Question

Conclusion on different sector of economy toward gdp

Answer 1

INTRODUCTION

Indian Economy – An Overview

At the time of independence, the Indian economy was in great distress. Being a colonial

economy, it was fulfilling the growth and development needs of Britain and the British. The

state that should have been responsible for breakthroughs in agricultural and industrial

sectors refused to play even a minor role in these sectors. On the other hand, during the half

century before India’s independence the world was witnessing an accelerated development

and expansion in agriculture and industry in India because of an active role being played by

the independent Indian states. British rulers never brought any significant reforms for the

benefit of the social sector and this hampered the productive capacity of the economy.

Therefore, once India became independent, systematic organization and restructuring of the

economy was a real challenge for the Indian government. To deliver growth and

development was the greatest need of the hour at that time and it was also the greatest

challenge before the political leadership of that time because the country was riding on the

promises and vibes of nation-building. Many important and strategic decisions were taken

by 1956, which are still shaping India’s economic journey. The adoption of the New

Economic Policy in 1991 witnessed a landmark shift in the Indian economy, as it diluted

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