What is agriculture? What are the various sectors of Indian economy
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India is the 7th largest economy of the world. The International Monetary Fund (IMF) has predicted that the Indian economy will be the fastest growing economy in the world and expected to grow at the rate of 7.4% in the FY 2018.
Indian Economy is classified in 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 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 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 sectors of the economy.Currently it is contributing around 31% of the Indian GDP (at current prices).
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 tertiary sector of the economy. Currently this sector is the backbone of the Indian economy and contributing around 53% of the Indian GDP.
Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 73.79 lakh crore INR in 2016-17. Services sector accounts for 53.66% of total India's GVA of 137.51 lakh crore Indian rupees.
Industrial sector contributes 29.02% with GVA of Rs. 39.90 lakh crore. While, Primary Sector of the economy i.e. Agriculture and allied sector contributes 17.32% and its GVA is around Rs. 23.82 lakh crore at the current prices in the FY 2016-17.
Let's have a look on the all three sectors of the Indian economy in the FY 2016-17 at the current price.
Sector
GVA (Rupees in Crore) at current prices (2016-17)
Percentage share
1.0 Agriculture Sector
2,382,289
17.32 %
1.1 Agriculture,forestry & fishing
2,382,289
17.32 %
2.0 Industry Sector
3,989,791
29.02 %
2.1 Mining & quarrying
309,178
2.25 %
2.2 Manufacturing
2,278,149
16.57 %
2.3 Electricity, gas, water supply & other utility services
338,396
2.46 %
2.4 Construction
1,064,068
7.74 %
3.0 Services Sector
7,378,705
53.66 %
3.1 Trade, hotels, transport, communication and services related to broadcasting
2,538,162
18.46 %
3.2 Financial, real estate & prof servs
2,896,300
21.06 %
3.3 Public Administration, defence and other services
1,944,243
14.14 %
GVA at Current Prices
13,750,786
100.00 %
The above table shows that the service sector is the backbone of the Indian economy; contributing the most in Indian GDP followed by the industrial sector. But the declining percentage of the agriculture and allied sector in the Indian GDP is the cause of concern for the policy makers because this sector still provides livelihood to around 53% population of the country but its contribution in the economy is declining year by year
Indian Economy is classified in 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 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 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 sectors of the economy.Currently it is contributing around 31% of the Indian GDP (at current prices).
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 tertiary sector of the economy. Currently this sector is the backbone of the Indian economy and contributing around 53% of the Indian GDP.
Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 73.79 lakh crore INR in 2016-17. Services sector accounts for 53.66% of total India's GVA of 137.51 lakh crore Indian rupees.
Industrial sector contributes 29.02% with GVA of Rs. 39.90 lakh crore. While, Primary Sector of the economy i.e. Agriculture and allied sector contributes 17.32% and its GVA is around Rs. 23.82 lakh crore at the current prices in the FY 2016-17.
Let's have a look on the all three sectors of the Indian economy in the FY 2016-17 at the current price.
Sector
GVA (Rupees in Crore) at current prices (2016-17)
Percentage share
1.0 Agriculture Sector
2,382,289
17.32 %
1.1 Agriculture,forestry & fishing
2,382,289
17.32 %
2.0 Industry Sector
3,989,791
29.02 %
2.1 Mining & quarrying
309,178
2.25 %
2.2 Manufacturing
2,278,149
16.57 %
2.3 Electricity, gas, water supply & other utility services
338,396
2.46 %
2.4 Construction
1,064,068
7.74 %
3.0 Services Sector
7,378,705
53.66 %
3.1 Trade, hotels, transport, communication and services related to broadcasting
2,538,162
18.46 %
3.2 Financial, real estate & prof servs
2,896,300
21.06 %
3.3 Public Administration, defence and other services
1,944,243
14.14 %
GVA at Current Prices
13,750,786
100.00 %
The above table shows that the service sector is the backbone of the Indian economy; contributing the most in Indian GDP followed by the industrial sector. But the declining percentage of the agriculture and allied sector in the Indian GDP is the cause of concern for the policy makers because this sector still provides livelihood to around 53% population of the country but its contribution in the economy is declining year by year
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