Throughout independent India's short history, they have relied on loans to grow their economy. Due to their prior colonization by Britain, they derived most of their economy from Britain and there was no real need to receive loans. Since India's independence from its motherland, India has relied heavily on the IMF and World Bank to grow its economy to the boom status it enjoys today. Until the mid-20th century, British investment and trade introduced by the British fueled the Indian economy. When India gained full independence in 1947, India had to find its own ways to achieve financial stability. For this, India should turn to the World Bank for loans to build much-needed infrastructure, create viable international businesses and fuel its industry. According to the IMF, India has the second largest labor force in the world with 486.6 million workers. To reach this peak, India had no choice but to apply for and obtain loans from the World Bank. Since its independence, India has received hundreds of billions of dollars in loans and credits. Currently, India has around $26 billion in loans and around $40 billion in credits. Much of this money and credit has been devoted to India's infrastructure to begin building an economic stronghold within the cities. In recent years, money has gone to agriculture, steel, railways and electricity. Many Indian citizens do not even have the luxury of electricity due to India's immense rurality. Without loans and credits from the World Bank, India would not be at its current economic level. A multitude of circumstances led to India's economic rise, but the main factor was foreign loans and investments. With the help of the international community, India has become the 11th largest economy in the world and the 3rd largest in Asia. Not only has India become one of the world's leading economies, but it is also the fastest growing. Thanks to its recent economic success, India has been able to repay many of its previous loans. Until around 2010, India saw its economy growing at a rate of around 7-7.5% per year, but since then it has stabilized. In 2014, the economy is expected to grow by 5.