Question

Context of a developed economy that, they shifted from agriculture to manufacturing and then to service sector, but indian economy directly jumped to agriculture to service, can india become a developed nation without having a strong manufacturing base? Evaluate

Answer 1

Answer:

The proper course of development that an economy follow is a shift from agriculture to services via industry, but India has shifted from agriculture to services directly without entering into industrial phase. The Reason behind its direct shift are as follows:

Globalisation and Liberalisation: Both the term influenced India almost at the same time, which created a base to grow service sector. The globalization opened the shifting of service sector job while liberalization opened the country’s market by increased investment.

Availability of Skilled manpower : The huge availability of skilled manpower with lower labor cost provided a solid base for service sector growth.

Internal and external demand: The world wide demand of services sector with increasing economy and purchase power has influenced greatly in growth of service sector.

Part-II

India cannot be a developed country without a strong industrial base because of the following reasons:

Solid industrial base is required for growth of both agriculture and service sector.

The demand of services and goods cannot be met for such a huge population until a solid industrial base in country itself.

The Huge working population of the country cannot be vested in service or industrial sector only.

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