Indian Economy & Various Sectors of the Economy: Caiib Paper 1 (Module A), Unit 6
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So, here we are providing “Unit 6: Indian Economy & Various Sectors of the Economy” of “Module A: Economic Analysis” from “Paper 1: Advanced Bank Management (ABM)”.
The Article is Caiib Unit 6: Indian Economy & Various Sectors of the Economy
Economy till 2008
- In the First five Decades of the 20th Century, till we got our independence in 1947, the per capita GDP in India was stagnant. The Trend growth in GDP during this period was 0.9% with Population growing by about 0.8%.
- Period 1950-1980= 3.5%
- Period 1980- 2000=6%
- Period 2000-2008= 7.2% to 8.8%
Economy after 2008
- The Global financial crisis of 2008 affected the Indian economy also. Despite various measures taken by RBI and the Indian govt, the growth rate started declining.
- 2009-10= 7.1%
- 2010-11= 6.8%
- 2011-12 = 6.5%
- 2012-13 = 5.1%
- 2013-14= 6.6%
- 2014-15= 7.2%
- 2016-17= 7.1%
♦Various Sectors of the Economy
Indian economy is classified in three main sectors:
- Agriculture and allied activities (Forestry & Logging, fishing and relative activities)
- Industry (Manufacturing, electricity, Gas, Water supply and Construction)
- Services (Trade, repairs, hotels and Restaurants, Transport storage, communication & Services related to broadcasting, financial, real estate & professionals services, Community, social & personal services.)
Agriculture and allied activities:
- 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 as compared to 21.7% in 2003-04. It is worth to mention that the agriculture sector provides jobs to around 53% population of India.
- 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.
- 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 share of various sectors in Gross Value Added (GVA) during last three years is given in the table below. (updated upto Dec. 2018):source:-PIB
|Share of sectors in GVA at current prices (%)|
|Sector||2015-16 (2nd RE)||2016-17 (1st RE)||2017-18 (PE)|
|Agriculture, forestry & fishing||17.7||17.9||17.1|
|(Of which) Manufacturing||16.8||16.8||16.7|
|Source: Central Statistics Office;
Notes: 2nd RE: Second Revised Estimates
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