Lakhs and crores are units of the Indian numbering system commonly used throughout the Indian subcontinent. Lakhs are equivalent to "hundreds of thousands" and are grouped accordingly when represented numerically.
For example, 250,000 would be represented as 2,50,000 and read as Two and a half lakhs or 2.5 lakhs.
It is also abbreviated as 2.5L.
1 lakh is equivalent to 100,000. 10 lakhs is therefore the same as 1,000,000 or 1 million.
100 lakhs, on the other hand, is equal to 1 crore. Hence, 1 crore converts to 10 million and 100 crores to 1,000 million (or 1 billion).
1 lakhs (or 100,000) is therefore equal to 0.1 million.
Convert lakhs to millions/billions:
Etymology of lakh
Lakh (sometimes spelt as Lac) comes from the Sanskrit Laksha (लक्ष). What is not exactly known is the origins of Laksha. While it does represent 100,000, it might actually share its roots with the words lac and lacquer. The resin (or 'red dye') is extracted from trees infested by vast swarms of lac insects, which might have led to the words association with the large number.