india,s economy has become service secter based off aggiculture sector what are its mainreason?
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The economy of India is characterised as a developing market economy. It is the ... The Indian IT industry is a major exporter of IT services with $180 billion in revenue and employs ...
Answer:
The economy of India is characterised as a developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 142nd by GDP (nominal) and 119th by GDP (PPP) per capita in 2018.[6] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China. Historically India was one of the largest economy in the world for most of the two millennia from 1st until 19th century
The history of Agriculture in India dates back to Indus Valley Civilization and even before that in some places of Southern India. India ranks second worldwide in farm outputs. As per 2018, agriculture employed 50% of the Indian work force and contributed 17-18% to country's GDP.
In 2016, agriculture and allied sectors like animal husbandry, forestry and fisheries accounted for 15.4% of the GDP (gross domestic product) with about 31% of the workforce in 2014. India ranks first in the world with highest net cropped area followed by US and China. The economic contribution of agriculture to India's GDP is steadily declining with the country's broad-based economic growth. Still, agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India.
India exported $38 billion worth of agricultural products in 2013, making it the seventh largest agricultural exporter worldwide and the sixth largest net exporter. Most of its agriculture exports serve developing and least developed nations. Indian agricultural/horticultural and processed foods are exported to more than 120 countries, primarily to the Japan, Southeast Asia, SAARC countries, the European Union and the United States.