Question

Observe the following diagram and write a paragraph of your interpretation
Sector-wise contribution to the Indian Economy
Agriculture14%
Construction10%
Manufacturing12%
Government9%
Leisure and Hospitality14%
Trade,Utilities and Transportation16%
Finance, Business
and Other8%
Healthcare and Education17%

2016
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Answer 1

Answer:

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Answer 2

Explanation:

Sector-wise contribution to the Indian Economy.

At present, the Indian economy is passing through a tough time. But it is expected that our economy will recover from this slowdown very soon.

As per the latest report of 'World Economic League Table 2020'; India has overtaken both France and the UK to become the world's 5th largest economy in 2019.

Indian Economy is classified into 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 the 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 the 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 sector of the economy. Currently, it is contributing around 29.6 % of the Indian GDP (at current prices) in 2018-19.

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 the tertiary sector of the economy. Currently, this sector is the backbone of the Indian economy and contributing around 54.3% of the Indian GDP in 2018-19.

The services sector is the largest sector in India. Gross Value Added (GVA) at current prices for the Services sector is estimated at 73.79 lakh crore INR in 2016-17. The services sector accounts for 53.66% of total India's GVA of 137.51 lakh crore Indian rupees.

The industrial sector contributes 29.02% with GVA of Rs. 39.90 lakh crore. While Primary Sector of the economy i.e. Agriculture and the allied sector contributes 17.32% and its GVA is around Rs. 23.82 lakh crore at the current prices in the FY 2016-17.