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ECONOMICS

INTERNALS

BY: Devan Kochar XII Madhuvanti

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CONTENTS

1.INTRODUCTION

2.MAJOR SECTORS OF INDIAN ECONOMY

3.SECTOR WISE GROWTH IN GDP

4.DATA DURING PLANNING PERIOD

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INTRODUCTION

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

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Major Sectors Of Indian Economy

1.Agriculture & Allied Sector: This sector includes forestry and fishing also. This sector is also known as the primary sector of the economy. At the time of Indian independence this sector had biggest share in the Gross Domestic Product of India. But year by year its contribution goes on declining and currently it contributes only 17% of Indian GDP at current prices. It is worth to mention that agriculture sector provides jobs to around 53% population of India.

2.Industry Sector: This sector includes 'Mining & quarrying', Manufacturing (Registered & Unregistered), Gas, Electricity, Construction and Water supply. This is also known as the secondary sectors of the economy. Currently it is contributing around 29 % of the Indian GDP (at current prices).

3.Services Sector: Services sector includes 'Financial, real estate & professional services, Public Administration, defence and other services, trade, hotels, transport, communication and services related to broadcasting. This sector is also known as tertiary sector of the economy. Currently this sector is the backbone of the Indian economy and contributing around 53% of the Indian GDP.

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Sector-wise contribution of GDP of India

Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 92.26 lakh crore INR in 2018-19. Services sector accounts for 54.40% of total India's GVA of 169.61 lakh crore Indian rupees. With GVA of Rs. 50.43 lakh crore, Industry sector contributes 29.73%. While, Agriculture and allied sector shares 15.87%. At 2011-12 prices, composition of Agriculture & allied, Industry, and Services sector are 14.39%, 31.46%, and 54.15%, respectively. Share of primary (comprising agriculture, forestry, fishing and mining & quarrying), secondary (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary (services) sectors have been estimated as 18.57 per cent, 27.03 per cent and 54.40 per cent. According to sector wise Indian GDP composition in 2017 are as follows : Agriculture (15.4%), Industry (23%) and Services (61.5%). With production of agriculture activity of $375.61 billion, India is 2nd larger producer of agriculture product. India accounts for 7.39 percent of total global agricultural output.

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India is way behind china which has $991 bn GDP in agriculture sector. GDP of Industry sector is $560.97 billion and world rank is 6. In Services sector, India world rank is 8 and GDP is $1500 billion. Contribution of Agriculture sector in Indian economy is much higher than world's average (6.4%). Contribution of Industry and Services sector is lower / than world's average 30% for Industry sector and 63% for Services sector. At previous methedology, composition of Agriculture & allied, Industry, and Services sector was 51.81%, 14.16%, and 33.25%, respectively at current prices in 1950-51. Share of Agriculture & allied sector has declined at 18.20% in 2013-14. Share of Services sector has improved to 57.03%. Share of Industry sector has also increased to

24.77%

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DATA DURING PLANNING PERIOD

Page 7 DATA DURING PLANNING PERIOD
Page 7 DATA DURING PLANNING PERIOD

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Page 9 The above table shows that the service sector is the backbone of the Indian

The above table shows that the service sector is the backbone of the Indian economy; contributing the most in Indian GDP followed by the industrial sector. But the declining percentage of the agriculture and allied sector in the Indian GDP is the cause of concern for the policy makers because this sector still provides livelihood to around 53% population of the country but its contribution in the economy is declining year by year.