India is the world’s second most populous country with over 1.3 billion people, and it is projected to be the world’s most populous country by 2027. India is a federal republic governed under a parliamentary system and consists of 29 states and 7 union territories. The capital of India is New Delhi and the official languages are Hindi and English. India has a diverse geography, with the Himalayan mountains in the north, the Indian Ocean in the south, and the Ganges river running through the middle. India is home to many different religions, including Hinduism, Islam, Sikhism, Buddhism, Jainism, Zoroastrianism, Judaism, Christianity, and others.
India has a long history dating back to antiquity. The Indus Valley Civilization (c. 2600–1900 BCE) was one of the earliest civilizations in Asia. Major kingdoms emerged after the decline of empires such as Alexander’s empire (4th century BCE) and Maurya Empire (2nd century BCE). Notable dynasties during this period include Gupta Empire (4th-6th centuries CE), Rashtrakuta Dynasty (8th-10th centuries CE), Pala Empire (8th-12th centuries CE), Chola dynasty (9th-13th centuries CE), Vijayanagara Empire (14th-16th centuries CE), Mughal Empire (16th-18th centuries CE), Maratha Empire (17th-19t h centuries CE), Sikh Confederacy (18 th century CE), British Raj(1858–1947).
The economy of India is characterized by a mixed economic system which includes elements of both socialism and capitalism. The country ranks first in terms of GDP growth rate among major economies for FY2019 according to World Bank data released in October 2019 . In 2018 , India’s nominal GDP was $2.9 trillion while its per capita income stood at $2106 . According to IMF projections , India will be one of world’s five largest economies by 2030 with an estimated GDP size of $5 trillion .
Currently , services sector contributes around 60% to India’s GDP followed by industry which comprises 28% while agriculture & allied activities make up for around 15%. Service sector growth has been propelled by rapid expansion in sectors such as information technology , business process outsourcing , telecommunications , banking & finance etc. Industry sector too has registered strong growth on account of expansion witnessed in manufacturing , mining & quarrying , construction etc . Agriculture sector though lagging behind other two sectors yet continues to be mainstay for majority of population employed in rural areas . Industrial output contracted sharply (-) 4% YoY during April 2020 – June 2020 due mainly due COVID – 19 pandemic but showed signs of revival with gradual unlocking post lockdown period . Service activity index also declined but not as sharply compared to industry output contraction reflecting impact on discretionary spends like travel & tourism amid pandemic situation . Overall economy contracted (-) 23.9% during Q1 FY21 but positive surprise coming from better than expected performance registered by agriculture sector which recorded 3rd consecutive quarter positive growth after last 5 quarters contraction thereby helping offset some loss suffered by other sectors amid COVID – 19 crisis . Going forward real estate & construction are likely emerge as key drivers for job creation alongwith agri allied activities like food processing given vast untapped potential that exists here especially when we compare these two sectors with their counterparts globally where they have significant contribution towards overall economy output & employment generation respectively