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The assets of the British East India Company became so huge that the British government decided to step in. India served as the main base for the British Empire's expansion across Asia and would remain the empire's most important asset and main source of income as well as soldiers until independence. Queen Victoria became Empress of India in 1876.
[8] [1] [11] Among others, India has also experienced an economic boom since the implementation of economic liberalisation in the early 1990s. [ 12 ] The first list includes estimates compiled by the International Monetary Fund 's World Economic Outlook, the second list shows the World Bank 's data, and the third list includes data compiled by ...
The gap between India’s rich and poor is now so wide that by some measures, the distribution of income in India was more equitable under British colonial rule than it is now, according to the ...
The Scottish Government, subject to the approval of the Scottish Parliament, has the power to vary the basic rate of income tax payable in Scotland by plus or minus 3 pence in the pound, though this power has not yet been exercised. In the 20-year period from 1986/87 to 2006/07 government spending in the UK averaged around 40% of GDP. [132]
[105] [106] Of the approximately £16 billion invested in R&D by UK businesses in 2008, approximately £12 billion was by manufacturing businesses, mostly located in England. [106] In 2008, the UK was the sixth-largest manufacturer in the world measured by value of output. [107] A Rolls-Royce Trent 1000 jet engine made in England
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The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP). [58]