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GDP of India
GDP of India
However cause for concern would be this rapid growth has not been an inclusive in
nature, in the sense it has not been accompanied by a just and equitable distribution of
wealth among all sections of the population. This economic growth has been location
specific and sector specific. For e.g. it has not percolated to sectors were labor is
intensive (agriculture) and in states were poverty is acute (Bihar, Orissa, Madhya Pradesh
and Uttar Pradesh).
Though India has the second highest growth rate in the world, its rank in terms of human
development index (which is broadly used has a measure of life expectancy, adult literacy
and standard of living) has gone down to 128 among 177 countries in 2007 compared to
126 in 2006.
1960-1980 : 3.5%
1980-1990 : 5.4%
1990-2000 : 4.4%
2000-2009 : 6.4%
The contributions of various sectors in the Indian GDP for 1990-1991 are as follows:
Agriculture: - 32%
Industry: - 27%
Service Sector: - 41%
The contributions of various sectors in the Indian GDP for 2005-2006 are as follows:
Agriculture: - 20%
Industry: - 26%
Service Sector: - 54%
The contributions of various sectors in the Indian GDP for 2007-2008 are as follows:
Agriculture: - 17%
Industry: - 29%
Service Sector: - 54%
It is great news that today the service sector is contributing more than half of the Indian
GDP. It takes India one step closer to the developed economies of the world. Earlier it
was agriculture which mainly contributed to the Indian GDP.
The Indian government is still looking up to improve the GDP of the country and so
several steps have been taken to boost the economy. Policies of FDI, SEZs and NRI
investment have been framed to give a push to the economy and hence the GDP.