The Planning Commission was set up in 1950 and the First Five-Year Plan ran from 1951 to 1956. NITI Aayog replaced the Commission in 2015.
After a balance-of-payments crisis, India liberalised, privatised and opened up. Manmohan Singh was Finance Minister under P. V. Narasimha Rao.
Set up on 1 April 1935 and headquartered in Mumbai. It issues currency notes, is banker to the government and banks, and manages foreign-exchange reserves.
The repo rate, reverse repo rate, Cash Reserve Ratio and Statutory Liquidity Ratio. A six-member Monetary Policy Committee, set up in 2016, decides the policy rate.
The Union Budget is presented on 1 February and the financial year runs from 1 April to 31 March. GST came into force on 1 July 2017.
Primary is agriculture, secondary is manufacturing and construction, and tertiary is services. Services contribute the largest share of GDP, while agriculture employs the most people.
The Green Revolution raised wheat and rice output, with M. S. Swaminathan. The White Revolution raised milk output, with Verghese Kurien.
SEBI regulates securities, IRDAI insurance, PFRDA pensions and NABARD agricultural and rural credit.
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