Economy of India

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Economy of India

The Economy of India is characterized as a developing mixed economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018.

History[edit]

The History of the Indian economy can be traced back to the Indus Valley Civilization. During the medieval era, India was the world's largest economy, accounting for a quarter of the world's GDP. The British Raj period saw a major shift in the economy, with a significant decline in GDP.

Sectors[edit]

The Indian economy is broadly classified into three sectors: Agriculture, Industry, and Services.

Agriculture[edit]

Agriculture in India is the predominant occupation and the largest sector, contributing significantly to the national GDP. It employs a majority of the country's workforce and fulfills the food and nutritional requirements of the nation.

Industry[edit]

The Industry in India includes a range of industries, such as textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport, and insurance.

Services[edit]

The Services sector in India has the largest share in the Indian GDP with it being the source of employment for 27% of the workforce.

Economic Reforms[edit]

The Economic reforms in India refer to the liberalization measures undertaken in 1991, which led to the opening up of the Indian economy for global trade and investment.

Challenges[edit]

Despite the high growth rate, the Indian economy faces several challenges, including poverty, corruption, inadequate public healthcare, and unemployment.

See also[edit]

References[edit]

External links[edit]

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