Page 137 - LECTURETTE TOPICS eBOOK

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• India’s largest employer is agriculture, but it contributes 17% in India’s
GDP.

• The manufacturing industry also has a huge share of 26% contribution in
the GDP.
• India is a hub of automobile production and produced around 21.48millions
in the year 2013-14. This ratio has been continuously increasing.
• India had a market of $600billion in 2015 and became one of the leading
e-commerce markets of the world.
• Under the British rule, India’s contribution in the world’s economy dropped
from 24% to 4.1%. During this era, India’s contribution in industrial output
and India’s own GDP also dropped significantly.
• India ranks second in the world for its farm output. Being agriculture the
main occupation, other sectors like fishing, forest etc. also contributes 17%
in the national GDP. Agriculture solely contributes 23% of GDP while it
also has 56% of India’s total population in 2016.
• India’s chemical industry is the third largest producer in Asia and
contributes 5% in India’s GDP.
th
• India is expected to turn into the 6 largest pharmaceutical market in the
world with $36.7 billion in the GDP.
• Apart from the above given industries, India has also emerged in industries
like mining.

Conclusion :India needs a great structural transformation and growth in different
sectors if it aims to increase its GDP and also its contribution in the world’s GDP.
Also improvement in land, labor and financial markets would be needed to maintain
the current growth. India’s banking sector also needs a reform for stability and growth
while sectors like IT, software and BPO needs encouragement and global
integration.

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