vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Economy of India
India ranks second worldwide in farm output . Agriculture and allied sectors like forestry , logging and fishing accounted for 17 % of the GDP and employed 49 % of its total workforce in 2014 . Agriculture accounted for 23 % of GDP , and employed 59 % of the country 's total workforce in 2016 . As the Indian economy has diversified and grown , agriculture 's contribution to GDP has steadily declined from 1951 to 2011 , yet it is still the country 's largest employment source and a significant piece of its overall socio - economic development . Crop - yield - per - unit - area of all crops has 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 the Green Revolution in India . However , international comparisons reveal the average yield in India is generally 30 % to 50 % of the highest average yield in the world . The states of Uttar Pradesh , Punjab , Haryana , Madhya Pradesh , Andhra Pradesh , Telangana , Bihar , West Bengal , Gujarat and Maharashtra are key contributors to Indian agriculture .
Economy of India
Several economic historians have argued that real wage decline occurred in the early 19th century , or possibly beginning in the very late 18th century , largely as a result of British imperialism . Economic historian Prasannan Parthasarathi presented earnings data which showed real wages and living standards in 18th century Bengal and Mysore being higher than in Britain , which in turn had the highest living standards in Europe . Mysore 's average per - capita income was five times higher than subsistence level , i.e. five times higher than $400 ( 1990 international dollars ) , or $2,000 per capita . In comparison , the highest national per - capita incomes in 1820 were $1,838 for the Netherlands and $1,706 for Britain . It has also been argued that India went through a period of deindustrialization in the latter half of the 18th century as an indirect outcome of the collapse of the Mughal Empire .
Economy of India
While the credit rating of India was hit by its nuclear weapons tests in 1998 , it has since been raised to investment level in 2003 by Standard & Poor 's ( S&P ) and Moody 's . India experienced high growth rates , averaging 9 % from 2003 to 2007 . Growth then moderated in 2008 due to the global financial crisis . In 2003 , Goldman Sachs predicted that India 's GDP in current prices would overtake France and Italy by 2020 , Germany , UK and Russia by 2025 and Japan by 2035 , making it the third - largest economy of the world , behind the US and China . India is often seen by most economists as a rising economic superpower which will play a major role in the 21st - century global economy .
Economy of India under the British Raj
Historians have questioned why India did not undergo industrialisation in the nineteenth century in the way that Britain did . In the seventeenth century , India was a relatively urbanised and commercialised nation with a buoyant export trade , devoted largely to cotton textiles , but also including silk , spices , and rice . India was the world 's main producer of cotton textiles and had a substantial export trade to Britain , as well as many other European countries , via the East India Company . Yet as the British cotton industry underwent a technological revolution during the late 18th to early 19th centuries , the Indian industry stagnated and deindustrialized . India also underwent a period of deindustrialization in the latter half of the 18th century as an indirect outcome of the collapse of the Mughal Empire .
Economy of India
India 's reliance on external assistance and concessional debt has decreased since liberalisation of the economy , and the debt service ratio decreased from 35.3 % in 1990 -- 91 to 4.4 % in 2008 -- 09 . In India , external commercial borrowings ( ECBs ) , or commercial loans from non-resident lenders , are being permitted by the government for providing an additional source of funds to Indian corporates . The Ministry of Finance monitors and regulates them through ECB policy guidelines issued by the Reserve Bank of India ( RBI ) under the Foreign Exchange Management Act of 1999 . India 's foreign exchange reserves have steadily risen from $5.8 billion in March 1991 to $318.6 billion in December 2009 . In 2012 , the United Kingdom announced an end to all financial aid to India , citing the growth and robustness of Indian economy .
Automotive industry in India
An embryonic automotive industry emerged in India in the 1940s . Hindustan Motors was launched in 1942 , long - time competitor Premier in 1944 , building Chrysler , Dodge , and Fiat products respectively . Mahindra & Mahindra was established by two brothers in 1945 , and began assembly of Jeep CJ - 3A utility vehicles . Following independence in 1947 , the Government of India and the private sector launched efforts to create an automotive - component manufacturing industry to supply to the automobile industry . In 1953 , an import substitution programme was launched , and the import of fully built - up cars began to be restricted .
Economy of India under the British Raj
A number of modern economic historians have blamed the colonial rule for the dismal state of India 's economy , with investment in Indian industries limited since it was a colony . Under British rule , India experienced deindustrialization : the decline of India 's native manufacturing industries . The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors , with reduced demand and dipping employment ; the yarn output of the handloom industry , for example , declined from 419 million pounds in 1850 down to 240 million pounds in 1900 . Due to the colonial policies of the British , the result was a significant transfer of capital from India to England leading to a massive drain of revenue , rather than any systematic effort at modernisation of the domestic economy .
Economy of India
In the early 18th century , the Mughal Empire declined , as it lost western , central and parts of south and north India to the Maratha Empire , which integrated and continued to administer those regions . The decline of the Mughal Empire led to decreased agricultural productivity , which in turn negatively affected the textile industry . The subcontinent 's dominant economic power in the post-Mughal era was the Bengal Subah in the east. , which continued to maintain thriving textile industries and relatively high real wages . However , the former was devastated by the Maratha invasions of Bengal and then British colonization in the mid-18th century . After the loss at the Third Battle of Panipat , the Maratha Empire disintegrated into several confederate states , and the resulting political instability and armed conflict severely affected economic life in several parts of the country -- although this was mitigated by localised prosperity in the new provincial kingdoms . By the late eighteenth century , the British East India Company had entered the Indian political theatre and established its dominance over other European powers . This marked a determinative shift in India 's trade , and a less - powerful impact on the rest of the economy .
Economy of India under the British Raj
The entrepreneur Jamsetji Tata ( 1839 -- 1904 ) began his industrial career in 1877 with the Central India Spinning , Weaving , and Manufacturing Company in Bombay . While other Indian mills produced cheap coarse yarn ( and later cloth ) using local short - staple cotton and cheap machinery imported from Britain , Tata did much better by importing expensive longer - stapled cotton from Egypt and buying more complex ring - spindle machinery from the United States to spin finer yarn that could compete with imports from Britain . The effect of industry was a combination of two distinct processes : a robust growth of modern factories and a slow growth in artisanal industry , which achieved higher growth by changing from traditional household - based production to wage - based production .
Economy of India
Since 2000 , Indian companies have expanded overseas , investing FDI and creating jobs outside India . From 2006 to 2010 , FDI by Indian companies outside India amounted to 1.34 per cent of its GDP . Indian companies have deployed FDI and started operations in the United States , Europe and Africa . The Indian company Tata is the United Kingdom 's largest manufacturer and private - sector employer .
Economy of India
British territorial expansion in India throughout the 19th century created an institutional environment that , on paper , guaranteed property rights among the colonisers , encouraged free trade , and created a single currency with fixed exchange rates , standardised weights and measures and capital markets within the company - held territories . It also established a system of railways and telegraphs , a civil service that aimed to be free from political interference , a common - law and an adversarial legal system . This 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 , with industrial development stalled , agriculture unable to feed a rapidly growing population , a largely illiterate and unskilled labour force , and extremely inadequate infrastructure .
Economy of India
The long - term growth prospective of the Indian economy is positive due to its young population , corresponding low dependency ratio , healthy savings and investment rates , and increasing integration into the global economy . India topped the World Bank 's growth outlook for the first time in fiscal year 2015 -- 16 , during which the economy grew 7.6 % . Despite previous reforms , economic growth is still significantly slowed by bureaucracy , poor infrastructure , and inflexible labor laws ( especially the inability to lay off workers in a business slowdown ) .
Economy of India
Other scholars suggest trading from India to West Asia and Eastern Europe was active between the 14th and 18th centuries . During this period , Indian traders settled in Surakhani , a suburb of greater Baku , Azerbaijan . These traders built a Hindu temple , which suggests commerce was active and prosperous for Indians by the 17th century .
East Pakistan
The annual rate of growth of the gross domestic product per capita was 4.4 % in the West Pakistan versus 2.6 % in East Pakistan from 1960 to 1965 . Bengali politicians pushed for more autonomy , arguing that much of Pakistan 's export earnings were generated in East Pakistan from the exportation of Bengali jute and tea . As late as 1960 , approximately 70 % of Pakistan 's export earnings originated in East Pakistan , although this percentage declined as international demand for jute dwindled . By the mid-1960s , East Pakistan was accounting for less than 60 % of the nation 's export earnings , and by the time Bangladesh gained its independence in 1971 , this percentage had dipped below 50 % . In 1966 , Mujib demanded that separate foreign exchange accounts be kept and that separate trade offices be opened overseas . By the mid-1960s , West Pakistan was benefiting from Ayub 's `` Decade of Progress '' with its successful green revolution in wheat and from the expansion of markets for West Pakistani textiles , while East Pakistan 's standard of living remained at an abysmally low level . Bengalis were also upset that West Pakistan , the seat of the national government , received more foreign aid .
Economy of India
Civil aviation in India traces its beginnings to 18 February 1911 , when Henri Pequet , a French aviator , carried 6,500 pieces of mail on a Humber biplane from Allahabad to Naini . Later on 15 October 1932 , J.R.D. Tata flew a consignment of mail from Karachi to Juhu Airport . His airline later became Air India and was the first Aiasn airline to cross Atlantic Ocean as well as first Asian airline to fly jets. . Nationalisation
Economy of India under the British Raj
Even as late as 1772 , Henry Patullo , in the course of his comments on the economic resources of Bengal , could claim confidently that the demand for Indian textiles could never reduce , since no other nation could equal or rival it in quality . However , by the early nineteenth century , the beginning of a long history of decline of textile exports is observed .
Economy of India
From the beginning of the 19th century , the British East India Company 's gradual expansion and consolidation of power brought a major change in taxation and agricultural policies , which tended to promote commercialisation of agriculture with a focus on trade , resulting in decreased production of food crops , mass impoverishment and destitution of farmers , and in the short term , led to numerous famines . The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors , due to reduced demand and dipping employment . After the removal of international restrictions by the Charter of 1813 , Indian trade expanded substantially with steady growth . The result was a significant transfer of capital from India to England , which , due to the colonial policies of the British , led to a massive drain of revenue rather than any systematic effort at modernisation of the domestic economy . Estimated
Economy of India
The aviation industry experienced a rapid transformation following deregulation . Several low - cost carriers entered the Indian market in 2004 -- 05 . Major new entrants included Air Deccan , Air Sahara , Kingfisher Airlines , SpiceJet , GoAir , Paramount Airways and IndiGo . Kingfisher Airlines became the first Indian air carrier on 15 June 2005 to order Airbus A380 aircraft worth US $ 3 billion . However , Indian aviation would struggle due to an economic slowdown and rising fuel and operation costs . This led to consolidation , buy outs and discontinuations . In 2007 , Air Sahara and Air Deccan were acquired by Jet Airways and Kingfisher Airlines respectively . Paramount Airways ceased operations in 2010 and Kingfisher shut down in 2012 . Etihad Airways agreed to acquire a 24 % stake in Jet Airways in 2013 . AirAsia India , a low - cost carrier operating as a joint venture between Air Asia and Tata Sons launched in 2014 . As of 2013 -- 14 , only IndiGo and GoAir were generating profits .
Economy of India under the British Raj
P.J. Marshall argues the British regime did not make any sharp break with the traditional economy and control was largely left in the hands of regional rulers . The economy was sustained by general conditions of prosperity through the latter part of the 18th century , except the frequent famines with high fatality rates . Marshall notes the British raised revenue through local tax administrators and kept the old Mughal rates of taxation . Marshall also contends the British managed this primarily indigenous - controlled economy through cooperation with Indian elites .
Economy of India
The rupee was linked to the British pound from 1927 to 1946 , and then to the US dollar until 1975 through a fixed exchange rate . It was devalued in September 1975 and the system of fixed par rate was replaced with a basket of four major international currencies : the British pound , the US dollar , the Japanese yen and the Deutsche mark . In 1991 , after the collapse of its largest trading partner , the Soviet Union , India faced the major foreign exchange crisis and the rupee was devalued by around 19 % in two stages on 1 and 2 July . In 1992 , a Liberalized Exchange Rate Mechanism ( LERMS ) was introduced . Under LERMS , exporters had to surrender 40 percent of their foreign exchange earnings to the RBI at the RBI - determined exchange rate ; the remaining 60 % could be converted at the market - determined exchange rate . In 1994 , the rupee was convertible on the current account , with some capital controls .
Economy of India
India has one of the fastest growing service sectors in the world with an annual growth rate above 9 % since 2001 , which contributed to 57 % of GDP in 2012 -- 13 . India has become a major exporter of IT services , Business Process Outsourcing ( BPO ) services , and software services with $154 billion revenue in FY 2017 . This is the fastest - growing part of the economy . The IT industry continues to be the largest private - sector employer in India . India is the third - largest start - up hub in the world with over 3,100 technology start - ups in 2014 -- 15 The agricultural sector is the largest employer in India 's economy but contributes to a declining share of its GDP ( 17 % in 2013 -- 14 ) . India ranks second worldwide in farm output . The industry ( manufacturing ) sector has held a steady share of its economic contribution ( 26 % of GDP in 2013 -- 14 ) . The Indian automobile industry is one of the largest in the world with an annual production of 21.48 million vehicles ( mostly two and three - wheelers ) in 2013 -- 14 . India had $600 billion worth of retail market in 2015 and one of world 's fastest growing e-commerce markets .
Economy of India
There is no doubt that our grievances against the British Empire had a sound basis . As the painstaking statistical work of the Cambridge historian Angus Maddison has shown , India 's share of world income collapsed from 22.6 % in 1700 , almost equal to Europe 's share of 23.3 % at that time , to as low as 3.8 % in 1952 . Indeed , at the beginning of the 20th century , `` the brightest jewel in the British Crown '' was the poorest country in the world in terms of per capita income . --
Economy of India
Starting in 2012 , India entered a period of reduced growth , which slowed to 5.6 % . Other economic problems also became apparent : a plunging Indian rupee , a persistent high current account deficit and slow industrial growth . Hit by the US Federal Reserve 's decision to taper quantitative easing , foreign investors began rapidly pulling money out of India -- though this reversed with the stock market approaching its all - time high and the current account deficit narrowing substantially .
Economy of India
The development of Indian security markets began with the launch of the Bombay Stock Exchange ( BSE ) in July 1875 and Ahmedabad Stock exchange in 1894 . Since then , 22 other exchanges have traded in Indian cities . In 2014 , India 's stock exchange market became the 10th largest in the world by market capitalisation , just above those of South Korea and Australia . India 's two major stock exchanges , BSE and National Stock Exchange of India , had a market capitalisation of US $1.71 trillion and US $1.68 trillion as of February 2015 , according to World Federation of Exchanges .
Economy of India under the British Raj
The worldwide Great Depression of 1929 had little direct impact on India , with only slight impact on the modern secondary sector . The government did little to alleviate distress , and was focused mostly on shipping gold to Britain . The worst consequences involved deflation , which increased the burden of the debt on villagers while lowering the cost of living . In terms of volume of total economic output , there was no decline between 1929 and 1934 . Falling prices for jute ( and also wheat ) hurt larger growers . The worst hit sector was jute , based in Bengal , which was an important element in overseas trade ; it had prospered in the 1920s but was hard hit in the 1930s . In terms of employment , there was some decline , while agriculture and small - scale industry exhibited gains . The most successful new industry was sugar , which had meteoric growth in the 1930s .
Economy of India under the British Raj
There is no doubt that our grievances against the British Empire had a sound basis . As the painstaking statistical work of the Cambridge historian Angus Maddison has shown , India 's share of world income collapsed from 22.6 % in 1700 , almost equal to Europe 's share of 23.3 % at that time , to as low as 3.8 % in 1952 . Indeed , at the beginning of the 20th century , `` the brightest jewel in the British Crown '' was the poorest country in the world in terms of per capita income . --
Economy of India
Since 1965 , the use of high - yielding varieties of seeds , increased fertilisers and improved irrigation facilities collectively contributed to the Green Revolution in India , which improved the condition of agriculture by increasing crop productivity , improving crop patterns and strengthening forward and backward linkages between agriculture and industry . However , it has also been criticised as an unsustainable effort , resulting in the growth of capitalistic farming , ignoring institutional reforms and widening income disparities .
Economy of India
Since independence , India 's balance of payments on its current account has been negative . Since economic liberalisation in the 1990s , precipitated by a balance - of - payment crisis , India 's exports rose consistently , covering 80.3 % of its imports in 2002 -- 03 , up from 66.2 % in 1990 -- 91 . However , the global economic slump followed by a general deceleration in world trade saw the exports as a percentage of imports drop to 61.4 % in 2008 -- 09 . India 's growing oil import bill is seen as the main driver behind the large current account deficit , which rose to $118.7 billion , or 11.11 % of GDP , in 2008 -- 09 . Between January and October 2010 , India imported $82.1 billion worth of crude oil . The Indian economy has run a trade deficit every year from 2002 to 2012 , with a merchandise trade deficit of US $189 billion in 2011 -- 12 . Its trade with China has the largest deficit , about $31 billion in 2013 .
Economy of India
In the late 1970s , the government led by Morarji Desai eased restrictions on capacity expansion for incumbent companies , removed price controls , reduced corporate taxes and promoted the creation of small - scale industries in large numbers .
Automotive industry in India
The beginning of the 1970s saw some growth potential and most of the collaboration license agreements came to an end but with option to continue manufacturing with renewed branding . Cars were still meant for the elite and Jeeps were largely used by government organizations and some rural belts . In commercial vehicle segments some developments were made by the end of the decade to cater improved goods movements . The two - wheeler segment remained unchanged except for to increased sales in urban among middle class . But more fillip was target towards farm tractors as India was embarking on a new Green Revolution . More Russian and eastern bloc imports were done to increase the demand .
Indian painting
Ancient Indian art has seen the rise of the Bengal School of art in 1930s followed by many forms of experimentations in European and Indian styles . In the aftermath of India 's independence , many new genres of art developed by important artists like Jamini Roy , M.F. Husain , Francis Newton Souza , and Vasudeo S. Gaitonde . With the progress of the economy the forms and styles of art also underwent many changes . In the 1990s , Indian economy was liberalised and integrated to the world economy leading to the free flow of cultural information within and without . Artists include Subodh Gupta , Atul Dodiya , Devajyoti Ray , Bose Krishnamachari and Jitish Kahllat whose works went for auction in international markets . Bharti Dayal has chosen to handle the traditional Mithila painting in most contemporary way and created her own style through the exercises of her own imagination , they appear fresh and unusual .