INDIA

The economy of India, when measured in USD exchange-rate terms, is the twelfth largest in the world, with a GDP of US $1.25 trillion (2008). It is the third largest in terms of purchasing power parity. India is the second fastest growing major economy in the world, with a GDP growth rate of 9.4% for the fiscal year 2006–2007. However, India's huge population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised 2007 estimate). The World Bank classifies India as a low-income economy.

The history of India begins with the Indus Valley Civilization, which flourished in the north-western part of the Indian subcontinent from 3300 to 1700 BCE. This Bronze Age civilization was followed by the Iron Age Vedic period, which witnessed the rise of major kingdoms known as the Mahajanapadas. In two of these, in the 6th century BCE, Mahavira and Gautama Buddha were born.