Discuss the nature of Indian economy.
Answers
Answer:
Since independence India has been a 'Mixed Economy'. India's large public sectors were responsible for rendering the country a 'mixed economy' feature. Indian economy is basically based in the contribution of service sector (currently provides 60% share of GDP) and near about 53% of its population is dependent on the Agriculture. As soon as the time is passing, the share of Agriculture is decreasing and share of service sector is increasing. Currently India is called a developing economy of the world.Features of Indian Economy
1. Since independence India has been a 'mixed economy'. India's large public sectors were responsible for providing employment and revenue to the economy.
2. India’s share in global exports and imports increased from 0.7% and 0.8% respectively in 2000 to 1.7% and 2.5% in 2012 as per the WTO estimates.3. Indian economy overview was highly inspired by Soviet Union's practices post-independence. It had been recording growth rate not greater than five jumped till 1980s. This stagnant growth was termed by many economists as 'Hindu Growth Rate'.4. In 1992, the country ushered into liberalization regime. Thereafter, the economy started scaling upward. This new trend in growth was called 'New Hindu Growth Rate'.
5. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries and a multitude of services.6. Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labour force.
Current Analysis
1. The current GDP factor cost is (at 2004-05 prices) Rs. 5748564 cr (2013-14)
2. Per capita Income (at current prices) Rs. 74920 (2013-14)
3. Gross domestic saving rate (at current market price as % of GDP) for 2-11-12 is 30.8%
4. Tertiary sector contributes 56% of GDP (2012-13).
5. Total food grain production is 265 million tone (2013-14).
6. India’s share in world export is 1.8% of total trade.
7. India’s share in total world import is 2.5%.
8. Total size of Indian population is 1.26 bn (2014).
9. Beating America and China, India saw the highest FDI inflow for new projects among all nations in the first half of calendar 2015. To boot, India attracted $31 billion against $12 billion in the first half of last year in capital expenditure (Capex) from foreign companies, while China and the US attracted $28 billion and $27 billion, respectively, in the same period.
10. Total size of foreign exchange reserve of India is $ 330 bn in 2015.
11. Exports of top five sectors — engineering, petroleum, gems and jewelery, textiles and pharmaceuticals - fell by about 25% to $13.33 billion in August 2015 due to global demand slowdown. These five sectors accounted for about 65% of the country's total merchandise exports in 2014-15. In August last year, exports of these sectors stood at $17.79 billion.
Explanation:
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