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TOPIC -52

Indian Economy

Quick Points to Remember
• The sixth largest economy in the world as per nominal GDP
• We are a mixed economy and a developing economy.
• Agriculture is the largest employment provider

• India has the fastest growing service sector.
• During 2015-2016 India was at the top of the World Bank’s growth outlook.
• 100 SMART CITIES project
• Attracting FDI at a very fast pace.

Introduction

Indian economy is amongst the fastest growing economies in the world. We are
going through structural and organizational changes at a great speed and are now
the sixth largest economy in the world as per nominal GDP.

India is a developing mixed economy. We are a developing economy because we
are on the path of development.
A mixed economy is one in which the state and demand-supply forces work together.
In India the government interferes wherever necessary to ensure equitable
distribution of necessaries.
Key Points

• Indian economy is made up of three sectors- agriculture, industry and the
service sector.
• In the early stages of development, Indian economy was majorly dependent
on agriculture. Agriculture is still the largest employment provider in India and
50% of the population is engaged in agriculture.

• Agriculture makes up 18% of India’s GDP and we are the largest producer of
spices, pulses, wheat etc.

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