Despite economic growth during recent decades, India continues to face socio-economic challenges. In 2006, India contained the largest number of people living below the World Bank's international poverty line of US$1.25 per day. The proportion decreased from 60% in 1981 to 42% in 2005. Under the World Bank's later revised poverty line, it was 21% in 2011. 30.7% of India's children under the age of five are underweight. According to a Food and Agriculture Organization report in 2015, 15% of the population is undernourished. The Mid-Day Meal Scheme attempts to lower these rates.
Averaging 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 InfoThe original Indian Plate survives as peninsular India, the oldest and geologically most stable part of India. It extends as far north as the Satpura and Vindhya ranges in central India. These parallel chains run from the Arabian Sea coast in Gujarat in the west to the coal-rich Chota Nagpur Plateau in Jharkhand in the east. To the south, the remaining peninsular landmass, the Deccan Plateau, is flanked on the west and east by coastal ranges known as the Western and Eastern Ghats; the plateau contains the country's oldest rock formations, some over one billion years old. Constituted in such fashion, India lies to the north of the equator between 6° 44′ and 35° 30′ north latitude and 68° 7′ and 97° 25′ east longitude.
More InfoIndia contains 172 IUCN-designated threatened animal species, or 2.9% of endangered forms. These include the endangered Bengal tiger and the Ganges river dolphin. Critically endangered species include: the gharial, a crocodilian; the great Indian bustard; and the Indian white-rumped vulture, which has become nearly extinct by having ingested the carrion of diclofenac-treated cattle. The pervasive and ecologically devastating human encroachment of recent decades has critically endangered Indian wildlife. In response, the system of national parks and protected areas, first established in 1935, was expanded substantially. In 1972, India enacted the Wildlife Protection Act and Project Tiger to safeguard crucial wilderness; the Forest Conservation Act was enacted in 1980 and amendments added in 1988. India hosts more than five hundred wildlife sanctuaries and thirteen biosphere reserves, four of which are part of the World Network of Biosphere Reserves; twenty-five wetlands are registered under the Ramsar Convention.
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 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.
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