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India Information > Economy > Sectoral Overview |
Agriculture
In India, Agriculture still remains the predominant sector in terms of employment and livelihood with more than half of India's workforce engaged in it as a principal occupation. Agriculture still contributes significantly to export earnings and is an important source of raw materials as well as of demand for many industries.
During the last two years i.e. 2006-07 and 2007-08 the average growth rate of agriculture and allied sectors has been more than 4 per cent as compared to the average annual growth of 2.5 percent during the 10th Plan. The revival in agriculture sector after a long period of near stagnation has been possible mainly due to a number of initiatives taken in the recent years.
Investment provides a strong base for achieving high growth rate. While public sector investment has grown from 1.8 per cent of sectoral GDP [ie. GDP of agriculture sector] in 2000-01 to 3.5 per cent in 2006-07, private sector investment has increased from 8.9 per cent in 2003-04 to 9.9 per cent in 2006-07. The investment has grown further in the last and present years
Manufacturing
Manufacturing is the backbone of the economy. Global competitiveness in manufacturing fosters growth, productivity and employment and strengthens the agriculture and service sectors. India has the potential to become a manufacturing hub for textiles, automobiles, steel, metals and petroleum products for the world market.
India has emerged as a premier global manufacturing hub with the foray of a number of Multi National corporations such as General Motors, Ford, Suzuki, Hyundai, Coco Cola, etc.
The current scenario portrays significant improvement in the performance of beverages and tobacco, cotton textiles, textile products, basic metal and alloy industries, non metallic mineral products, transport equipment and other manufacturing industries.
Services
Since the beginning of the tenth five-year plan, industry and services have acted as twin engines propelling overall growth of the economy. Service sector growth continued to be broad based. Among the three sub sectors of services, trade, hotels, transport and communication services continued to lead by growing at double-digit rates since 2003-2004. Impressive progress in the railway passenger network and production of commercial vehicles, rapid addition to the existing stock of telephone connections, particularly mobiles, growth in the financial services (banking, insurance and real estate) and the construction boom were some of the driving segments of the service sector. |
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