What are the major components of India's GDP and how do they contribute to the economy

Discuss the composition of India's GDP and its significance for the nation's economic growth.
The major components of India's GDP include agriculture, industry, and services.
  • Agriculture: It contributes around 17-18% to the GDP and employs around 50% of the country's population. It is a crucial source of income for rural India.
  • Industry: This sector is divided into mining, manufacturing, electricity, gas, and water supply. It contributes around 30% to the GDP and employs around 25% of the workforce. Manufacturing and construction are the largest segments in this sector.
  • Services: It is the largest and fastest-growing sector, contributing around 55% to the GDP and employing around 25% of the workforce. It includes IT, banking, tourism, healthcare, and other services.
The composition of India's GDP reflects the country's transition from a primarily agrarian economy to a service-based one. A robust growth in the service sector has helped the country sustain its economic growth and create employment opportunities. However, the agriculture sector needs improvement for providing better livelihood opportunities to India's rural population. Overall, achieving a balance between these sectors could help India achieve sustainable economic growth.
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