According to the International Monetary Fund (IMF), the Indian economy in 2019 was nominally worth $2.9 trillion; it is the fifth-largest economy by market exchange rates, and is around $11 trillion, the third-largest by purchasing power parity, or PPP. With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–2012, India is one of the world's fastest-growing economies. However, the country ranks 139th in the world in nominal GDP per capita and 118th in GDP per capita at PPP. Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy; since then it has moved slowly towards a free-market system by emphasising both foreign trade and direct investment inflows. India has been a member of WTO since 1 January 1995.
After the 10th century, Muslim Central Asian nomadic clans, using swift-horse cavalry and raising vast armies united by ethnicity and religion, repeatedly overran South Asia's north-western plains, leading eventually to the establishment of the Islamic Delhi Sultanate in 1206. The sultanate was to control much of North India and to make many forays into South India. Although at first disruptive for the Indian elites, the sultanate largely left its vast non-Muslim subject population to its own laws and customs. By repeatedly repulsing Mongol raiders in the 13th century, the sultanate saved India from the devastation visited on West and Central Asia, setting the scene for centuries of migration of fleeing soldiers, learned men, mystics, traders, artists, and artisans from that region into the subcontinent, thereby creating a syncretic Indo-Islamic culture in the north. The sultanate's raiding and weakening of the regional kingdoms of South India paved the way for the indigenous Vijayanagara Empire. Embracing a strong Shaivite tradition and building upon the military technology of the sultanate, the empire came to control much of peninsular India, and was to influence South Indian society for long afterwards.
More InfoIn the early medieval era, Christianity, Islam, Judaism, and Zoroastrianism put down roots on India's southern and western coasts.Muslim armies from Central Asia intermittently overran India's northern plains,eventually establishing the Delhi Sultanate, and drawing northern India into the cosmopolitan networks of medieval Islam.In the 15th century, the Vijayanagara Empire created a long-lasting composite Hindu culture in south India.In the Punjab, Sikhism emerged, rejecting institutionalised religion.The Mughal Empire, in 1526, ushered in two centuries of relative peace,leaving a legacy of luminous architecture.Gradually expanding rule of the British East India Company followed, turning India into a colonial economy, but also consolidating its sovereignty. British Crown rule began in 1858. The rights promised to Indians were granted slowly, but technological changes were introduced, and ideas of education, modernity and the public life took root.A pioneering and influential nationalist movement emerged, which was noted for nonviolent resistance and became the major factor in ending British rule. In 1947 the British Indian Empire was partitioned into two independent dominions, a Hindu-majority Dominion of India and a Muslim-majority Dominion of Pakistan, amid large-scale loss of life and an unprecedented migration.
More InfoIn the 1950s, India strongly supported decolonisation in Africa and Asia and played a leading role in the Non-Aligned Movement. After initially cordial relations with neighbouring China, India went to war with China in 1962, and was widely thought to have been humiliated. India has had tense relations with neighbouring Pakistan; the two nations have gone to war four times: in 1947, 1965, 1971, and 1999. Three of these wars were fought over the disputed territory of Kashmir, while the fourth, the 1971 war, followed from India's support for the independence of Bangladesh. In the late 1980s, the Indian military twice intervened abroad at the invitation of the host country: a peace-keeping operation in Sri Lanka between 1987 and 1990; and an armed intervention to prevent a 1988 coup d'état attempt in the Maldives. After the 1965 war with Pakistan, India began to pursue close military and economic ties with the Soviet Union; by the late 1960s, the Soviet Union was its largest arms supplier.
More InfoThe President of India is the supreme commander of the nation's armed forces; with 1.395 million active troops, they compose the world's second-largest military. It comprises the Indian Army, the Indian Navy, the Indian Air Force, and the Indian Coast Guard. The official Indian defence budget for 2011 was US$36.03 billion, or 1.83% of GDP. For the fiscal year spanning 2012–2013, US$40.44 billion was budgeted. According to a 2008 Stockholm International Peace Research Institute (SIPRI) report, India's annual military expenditure in terms of purchasing power stood at US$72.7 billion. In 2011, the annual defence budget increased by 11.6%, although this does not include funds that reach the military through other branches of government. As of 2012, India is the world's largest arms importer; between 2007 and 2011, it accounted for 10% of funds spent on international arms purchases. Much of the military expenditure was focused on defence against Pakistan and countering growing Chinese influence in the Indian Ocean. In May 2017, the Indian Space Research Organisation launched the South Asia Satellite, a gift from India to its neighbouring SAARC countries. In October 2018, India signed a US$5.43 billion (over ₹400 billion) agreement with Russia to procure four S-400 Triumf surface-to-air missile defence systems, Russia's most advanced long-range missile defence system.
More InfoIn the late Vedic period, around the 6th century BCE, the small states and chiefdoms of the Ganges Plain and the north-western regions had consolidated into 16 major oligarchies and monarchies that were known as the mahajanapadas. The emerging urbanisation gave rise to non-Vedic religious movements, two of which became independent religions. Jainism came into prominence during the life of its exemplar, Mahavira. Buddhism, based on the teachings of Gautama Buddha, attracted followers from all social classes excepting the middle class; chronicling the life of the Buddha was central to the beginnings of recorded history in India. In an age of increasing urban wealth, both religions held up renunciation as an ideal, and both established long-lasting monastic traditions. Politically, by the 3rd century BCE, the kingdom of Magadha had annexed or reduced other states to emerge as the Mauryan Empire. The empire was once thought to have controlled most of the subcontinent except the far south, but its core regions are now thought to have been separated by large autonomous areas. The Mauryan kings are known as much for their empire-building and determined management of public life as for Ashoka's renunciation of militarism and far-flung advocacy of the Buddhist dhamma.
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