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What are the major contributors to India's economy

Explain the major sectors which contribute to the economy of India.
The economy of India is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity. The major contributors to India's economy are as follows: 1. Services sector: The services sector is the largest sector in the economy, contributing over 55% to India's GDP. This sector includes finance, banking, retail, hospitality, and tourism. 2. Agriculture sector: Agriculture plays a vital role in India's economy, contributing 15% to the GDP. India is one of the largest producers of food grains, fruits, and vegetables, making this sector the primary source of livelihood for millions of farmers. 3. Manufacturing sector: This sector contributes to around 23% of India's GDP. It includes industries like textiles, automobiles, consumer goods, and electronics. 4. IT and technology: India is known for its IT and software development sectors, with major contributions made in software development, IT services, and business processing outsourcing. 5. Mining sector: India is abundant in minerals like coal, iron ore, and bauxite, making mining a significant contributor to the economy. Overall, these sectors play a crucial role in the growth of the Indian economy, providing employment opportunities and contributing towards the development of the country.
Answered 2 years ago
Amrita Aspirants