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The Indian economy has since become a fast-growing major economy and a hub for information technology, with an expanding middle class. During this time, its nominal per capita income increased from US$64 annually to US$2,601, and its literacy rate from 16.6% to 74%. Gradually expanding rule of the British East India Company turned India into a colonial economy but consolidated its sovereignty. Early political consolidations gave rise to the loose-knit Maurya and Gupta Empires.
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