describe the contribution of the three sectors of Indian economy
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Indian Economy is classified in three major sectors;
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 31% 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.
Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 73.79 lakh crore INR in 2016-17. Services sector accounts for 53.66% of total India's GVA of 137.51 lakh crore Indian rupees.
Industrial sector contributes 29.02% with GVA of Rs. 39.90 lakh crore. While, Primary Sector of the economy i.e. Agriculture and allied sector contributes 17.32% and its GVA is around Rs. 23.82 lakh crore at the current prices in the FY 2016-17.
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HERE IS UR ANSWER.
Thanks for asking this question.
Indian Economy is classified in three major sectors;
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 31% 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.
Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 73.79 lakh crore INR in 2016-17. Services sector accounts for 53.66% of total India's GVA of 137.51 lakh crore Indian rupees.
Industrial sector contributes 29.02% with GVA of Rs. 39.90 lakh crore. While, Primary Sector of the economy i.e. Agriculture and allied sector contributes 17.32% and its GVA is around Rs. 23.82 lakh crore at the current prices in the FY 2016-17.
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The contribution of the three sectors of Indian economy include ;
1. Primary sector : It includes agricultural and allied activities. Majority of Indian population depends upon agricultural but accounts only 15.87% to the GDP of India. The world's average contribution of primary sector is only 6.4% which is very less than India.
2. Secondary sector : This includes industrial and manufacturing sector. It contributes 29.73% to the Indian economy while as average contribution of industrial sector is 30%.
3. Territory Sector : In Includes the service sector. It is the largest sector of India which contributes 54 % to the Indian economy while as world contributes 63%.
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