Write the classification of different sectors
contribution in GDP.
38
Answers
Explanation:
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 contribution of the three sectors of Indian economy include ;
1. Primary sector : It includes agricultural and allied activities. Majority of Indian population depends upon agricultural but accounts only 15.87% to the GDP of India. The world's average contribution of primary sector is only 6.4% which is very less than India.
2. Secondary sector : This includes industrial and manufacturing sector. It contributes 29.73% to the Indian economy while as average contribution of industrial sector is 30%.
3. Territory Sector : In Includes the service sector. It is the largest sector of India which contributes 54 % to the Indian economy while as world contributes 63%.