Looks pretty new right? This painting is from 1500-2000BC. भीमबैटिका
The white colour(bottom) was made from grinding limestone with vegetable oil. The rock shelters have preserved the paintings from rain water.
Bhimbetka is a UNESCO World Heritage Centre.
Tip for people who may want to go there: There are guides available from the Madhya Pradesh State Department of Tourism at that site. Be careful though. Those guys would probably show you only a small part of that area and not the whole place. In case you want to see all the paintings, do not hesitate to take the lead and wander off into other places which the guide didn't take you to(only where the walkways go though; don't wander off into the bushes :P).
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