118-569: The Public Provident Fund ( PPF ) is a voluntary savings-tax-reduction social security instrument in India , introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns combined with income tax benefits. The scheme is offered by
236-615: 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. China's nuclear test of 1964 , as well as its repeated threats to intervene in support of Pakistan in the 1965 war, convinced India to develop nuclear weapons. India conducted its first nuclear weapons test in 1974 and carried out additional underground testing in 1998. Despite criticism and military sanctions, India has signed neither
354-508: 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. Aside from its ongoing special relationship with Russia , India has wide-ranging defence relations with Israel and France . In recent years, it has played key roles in
472-417: A fast-growing major economy and a hub for information technology services , with an expanding middle class. India has a space programme with several planned or completed extraterrestrial missions . Indian movies , music , and spiritual teachings play an increasing role in global culture. India has substantially reduced its rate of poverty , though at the cost of increasing economic inequality. India
590-690: A multi-party system , India has six recognised national parties , including the Indian National Congress (INC) and the Bharatiya Janata Party (BJP), and more than 50 regional parties . The Congress is considered center in Indian political culture , and the BJP right-wing . For most of the period between 1950—when India first became a republic—and the late 1980s, the Congress held
708-504: A few weeks, check that the transferred PPF account now shows up under the PPF account tab/link in your login. If that is not the case, inquire the local bank branch. Annual contributions qualify for tax deduction under Section 80C of income tax as per the old Tax regime. The tax benefit is capped at ₹1.5 lacs per financial year. PPF falls under the EEE (Exempt, Exempt, Exempt) tax basket. Contribution to
826-458: A financial year will not earn any interest. The amount can be deposited in lump sum or instalments per year. However, this does not mean a single deposit is made once a month. The Ministry of Finance , Government of India announces the rate of interest for PPF account every quarter. This interest is compounded annually and is paid in March every year. Interest is calculated on the lowest balance between
944-653: A majority in the Parliament . Since then, however, it has increasingly shared the political stage with the BJP, as well as with powerful regional parties which have often forced the creation of multi-party coalition governments at the center. In the Republic of India's first three general elections, in 1951 , 1957 , and 1962 , the Pandit Jawaharlal Nehru -led Congress won easy victories. On Nehru's death in 1964, Lal Bahadur Shastri briefly became prime minister; he
1062-672: A quarter of a million local government bodies at city, town, block, district and village levels. In 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. This was followed by another military conflict in 1967 in which India successfully repelled Chinese attack. India has had tense relations with neighbouring Pakistan;
1180-431: A third of Indian plant species are endemic. India also contains four of the world's 34 biodiversity hotspots , or regions that display significant habitat loss in the presence of high endemism. According to official statistics, India's forest cover is 713,789 km (275,595 sq mi), which is 21.71% of the country's total land area. It can be subdivided further into broad categories of canopy density , or
1298-582: A young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle-class. The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure , agricultural and rural development, removal of labour regulations, education , energy security , and public health and nutrition. The Income-tax Act, 1961 The Income-tax Act, 1961
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#17328513437181416-518: Is a federation with a parliamentary system governed under the Constitution of India—the country's supreme legal document. It is a constitutional republic. Federalism in India defines the power distribution between the union and the states . The Constitution of India, which came into effect on 26 January 1950, originally stated India to be a " sovereign , democratic republic ;" this characterisation
1534-528: Is a nuclear-weapon state , which ranks high in military expenditure . It has disputes over Kashmir with its neighbours, Pakistan and China, unresolved since the mid-20th century. Among the socio-economic challenges India faces are gender inequality , child malnutrition , and rising levels of air pollution . India's land is megadiverse , with four biodiversity hotspots . Its forest cover comprises 21.7% of its area. India's wildlife , which has traditionally been viewed with tolerance in India's culture ,
1652-518: Is computed as per the tax rates specified for the year in which income is earned.. The primary objectives of the Income Tax Act 1961 are: Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead
1770-672: Is defined by regional kingdoms and cultural diversity. When Harsha of Kannauj , who ruled much of the Indo-Gangetic Plain from 606 to 647 CE , attempted to expand southwards, he was defeated by the Chalukya ruler of the Deccan. When his successor attempted to expand eastwards, he was defeated by the Pala king of Bengal . When the Chalukyas attempted to expand southwards, they were defeated by
1888-463: Is expected to remain so in the near future. According to a 2011 PricewaterhouseCoopers ( PwC ) report, India's GDP at purchasing power parity could overtake that of the United States by 2045. During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050. The report highlights key growth factors:
2006-618: Is indicated by the large number of megalithic monuments dating from this period, as well as by nearby traces of agriculture , irrigation tanks , and craft traditions. In 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
2124-579: Is supported among these forests, and elsewhere, in protected habitats . According to the Oxford English Dictionary (third edition 2009), the name "India" is derived from the Classical Latin India , a reference to South Asia and an uncertain region to its east. In turn the name "India" derived successively from Hellenistic Greek India ( Ἰνδία ), ancient Greek Indos ( Ἰνδός ), Old Persian Hindush (an eastern province of
2242-728: Is the charging statute of Income Tax in India . It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the " Direct Taxes Code " intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957 . However the bill was later scrapped. The Government of India presents finance bill (budget) every year in the month of February. The finance budget brings various amendments in Income-tax Act, 1961 including tax slabs rates. The amendments are generally applicable to
2360-692: The Achaemenid Empire ), and ultimately its cognate , the Sanskrit Sindhu , or "river", specifically the Indus River and, by implication, its well-settled southern basin. The ancient Greeks referred to the Indians as Indoi ( Ἰνδοί ), which translates as "The people of the Indus". The term Bharat ( Bhārat ; pronounced [ˈbʱaːɾət] ), mentioned in both Indian epic poetry and
2478-609: The Arabian Sea . Coastal features include the marshy Rann of Kutch of western India and the alluvial Sundarbans delta of eastern India; the latter is shared with Bangladesh. India has two archipelagos : the Lakshadweep , coral atolls off India's south-western coast; and the Andaman and Nicobar Islands, a volcanic chain in the Andaman Sea . Indian climate is strongly influenced by
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#17328513437182596-497: The Asiatic cheetah ; the blackbuck, no longer extant in Punjab, is now severely endangered in India, and the cheetah is extinct. 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
2714-699: The Central Government . Balance in the PPF account is not subject to attachment under any order or decree of court under the Government Savings Banks Act, 1873. However, Income Tax & other Government authorities can attach the account for recovering tax dues. The 2019 Public Provident Fund Scheme, introduced by the Government on 12 December 2019, resulted in the rescinding of the earlier 1968 Public Provident Fund Scheme. Individuals who are residents of India are eligible to open their account under
2832-587: The Comprehensive Nuclear-Test-Ban Treaty nor the Nuclear Non-Proliferation Treaty , considering both to be flawed and discriminatory. India maintains a " no first use " nuclear policy and is developing a nuclear triad capability as a part of its " Minimum Credible Deterrence " doctrine. It is developing a ballistic missile defence shield and, a fifth-generation fighter jet . Other indigenous military projects involve
2950-469: The Constitution of India , is used in its variations by many Indian languages . A modern rendering of the historical name Bharatavarsha , which applied originally to North India , Bharat gained increased currency from the mid-19th century as a native name for India. Hindustan ( [ɦɪndʊˈstaːn] ) is a Middle Persian name for India that became popular by the 13th century, and
3068-605: The Delhi Sultanate and drawing northern India into the cosmopolitan networks of mediaeval 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
3186-676: The Ganges and the Brahmaputra . According to some current projections, the number and severity of droughts in India will have markedly increased by the end of the present century. India is a megadiverse country , a term employed for 17 countries that display high biological diversity and contain many species exclusively indigenous , or endemic , to them. India is the habitat for 8.6% of all mammals , 13.7% of bird species, 7.9% of reptile species, 6% of amphibian species, 12.2% of fish species, and 6.0% of all flowering plant species. Fully
3304-566: The Himalayas . Immediately south of the emerging Himalayas, plate movement created a vast crescent-shaped trough that rapidly filled with river-borne sediment and now constitutes the Indo-Gangetic Plain . The original Indian plate makes its first appearance above the sediment in the ancient Aravalli range , which extends from the Delhi Ridge in a southwesterly direction. To the west lies
3422-532: The Indian Rebellion of 1857 . Fed by diverse resentments and perceptions, including invasive British-style social reforms, harsh land taxes, and summary treatment of some rich landowners and princes, the rebellion rocked many regions of northern and central India and shook the foundations of Company rule. Although the rebellion was suppressed by 1858, it led to the dissolution of the East India Company and
3540-578: The Indian subcontinent from Africa no later than 55,000 years ago. Their long occupation, initially in varying forms of isolation as hunter-gatherers, has made the region highly diverse, second only to Africa in human genetic diversity . Settled life emerged on the subcontinent in the western margins of the Indus river basin 9,000 years ago, evolving gradually into the Indus Valley Civilisation of
3658-524: The Indus Valley Civilisation , the first urban culture in South Asia, which flourished during 2500–1900 BCE in Pakistan and western India. Centred around cities such as Mohenjo-daro , Harappa , Dholavira , and Kalibangan , and relying on varied forms of subsistence, the civilisation engaged robustly in crafts production and wide-ranging trade. During the period 2000–500 BCE , many regions of
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3776-654: The Pallavas from farther south, who in turn were opposed by the Pandyas and the Cholas from still farther south. No ruler of this period was able to create an empire and consistently control lands much beyond their core region. During this time, pastoral peoples, whose land had been cleared to make way for the growing agricultural economy, were accommodated within caste society, as were new non-traditional ruling classes. The caste system consequently began to show regional differences. In
3894-537: 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. According to the International Monetary Fund (IMF), the Indian economy in 2024
4012-696: 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 countries in South America , Asia, and Africa; it pursues
4130-716: The Thar Desert , the eastern spread of which is checked by the Aravallis. The remaining 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
4248-704: The United Kingdom , and Canada . The President of India is the supreme commander of the nation's armed forces; with 1.45 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. Defence expenditure
4366-682: 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 eighteen biosphere reserves , four of which are part of the World Network of Biosphere Reserves ; seventy-five wetlands are registered under the Ramsar Convention . A parliamentary republic with
4484-491: The direct administration of India by the British government. Proclaiming a unitary state and a gradual but limited British-style parliamentary system, the new rulers also protected princes and landed gentry as a feudal safeguard against future unrest. In the decades following, public life gradually emerged all over India, leading eventually to the founding of the Indian National Congress in 1885. The rush of technology and
4602-517: The temperate coniferous forest of the Himalayas , the moist deciduous sal forest of eastern India, and the dry deciduous teak forest of central and southern India. Open forest , whose canopy density is between 10% and 40%, occupies 9.26% of India's land area. India has two natural zones of thorn forest , one in the Deccan Plateau , immediately east of the Western Ghats, and the other in
4720-466: 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
4838-672: The 17th century was a factor in India's economic expansion, resulting in greater patronage of painting , literary forms, textiles, and architecture . Newly coherent social groups in northern and western India, such as the Marathas , the Rajputs , and the Sikhs , gained military and governing ambitions during Mughal rule, which, through collaboration or adversity, gave them both recognition and military experience. Expanding commerce during Mughal rule gave rise to new Indian commercial and political elites along
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4956-709: The 1820s. India was then no longer exporting manufactured goods as it long had, but was instead supplying the British Empire with raw materials. Many historians consider this to be the onset of India's colonial period. By this time, with its economic power severely curtailed by the British parliament and having effectively been made an arm of British administration, the East India Company began more consciously to enter non-economic arenas, including education, social reform, and culture. Historians consider India's modern age to have begun sometime between 1848 and 1885. The appointment in 1848 of Lord Dalhousie as Governor General of
5074-702: The 1980s and the collaboration with Soviet Union for technical know-how, has created a large urban middle class, transformed India into one of the world's fastest-growing economies , and increased its geopolitical clout. Yet, India is also shaped by seemingly unyielding poverty, both rural and urban; by religious and caste-related violence ; by Maoist-inspired Naxalite insurgencies ; and by separatism in Jammu and Kashmir and in Northeast India . It has unresolved territorial disputes with China and with Pakistan . India's sustained democratic freedoms are unique among
5192-447: The 2018 Finance Bill, but has not yet been approved. In October 2017, a notification was passed by the Ministry of Finance regarding an amendment to the PPF scheme of 1968, which would deem a PPF account closed from the day a person became a non-resident. This led to much confusion. Subsequently, the ministry issued an office memorandum in February 2018 keeping the above notification in abeyance until any further order on this matter. Thus,
5310-429: The 3rd and before the 6th year and only if the first one is fully repaid. Also note that once you become eligible for withdrawals, no loans would be permitted. Inactive or discontinued accounts are not eligible for loans. The central government establishes the public provident fund. One can voluntarily open an account with any nationalized bank, selected authorized private bank, or post office. The account can be opened in
5428-473: The 3rd century BCE, the kingdom of Magadha had annexed or reduced other states to emerge as the Maurya 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
5546-633: The 4th and 5th centuries, the Gupta Empire had created a complex system of administration and taxation in the greater Ganges Plain; this system became a model for later Indian kingdoms. Under the Guptas, a renewed Hinduism based on devotion, rather than the management of ritual, began to assert itself. This renewal was reflected in a flowering of sculpture and architecture , which found patrons among an urban elite. Classical Sanskrit literature flowered as well, and Indian science , astronomy , medicine , and mathematics made significant advances. The Indian early medieval age, from 600 to 1200 CE ,
5664-493: The 6th and 7th centuries, the first devotional hymns were created in the Tamil language. They were imitated all over India and led to both the resurgence of Hinduism and the development of all modern languages of the subcontinent . Indian royalty, big and small, and the temples they patronised drew citizens in great numbers to the capital cities, which became economic hubs as well. Temple towns of various sizes began to appear everywhere as India underwent another urbanisation. By
5782-521: The 8th and 9th centuries, the effects were felt in Southeast Asia, as South Indian culture and political systems were exported to lands that became part of modern-day Myanmar , Thailand , Laos , Brunei , Cambodia , Vietnam , Philippines , Malaysia , and Indonesia . Indian merchants, scholars, and sometimes armies were involved in this transmission; Southeast Asians took the initiative as well, with many sojourning in Indian seminaries and translating Buddhist and Hindu texts into their languages. After
5900-433: The Andaman, Nicobar, and Lakshadweep island chains. According to the Indian naval hydrographic charts, the mainland coastline consists of the following: 43% sandy beaches; 11% rocky shores, including cliffs; and 46% mudflats or marshy shores. Major Himalayan-origin rivers that substantially flow through India include the Ganges and the Brahmaputra , both of which drain into the Bay of Bengal . Important tributaries of
6018-468: The BJP became the first political party since 1984 to win a majority and govern without the support of other parties. In the 2019 general election , the BJP was victorious again with majority. In the 2024 general election , the BJP failed to achieve majority and the BJP-led NDA coalition formed the government . Narendra Modi , a former chief minister of Gujarat , is serving as the 14th Prime Minister of India in his third term since May 26, 2014. India
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#17328513437186136-435: The BJP was able to form a successful coalition, the National Democratic Alliance (NDA). Led by Atal Bihari Vajpayee , the NDA became the first non-Congress, coalition government to complete a five-year term. Again in the 2004 Indian general elections , no party won an absolute majority, but the Congress emerged as the largest single party, forming another successful coalition: the United Progressive Alliance (UPA). It had
6254-429: 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 modern ideas of education and public life took root. A pioneering and influential nationalist movement emerged, which was noted for nonviolent resistance and became
6372-498: The Buddha is recorded in the Pali canon to have sought enlightenment. Many Indian species have descended from those of Gondwana , the southern supercontinent from which India separated more than 100 million years ago. India's subsequent collision with Eurasia set off a mass exchange of species. However, volcanism and climatic changes later caused the extinction of many endemic Indian forms. Still later, mammals entered India from Asia through two zoogeographic passes flanking
6490-436: The Buddhist dhamma . The Sangam literature of the Tamil language reveals that, between 200 BCE and 200 CE , the southern peninsula was ruled by the Cheras , the Cholas , and the Pandyas , dynasties that traded extensively with the Roman Empire and with West and Southeast Asia . In North India, Hinduism asserted patriarchal control within the family, leading to increased subordination of women. By
6608-627: The Congress saw a change in leadership in 1984, when Indira Gandhi was assassinated ; she was succeeded by her son Rajiv Gandhi , who won an easy victory in the general elections later that year . The Congress was voted out again in 1989 when a National Front coalition, led by the newly formed Janata Dal in alliance with the Left Front , won the elections; that government too proved relatively short-lived, lasting just under two years. There were two prime ministers during this period; V.P. Singh and Chandra Shekhar . Elections were held again in 1991 ; no party won an absolute majority. The Congress, as
6726-424: The East India Company set the stage for changes essential to a modern state. These included the consolidation and demarcation of sovereignty, the surveillance of the population, and the education of citizens. Technological changes—among them, railways, canals, and the telegraph—were introduced not long after their introduction in Europe . However, disaffection with the company also grew during this time and set off
6844-418: The Ganges include the Yamuna and the Kosi ; the latter's extremely low gradient, caused by long-term silt deposition, leads to severe floods and course changes. Major peninsular rivers, whose steeper gradients prevent their waters from flooding, include the Godavari , the Mahanadi , the Kaveri , and the Krishna , which also drain into the Bay of Bengal; and the Narmada and the Tapti , which drain into
6962-438: The Himalayas and the Thar Desert, both of which drive the economically and culturally pivotal summer and winter monsoons . The Himalayas prevent cold Central Asian katabatic winds from blowing in, keeping the bulk of the Indian subcontinent warmer than most locations at similar latitudes. The Thar Desert plays a crucial role in attracting the moisture-laden south-west summer monsoon winds that, between June and October, provide
7080-399: The Himalayas. This had the effect of lowering endemism among India's mammals, which stands at 12.6%, contrasting with 45.8% among reptiles and 55.8% among amphibians. Among endemics are the vulnerable hooded leaf monkey and the threatened Beddome's toad of the Western Ghats. India contains 172 IUCN -designated threatened animal species , or 2.9% of endangered forms. These include
7198-401: 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
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#17328513437187316-408: The Mughals united their far-flung realms through loyalty, expressed through a Persianised culture, to an emperor who had near-divine status. The Mughal state's economic policies, deriving most revenues from agriculture and mandating that taxes be paid in the well-regulated silver currency, caused peasants and artisans to enter larger markets. The relative peace maintained by the empire during much of
7434-494: The PPF account is eligible for tax benefit under Section 80C of the Income Tax Act in the old Tax Regime. Interest earned is exempt from income tax, and maturity proceeds are also exempt from tax. According to R.K. Mohapatra, General Manager-Finance, IRCON International , and author of the award-winning book ‘Retirement Planning: A Simple Guide for Individuals’, in the falling interest rate era, investment in PPF make senses for people who are in higher income tax brackets because of
7552-408: The Public Provident Fund and are entitled to tax-free returns. As of August 2018, according to the Indian Ministry of Finance (Department of Economic Affairs) , NRIs ( Non-resident Indians ) are not allowed to open new PPF accounts. However, they can continue their existing PPF accounts until their 15-year maturity period. An amendment to earlier rules allowing NRIs to invest in PPF was proposed in
7670-420: The account, the bearer must pay ₹50 as a penalty for each inactive year. He/she must deposit ₹500 each as each inactive year's contribution. In case of the account holder's death, the balance amount will be paid to his nominee or legal heir even before 15 years. Nominees or legal heirs are not eligible to continue the deceased's account. If balance amount in the account of a deceased is higher than ₹150,000 then
7788-416: The advantages of exempt-exempt-exempt (EEE) scheme, which means they get tax deduction under Section 80C when they invest, and the accrual of interest as well as withdrawal is completely tax-free. India India , officially the Republic of India , is a country in South Asia . It is the seventh-largest country in the world by area and the most populous country . Bounded by the Indian Ocean on
7906-429: The advent of independence in 1947, but tempered by the partition of India into two states: India and Pakistan. Vital to India's self-image as an independent nation was its constitution, completed in 1950, which put in place a secular and democratic republic. Per the London Declaration , India retained its membership of the Commonwealth , becoming the first republic within it. Economic liberalisation, which began in
8024-512: The agricultural sector 18.1%. India's foreign exchange remittances of US$ 100 billion in 2022, highest in the world, were contributed to its economy by 32 million Indians working in foreign countries. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. In 2006,
8142-423: 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 is ranked 39th in the Global Innovation Index in 2024. As of 2023 , India's consumer market
8260-467: The beginnings of a nonviolent movement of non-co-operation, of which Mahatma Gandhi would become the leader and enduring symbol. During the 1930s, slow legislative reform was enacted by the British; the Indian National Congress won victories in the resulting elections. The next decade was beset with crises: Indian participation in World War II , the Congress's final push for non-co-operation, and an upsurge of Muslim nationalism . All were capped by
8378-463: The cheque/dd for the outstanding amount in the PPF account to the new bank at the branch specified by the customer. Step 3 – Once your bank receives these documents, the bank will inform you and ask you to submit a new PPF account opening form along with the old PPF passbook. You can also provide nominations for this new account. You will also be required to submit the KYC documents. Step 4 – If you hold an internet banking facility with your bank, after
8496-506: The close of the fifth day and the last day of every month. 1986–2016 Original duration is 15 years. Thereafter it can either be closed and the entire amount can be withdrawn or on application by the subscriber, it can be extended for 1 or more blocks of 5 years each, with or without making further contributions. Subscriber has 3 options once the maturity period is over. Loan facility is available from 3rd financial year up to 5th financial year. The rate of interest charged on loan taken by
8614-484: The coasts of southern and eastern India. As the empire disintegrated, many among these elites were able to seek and control their own affairs. By the early 18th century, with the lines between commercial and political dominance being increasingly blurred, a number of European trading companies, including the English East India Company , had established coastal outposts. The East India Company's control of
8732-452: The commercialisation of agriculture in the second half of the 19th century was marked by economic setbacks, and many small farmers became dependent on the whims of far-away markets. There was an increase in the number of large-scale famines , and, despite the risks of infrastructure development borne by Indian taxpayers, little industrial employment was generated for Indians. There were also salutary effects: commercial cropping, especially in
8850-625: The contribution of petrochemical and engineering goods to total exports grew from 14% to 42%. India was the world's second-largest textile exporter after China in the 2013 calendar year. 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 68th in global competitiveness , as of 2010 , India ranks 17th in financial market sophistication, 24th in
8968-547: The declining status of women, and the incorporation of untouchability into an organised system of belief. In South India , the Middle kingdoms exported Dravidian-languages scripts and religious cultures to the kingdoms of Southeast Asia . In the early mediaeval era, Christianity , Islam , Judaism , and Zoroastrianism became established on India's southern and western coasts. Muslim armies from Central Asia intermittently overran India's northern plains, eventually founding
9086-562: The design and implementation of Vikrant -class aircraft carriers and Arihant -class nuclear submarines . Since the end of the Cold War , India has increased its economic, strategic, and military co-operation with the United States and the European Union . In 2008, a civilian nuclear agreement was signed between India and the United States. Although India possessed nuclear weapons at
9204-507: The early 16th century, northern India, then under mainly Muslim rulers, fell again to the superior mobility and firepower of a new generation of Central Asian warriors. The resulting Mughal Empire did not stamp out the local societies it came to rule. Instead, it balanced and pacified them through new administrative practices and diverse and inclusive ruling elites, leading to more systematic, centralised, and uniform rule. Eschewing tribal bonds and Islamic identity, especially under Akbar ,
9322-659: 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. India's coastline measures 7,517 kilometres (4,700 mi) in length; of this distance, 5,423 kilometres (3,400 mi) belong to peninsular India and 2,094 kilometres (1,300 mi) to
9440-513: 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. Before they were extensively used for agriculture and cleared for human settlement, the thorn forests of Punjab were mingled at intervals with open grasslands that were grazed by large herds of blackbuck preyed on by
9558-417: The immediately preceding year, whichever is lower. After 15 years of maturity, the full PPF amount, which is tax-free, can be withdrawn, including the interest amount. Nomination facility is available in the name of one or more persons. The subscriber may also define the shares of nominees. If a minimum contribution of any amount in any year is not invested, then the account will be deactivated. To activate
9676-494: The largest single party, was able to form a minority government led by P. V. Narasimha Rao . A two-year period of political turmoil followed the general election of 1996 . Several short-lived alliances shared power at the centre. The BJP formed a government briefly in 1996; it was followed by two comparatively long-lasting United Front coalitions, which depended on external support. There were two prime ministers during this period; H.D. Deve Gowda and I.K. Gujral . In 1998 ,
9794-474: 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
9912-502: 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. India has been a federal republic since 1950, governed through a democratic parliamentary system , and has been the world's most populous democracy since
10030-467: The majority of India's rainfall. Four major climatic groupings predominate in India: tropical wet , tropical dry , subtropical humid , and montane . Temperatures in India have risen by 0.7 °C (1.3 °F) between 1901 and 2018. Climate change in India is often thought to be the cause. The retreat of Himalayan glaciers has adversely affected the flow rate of the major Himalayan rivers, including
10148-408: The name of individuals, including minors. There is a lock-in period of 15 years, and the money can be withdrawn in full after its maturity period. However, pre-mature withdrawals can be made from the start of the seventh financial year. The maximum amount that can be withdrawn pre-maturely is equal to 50% of the amount that stood in the account at the end of the fourth year preceding year or the end of
10266-420: The nation to liberalise its economy ; since then, it has moved increasingly towards a free-market system by emphasising both foreign trade and direct investment inflows. India has been a member of World Trade Organization since 1 January 1995. The 522-million-worker Indian labour force is the world's second largest , as of 2017 . The service sector makes up 55.6% of GDP, the industrial sector 26.3% and
10384-445: The newly canalled Punjab, led to increased food production for internal consumption. The railway network provided critical famine relief, notably reduced the cost of moving goods, and helped nascent Indian-owned industry. After World War I , in which approximately one million Indians served , a new period began. It was marked by British reforms but also repressive legislation , by more strident Indian calls for self-rule, and by
10502-496: The next following financial year beginning from 1 April unless otherwise specified. Such amendments become part of the income tax act after the approval of the president of India. The partial budget which is presented for Non Full financial year (generally in the year of General Election in India) is called VOTE ON ACCOUNT. This is presented for the sake of continuation of those compulsory expenditures of Government which are necessary for
10620-719: The nominee or legal heir has to prove the identity to claim the amount The 2016 amendment to the Public Provident Fund Scheme introduced changes to Paragraph 9, Sub-rule 3(C), allowing for the premature closure of PPF Accounts. Premature closure is now permitted after 5 years for the medical treatment of family members or for the higher education of the account holder. However, premature closure comes with an interest rate penalty of 1%. As per GOI, 12 December 2019 NOTIFICATIONS some new rules for prematurely withdrawal added The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by
10738-528: The northern and western regions. By 400 BCE , stratification and exclusion by caste had emerged within Hinduism, and Buddhism and Jainism had arisen, proclaiming social orders unlinked to heredity. Early political consolidations gave rise to the loose-knit Maurya and Gupta Empires based in the Ganges Basin . Their collective era was suffused with wide-ranging creativity, but also marked by
10856-532: The proportion of the area of a forest covered by its tree canopy . Very dense forest , whose canopy density is greater than 70%, occupies 3.02% of India's land area. It predominates in the tropical moist forest of the Andaman Islands , the Western Ghats , and Northeast India . Moderately dense forest , whose canopy density is between 40% and 70%, occupies 9.39% of India's land area. It predominates in
10974-544: The seas, greater resources, and more advanced military training and technology led it to increasingly assert its military strength and caused it to become attractive to a portion of the Indian elite; these factors were crucial in allowing the company to gain control over the Bengal region by 1765 and sideline the other European companies. Its further access to the riches of Bengal and the subsequent increased strength and size of its army enabled it to annex or subdue most of India by
11092-463: The share of external trade in India's GDP stood at 24%, up from 6% in 1985. In 2008, India's share of world trade was 1.7%; In 2021, India was the world's ninth-largest importer and the sixteenth-largest exporter . Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and manufactured leather goods. Major imports include crude oil, machinery, gems, fertiliser, and chemicals. Between 2001 and 2011,
11210-456: The situation remained unchanged. A minimum yearly deposit of ₹ 500 is required to open and maintain a PPF account. A PPF account holder can deposit a maximum of ₹ 1.5 lacs in his/her PPF account (including those where he is the guardian) per financial year. There must be a guardian for PPF accounts opened in the name of minor children. Parents can act as guardians in such PPF accounts of minor children. Any amount deposited more than ₹1.5 lacs in
11328-648: The smooth functioning of Country and a full fledged budget is presented after a new government is formed. The scope of Total Income depends on the category of a taxpayer and his residential status in India. For example, a person resident in India is liable to pay income tax in India on his total world income. On the other hand, a person non-resident in India is liable to pay tax in India only on his Indian income. Under Income-tax Act, there are five heads of income - Salary, House Property, Business or Profession, Capital Gains and Other Sources. Total income consists of income computed under these heads. The tax on total income
11446-591: The south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China , Nepal , and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives ; its Andaman and Nicobar Islands share a maritime border with Thailand , Myanmar, and Indonesia . Modern humans arrived on
11564-565: The southern supercontinent Gondwana , began a north-eastward drift caused by seafloor spreading to its south-west, and later, south and south-east. Simultaneously, the vast Tethyan oceanic crust , to its northeast, began to subduct under the Eurasian Plate . These dual processes, driven by convection in the Earth's mantle , both created the Indian Ocean and caused the Indian continental crust eventually to under-thrust Eurasia and to uplift
11682-416: The subcontinent from the north-west. The caste system , which created a hierarchy of priests, warriors, and free peasants, but which excluded indigenous peoples by labelling their occupations impure, arose during this period. On the Deccan Plateau , archaeological evidence from this period suggests the existence of a chiefdom stage of political organisation. In South India , a progression to sedentary life
11800-515: The subcontinent transitioned from the Chalcolithic cultures to the Iron Age ones. The Vedas , the oldest scriptures associated with Hinduism , were composed during this period, and historians have analysed these to posit a Vedic culture in the Punjab region and the upper Gangetic Plain . Most historians also consider this period to have encompassed several waves of Indo-Aryan migration into
11918-441: 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. In
12036-464: The subscriber of a PPF account on or after 12 December 2019 shall be 1% more than the prevailing interest on PPF. Public Provident Fund Scheme, 2019 has reduced the interest spread to 1 (one) percent from an earlier spread of 2 percent. Up to 25 per cent of the balance at the end of the 2nd immediately preceding year would be allowed as a loan. Such withdrawals are to be repaid within 36 months. A second loan could be availed as long as you are within
12154-427: The subscriber. The service is free of charges. Step 1 – Approach the bank or post office branch where the PPF account is held and ask for the form for making the transfer. The bank or post office will provide you with a form which is to be filled. Step 2 – The existing bank will then forward the certified copy of the account, the account opening application, nomination form, and specimen signature. It will also forward
12272-414: The support of left-leaning parties and MPs who opposed the BJP. The UPA returned to power in the 2009 general election with increased numbers, and it no longer required external support from India's communist parties . That year, Manmohan Singh became the first prime minister since Jawaharlal Nehru in 1957 and 1962 to be re-elected to a consecutive five-year term. In the 2014 general election ,
12390-501: The third millennium BCE. By at least 1200 BCE , an archaic form of Sanskrit , an Indo-European language , had diffused into India from the northwest. Its evidence today is found in the hymns of the Rigveda . Preserved by an oral tradition that was resolutely vigilant , the Rigveda records the dawning of Hinduism in India. The Dravidian languages of India were supplanted in
12508-640: The time and was not a party to the Nuclear Non-Proliferation Treaty, it received waivers from the International Atomic Energy Agency and the Nuclear Suppliers Group , ending earlier restrictions on India's nuclear technology and commerce. As a consequence, India became the sixth de facto nuclear weapons state. India subsequently signed co-operation agreements involving civilian nuclear energy with Russia, France,
12626-456: The time of its independence in 1947. It is a pluralistic , multilingual and multi-ethnic society . India's nominal per capita income increased from US$ 64 annually in 1951 to US$ 2,601 in 2022, and its literacy rate from 16.6% to 74%. During the same time, its population grew from 361 million to almost 1.4 billion, and India became the most populous country in 2023. From being a comparatively destitute country in 1951, India has become
12744-513: 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 third, 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
12862-611: The union territories of Jammu and Kashmir , Puducherry and the National Capital Territory of Delhi , have elected legislatures and governments following the Westminster system of governance. The remaining five union territories are directly ruled by the central government through appointed administrators. In 1956, under the States Reorganisation Act , states were reorganised on a linguistic basis. There are over
12980-488: The western part of the Indo-Gangetic plain, now turned into rich agricultural land by irrigation, its features no longer visible. Among the Indian subcontinent's notable indigenous trees are the astringent Azadirachta indica , or neem , which is widely used in rural Indian herbal medicine , and the luxuriant Ficus religiosa , or peepul , which is displayed on the ancient seals of Mohenjo-daro , and under which
13098-444: The world in nominal per capita income and 125th in per capita income adjusted for purchasing power parity (PPP)—the vast majority of Indians fall into the low-income group. 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
13216-522: The world's newer nations; however, in spite of its recent economic successes, freedom from want for its disadvantaged population remains a goal yet to be achieved. India accounts for the bulk of the Indian subcontinent, lying atop the Indian tectonic plate , a part of the Indo-Australian Plate . India's defining geological processes began 75 million years ago when the Indian Plate, then part of
13334-457: Was amended in 1971 to "a sovereign, socialist , secular , democratic republic". India's form of government, traditionally described as "quasi-federal" with a strong centre and weak states, has grown increasingly federal since the late 1990s as a result of political, economic, and social changes. The Government of India comprises three branches: India is a federal union comprising 28 states and 8 union territories . All states, as well as
13452-426: Was nominally worth $ 3.94 trillion; it was the fifth-largest economy by market exchange rates and is, at around $ 15.0 trillion, the third-largest by purchasing power parity (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, due to its low GDP per capita—which ranks 136th in
13570-514: Was pegged at US$ 70.12 billion for fiscal year 2022–23 and, increased 9.8% than previous fiscal year. India is the world's second-largest arms importer; between 2016 and 2020, it accounted for 9.5% of the total global arms imports. 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
13688-532: Was succeeded, after his own unexpected death in 1966, by Nehru's daughter Indira Gandhi , who went on to lead the Congress to election victories in 1967 and 1971 . Following public discontent with the state of emergency she declared in 1975, the Congress was voted out of power in 1977 ; the then-new Janata Party , which had opposed the emergency, was voted in. Its government lasted just over two years. There were two prime ministers during this period; Morarji Desai and Charan Singh . Voted back into power in 1980,
13806-411: Was the world's fifth largest . Driven by growth, India's nominal GDP per capita increased steadily from US$ 308 in 1991, when economic liberalisation began, to US$ 1,380 in 2010, to an estimated US$ 2,731 in 2024. It is expected to grow to US$ 3,264 by 2026. However, it has remained lower than those of other Asian developing countries such as Indonesia, Malaysia, Philippines, Sri Lanka, and Thailand, and
13924-894: Was used widely since the era of the Mughal Empire . The meaning of Hindustan has varied, referring to a region encompassing the northern Indian subcontinent (present-day northern India and Pakistan ) or to India in its near entirety. By 55,000 years ago, the first modern humans, or Homo sapiens , had arrived on the Indian subcontinent from Africa, where they had earlier evolved. The earliest known modern human remains in South Asia date to about 30,000 years ago. After 6500 BCE , evidence for domestication of food crops and animals, construction of permanent structures, and storage of agricultural surplus appeared in Mehrgarh and other sites in Balochistan, Pakistan . These gradually developed into
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