<P> India has an underground economy, with a 2006 report alleging that India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks . This would amount to 13 times the country's total external debt . These allegations have been denied by the Swiss Banking Association . James Nason, the Head of International Communications for the Swiss Banking Association, suggested "The (black money) figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated as gospel truth . However, this story was a complete fabrication . The Swiss Bankers Association never published such a report . Anyone claiming to have such figures (for India) should be forced to identify their source and explain the methodology used to produce them ." A recent step taken by Prime Minister Modi, on 8 November 2016, involved the demonetization of all 500 and 1000 rupee bank notes (replaced by new 500 and 2000 rupee notes) in order to return black money into the economy . </P> <P> India has made progress increasing the primary education attendance rate and expanding literacy to approximately three - fourths of the population . India's literacy rate had grown from 52.2% in 1991 to 74.04% in 2011 . The right to education at elementary level has been made one of the fundamental rights under the eighty - sixth Amendment of 2002, and legislation has been enacted to further the objective of providing free education to all children . However, the literacy rate of 74% is lower than the worldwide average and the country suffers from a high drop - out rate . Literacy rates and educational opportunities vary by region, gender, urban and rural areas, and among different social groups . </P> <P> Poverty rates in India's poorest states are three to four times higher than those in the more advanced states . While India's average annual per capita income was $1,410 in 2011--placing it among the poorest of the world's middle - income countries--it was just $436 in Uttar Pradesh (which has more people than Brazil) and only $294 in Bihar, one of India's poorest states . </P> <P> A critical problem facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of poverty, availability of infrastructure and socio - economic development . Six low - income states--Assam, Chhattisgarh, Nagaland, Madhya Pradesh, Odisha and Uttar Pradesh--are home to more than one - third of India's population . Severe disparities exist among states in terms of income, literacy rates, life expectancy and living conditions . </P>

Contribution of agriculture to the gdp of india