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As per The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research. [105] India's gross domestic savings rate stood at 29.3% of GDP in 2022. [106]
The annual inflation rate in India was recorded at 6.95% in 2023. Historically, from 1960 until 2023, the annual inflation rate in India averaged 7.37% reaching an all-time high of 28.60% in 1974 and a record low of -7.63% in 1976. The inflation rate for Primary Articles is currently at 9.8% (as of 2012).
The US Dollar was exchanged at 4.97 Indian Rupees. In 1947, the year India gained Independence over the British Raj, 90% of India's population was rural and 55% lived below the international poverty line. [12] The average life expectancy was 27 years, and the literacy rate (in 1951) was 16.7%. [63]
Precipitated by the Gulf War, India's oil import bill swelled, exports slumped, credit dried up, and investors took their money out. [18] Large fiscal deficits combined with the fixed exchange rate had a spillover effect on the trade deficit culminating in an external payments crisis. By the end of the 1980s, India was in serious economic trouble.
The sector is predicted to grow at an average annual rate of 8.8% to US$9 billion by 2026 (3.1% of GDP). Mumbai's tourism industry accounted for 5.4% of India's total travel and tourism-related GDP in 2016, and employed 2.4% of the country's total workforce. [102] Foreign tourists accounted for 35.7% of all tourism-related spending in Mumbai in ...
Based on 2019's PPPs International Comparison Program, [8] [9] [10] According to the United Nations Millennium Development Goals (MDG) programme, 80 million people out of 1.2 billion Indians, roughly equal to 6.7% of India's population, lived below the poverty line of $1.25 [11] and 84% of Indians lived on less than $6.85 per day in 2019. [12]
For example 150,000,000 (one hundred and fifty million) rupees is written as "fifteen crore rupees", "₹ 15 crore". [1] In the abbreviated form, usage such as "₹ 15 cr" is common. [3] Trillions (in the short scale) of money are often written or spoken of in terms of lakh crore. For example, one trillion rupees is equivalent to: ₹ 1 lakh ...
In the Prime Minister's visit to Mauritius in 1997, the two countries secured a deal to new Credit Agreement of INR 105 million (US$3 million) to finance the import by Mauritius of capital goods, consultancy services and consumer durable from India. The government of India secured a rice and medicine agreement with the people of Seychelles.