Question

Describe the contribution of three sector in Indian economy?

Answer 1

As per latest news published by the World Economic Forum, India is the 7th largest economy of the world. The International Monetary Fund(IMF) has predicted that the Indian Economy will be the fastest growing economy in the world and expected to grow at the rate of 7.4% in the FY 2018.


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 theprimary sector of the economy. At the time of Indian independence this sector hadbiggest 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 thesecondary 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 astertiary sector of the economy. Currently this sector is thebackbone of the Indian economy and contributing around 53% of the Indian GDP.