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In 1980, India had foreign exchange reserves of over US$7 billion, more than double the level (U$2.55 billion) of what China had at that time. [8] In 1990, forex reserves covered just 4.8 weeks of imports [14] Foreign exchange reserves of India reached milestone of $100 billion mark only in 2004.
In contrast, the gross national income at constant prices stood at over 128 trillion rupees. [2] According to a 2021 report by the Pew Research Center , India has roughly 1.2 billion lower-income individuals, 66 million middle-income individuals, 16 million upper-middle-income individuals, and barely 2 million in the high-income group. [ 3 ]
For a continuous duration of nearly 1700 years from the year 1 CE, India was the world's largest economy, constituting 35 to 40% of the world GDP. [107] The combination of protectionist, import-substitution, Fabian socialism, and social democratic-inspired policies governed India for sometime after the end of British rule.
As like the other Indian rupee banknotes, the ₹ 100 banknote has its amount written in 17 languages. On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order.
The Indian 2-rupee coin is a denomination of the Indian rupee. The 2 rupee coin was introduced in India in 1982. Until then, the Rs.2 was in circulation in banknotes. The old Rs.2 coin was minted with cupro-nickel metal. The new Rs.2 coin was minted in ferritic stainless steel.
Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
According to the Worldwide Cost of Living Report 2017 released by the Economist Intelligence Unit (EIU) which was created by comparing more than 400 individual prices across 160 products and services, four of the cheapest cities were in India: Bengaluru (3rd), Mumbai (5th), Chennai (5th) and New Delhi (8th).
On 21 November 1967 sterling was devalued from UK£1 = US$2.80 to US$2.40 (see Bretton Woods system), but the New Zealand dollar was devalued even more from NZ$1 = US$1.40 to US$1.12, to match the value of the Australian dollar. [13]