Page 163 - LECTURETTE TOPICS eBOOK

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• The agricultural sector is vast and includes livestock, animal husbandry,
fishing and allied activities etc.

• The industrial sector includes registered and unregistered manufacturing,
mining, construction, quarrying etc
• On an average, the industry contributes about 7% to the Indian economy
every year. It is said to be a major provider of foreign exchange earnings.
• The service sector in India is said to be the fastest growing sector of the
economy. It includes tourism, real estate, BPO, KPO, IT services.
• The service sector contributes 55.2% to Gross Value Added.
• We have become one of the largest exporters of IT and software services.
• With programmes for start-ups, the Indian economy has become the third-
largest startup hub in the world.
• With initiatives like digital India, e-Vikas etc, the e-commerce market is
growing rapidly.
• Liberalisation, privatization, and globalization have made the Indian economy
more open and acceptable to global integration.
• India has become an attractive investment hub and the FDI has increased
considerably.
• Indian economy works on the 5-year plan basis. We have agendas and a
road-map for growth. The planning commission of India is called the Niti-
Aayog.

Recent Issues

Although we are a fast-growing economy, yet there are a number of bottlenecks that
are acting as a hindrance for development. These are

1. Low level of national income and low capital formation: Because of low
incomes, the rate of savings is less and this leads to low investments.
2. Use of obsolete technologies: We are not making adequate investments in
advanced technology and are therefore lacking behind.

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