2%
  48. ^ Infrastructure Rankings.
  49. ^ Regional stock exchanges—Bulldozed by the Big Two. Retrieved on 2005-08-10.
  50. ^ Datt, Ruddar & Sundharam, K.P.M.. "28", Indian Economy, 485–491.
  51. ^ Multiple authors (2004). "Agricultural Statistics at a Glance 2004".
  52. ^ Sankaran, S. "28", Indian Economy: Problems, Policies and Development, 492–493.
  53. ^ Data for Bangladesh is not available for 1950.
  54. ^ "Economic structure", The Economist, October 6, 2003.
  55. ^ "Indian manufacturers learn to compete", The Economist, 12 February 2004.
  56. ^ Forbes Global 2000 (Ger-Ind). Retrieved on March, 2008.
  57. ^ Gordon, Jim and Gupta, Poonam (2003). "Understanding India's Services Revolution". November 12, 2003.
  58. ^ Old private banks are private banks existing prior to opening up of the banking sector.
  59. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 847–850.
  60. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 850–851.
  61. ^ Ghosh, Jayati. Bank Nationalisation: The Record. Macroscan. Retrieved on 2005-08-05.
  62. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 865–867.
  63. ^ Income classes:India's income distribution widens
  64. ^ This figure is extremely sensitive to the surveying methodology used. The Uniform Recall Period (URP) gives 27.5%. The Mixed Recall Period (MRP) gives a figure of 21.8%
  65. ^ Planning commission of India. Poverty estimates for 2004-2005 [1]
  66. ^ NCEUS Report
  67. ^ "Nearly 80 Percent of India Lives On Half Dollar A Day", Reuters, August 10, 2007.
  68. ^ Datt, Ruddar & Sundharam, K.P.M.. "22", Indian Economy, 367,369,370.
  69. ^ Jawahar gram samriddhi yojana. Retrieved on 2005-07-09.
  70. ^ a b Transparency International India. India Corruption Study 2005. Centre for Media Studies. Retrieved on 2008-03-14.
  71. ^ 2007 Corruption Perceptions Index reinforces link between poverty and corruption. Transparency International. Retrieved on 2008-03-15.
  72. ^ CPI Table. Transparency International. Retrieved on 2008-03-15.
  73. ^ Datt, Ruddar & Sundharam, K.P.M.. "24", Indian Economy, 403–405.
  74. ^ Datt, Ruddar & Sundharam, K.P.M.. "27", Indian Economy, 471–472.
  75. ^ Bharadwaj, Krishna (1991). "Regional differentiation in India", in Sathyamurthy, T.V. (ed.): Industry & agriculture in India since independence. Oxford University Press, pp. 189–199. ISBN 0-19-564394-1.
  76. ^ Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding Regional Economic Growth in India". Working paper 88.
  77. ^ Kurian, N.J.. Regional disparities in india. Retrieved on 2005-08-06.
  78. ^ FDI in India Statistics. Retrieved on 2008-02-12.
  79. ^ Much of India's FDI is routed through Mauritius, because both countries have an agreement to avoid double taxation. India to sign free trade agreement with Mauritius. Retrieved on 2005-08-15.
  80. ^ http://www.wto.org/english/tratop_e/tpr_e/tp195_e.htm India's Trade policy review by the wto
  81. ^ Srinivasan, T.N. (2002). "Economic Reforms and Global Integration". 17 January 2002.
  82. ^ Datt, Ruddar & Sundharam, K.P.M.. "46", Indian Economy, 767,772–76.
  83. ^ INDIA’S FOREIGN TRADE: APRIL-DECEMBER, 2007
  84. ^ India & the World Trade Organization. Retrieved on 2005-07-09.
  85. ^ India`s external debt rises to US$190.5bn
  86. ^ External Commercial Borrowings
  87. ^ Middle class in India has arrived
  88. ^ The Hinduonline
  89. ^ Hindustan Times India attracts $ 25 billion FDI in 2007-08

[edit] References

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

Books
  • Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1.
  • Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin Books.
  • Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN.
  • Roy, Tirthankar (2000). The Economic History of India. Oxford University Press. ISBN 0-19-565154-5.
  • Bharadwaj, Krishna (1991). "Regional differentiation in India", in Sathyamurthy, T.V. (ed.): Industry & agriculture in India since independence. Oxford University Press, pp. 189–199. ISBN 0-19-564394-1.
Papers
Government publications
News
Articles

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