In the last 50 years, fashions have changed a great deal in India. Increasingly, in urban settings in northern India, the sari is no longer the apparel of everyday wear, transformed instead into one for formal occasions. The traditional shalwar kameez is rarely worn by younger women, who favour churidars or jeans. The kurtas worn by young men usually fall to the shins and are seldom plain. In white-collar office settings, ubiquitous air conditioning allows men to wear sports jackets year-round. For weddings and formal occasions, men in the middle- and upper classes often wear bandgala, or short Nehru jackets, with pants, with the groom and his groomsmen sporting sherwanis and churidars. The dhoti, the once universal garment of Hindu India, the wearing of which in the homespun and handwoven form of khadi allowed Gandhi to bring Indian nationalism to the millions,is seldom seen in the cities, reduced now, with brocaded border, to the liturgical vestments of Hindu priests.
The pharmaceutical industry in India is among the significant emerging markets for the global pharmaceutical industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of the biopharmaceutical industry. India is among the top 12 biotech destinations in the world. The Indian biotech industry grew by 15.1% in 2012–2013, increasing its revenues from ₹204.4 billion (Indian rupees) to ₹235.24 billion (US$3.94 billion at June 2013 exchange rates).
More InfoAveraging an economic growth rate of 7.5% for several years prior to 2007, India has more than doubled its hourly wage rates during the first decade of the 21st century. Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030. Though ranking 51st in global competitiveness, as of 2010, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies. With seven of the world's top 15 information technology outsourcing companies based in India, as of 2009, the country is viewed as the second-most favourable outsourcing destination after the United States. India's consumer market, the world's eleventh-largest, is expected to become fifth-largest by 2030.
More InfoAside from ongoing its special relationship with Russia, India has wide-ranging defence relations with Israel and France. In recent years, it has played key roles in the South Asian Association for Regional Cooperation and the World Trade Organization. The nation has provided 100,000 military and police personnel to serve in 35 UN peacekeeping operations across four continents. It participates in the East Asia Summit, the G8+5, and other multilateral forums. India has close economic ties with South America, Asia, and Africa; it pursues a "Look East" policy that seeks to strengthen partnerships with the ASEAN nations, Japan, and South Korea that revolve around many issues, but especially those involving economic investment and regional security.
More InfoAccording 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.
More InfoWe don't show ads. Help us keep it that way.