discuss the major structural change of the india economy in the post-reform period
Answers
Growth and Structural Change in the Indian Economy. Historically, an economy would undergo structural changes when growing: agriculture's contribution to the gross domestic product would decline steadily, industry's contribution would rise steadily and compensate, and later, the services sector would follow
Economic reforms placed India on a higher growth trajectory; annual growth rate in the post-reform period (1992–2013) increased to 6.95 per cent from 4.36 per cent during 1970–90. What is more, in consecutive years of 2005–06, 2006–07 and 2007–08, India witnessed a growth rate of 9.5 per cent per annum
Structural change is often sparked by technological innovation, new economic developments, global shifts in the pools of capital and labor, changes in resource availability, changes in supply and demand of resources, and changes in the political landscape.