Prepare a note on how composition amd growth of three sectors of Indian economy is changing in last few decades. (5 marks)
Answers
Answer: This means that between 1950-51 and 2007-08 national income grew at the compound rate of 4.7 percent per annum.
Compared to the pre-independence figure, this is really remarkable. However, the performance of the Indian economy in this direction in the 1980s, 1990s was certainly praiseworthy since it recorded a growth rate of more than 6 p.c. p.a. GDP growth rate in the 2000s is unprecedented.
It rose from 5.8 p.c. in 2001-02 to 9.2 p.c. in 2006-07. If the present trend continues, the country will be able to achieve a double digit growth rate within one or two years.
However, the better measure of economic development is the per capita income. Per capita NNP rose to Rs 24,256 in 2007- 08 (at 1999-2000 prices) as against Rs 6,122 of 1950-51 at 1999-2000 prices. This means that during this period, compound annual growth rate of net per capita income.