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Home :: India Travel Guide :: Economy of India
Economy of India

The Purchasing Power Parity (PPP) gives the Indian economy the fourth-largest rank in the world. The country has a Gross Domestic Product (GDP) of US $ 4282.204 billion, which makes it follow only USA, China and Japan. The growth of the Indian economy holds the rank of second-fastest in the world. The economic system of the country comprises of various sectors like agriculture, handicrafts, textile, manufacturing and a host of other services. It is also to be noted that around 2/3rd of the Indian workforce depend on the agricultural sector to earn a living. The service sector is also playing a crucial role though, controlling the economical growth to a great extent.

The advent of the nuclear age has had a greater effect on the country producing a huge number of young and educated people with fine English speaking skills. With this, India has started serving as a 'back office' destination for foreign investors and companies. Besides, India also happens to export well-versed professionals in fields of software and finance.

Classification of Indian Economical Sectors
To have a clearer understanding of the economical growth of the country, one needs to have a look at the sectors that control and influence the country's economy. The numerous sectors of the country can be classified into four categories as follows.

» Agriculture
Indian AgricultureThe agricultural sector plays the most significant role in controlling the overall socio-economic development of the country. The total farm output of the country gives it the second rank in the world. Agriculture along with allied sectors like forestry, logging and fishing showed a record GDP growth of 18.6 % in the year 2005. Thanks to the five-year plans that the government has emphasised on the agricultural sector. Instead a steady decline in the GDP share, agriculture still has the distinction of being the largest economic sector in the country.

» Industry
The industrial sector has also a good control of the overall economic growth of the country. The factory output of the country earns it the fourteenth rank in the world. The combined efforts of the government at industrialisation and giving protection from the foreign rivalry has immensely broadened the base of the industrial sector in the country. The sector contributes to 27.6% of the GDP and around 17% of the total workforce depends on it for livelihood.

» Services
In terms of services output, India has attained the fifteenth position worldwide. With a progressive growth of 4.5% (1951-1980) to 7.5% (1991-2000), the services sector happens to be the fastest growing sector in the country. Apart from that, it also boasts the largest share in the GDP - 53.8% in 2005. It is only due to the fine infrastructural developments that the country has proved its worth in this sector.

» Banking & Finance
Indian CurrencyThe banking and finance sector of India can further be divided into the organised and the unorganised sectors. Private, public and foreign commercial banks along with the co-operative banks fall into the category of the organised sector. The unorganised sector includes indigenous (individual/ family owned) bankers, money-lenders and non-banking financial companies. During the nationalisation of banks in the tenure of prime minister Indira Gandhi, it was made mandatory for banks to provide 40% of their net credit to sectors like agriculture, small-scale industries, retail trade etc.

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