Page 243 - General Knowledge

GENERAL KNOWLEDGE 2019

INDIAN ECONOMY

1. BROAD SECTORS OF INDIAN ECONOMY

 Indian Economy which has achieved unprecedented growth of over 9 percent, for three
successive years between 2005-06 and 2007-08 slowed down to 6.7% during the global
financial crisis of 2008-09.
 It swiftly recovered and achieved a growth rate of over 8 per cent during the next two
financial years in 2009-11.
 After that, the Indian Economy has been going through challenging times that stood at 5.1
and 6.9 per cent growth of GDP at factor cost at constant market prices for two consecutive
years, i.e. 2012-13 and 2013-14 under new series with base year 2011-12.
 The same was estimated at 7.4% for the year 2014-15 and 7.6% during 2015-16 under new
series with base year 2011-12.
 After Independence, India modeled it‘s planning on Russian 7 Year Plans.
 Nehru, the first Prime Minister, endeavoured to establish a socialistic pattern of society and
as a result major sectors were reserved to government undertakings.
 At present, the Economy of India is the seventh-largest economy in the world measured by
the nominal GDP and the third-largest by purchasing power parity (PPP).
 The Indian Economy has the potential to become the world‘s fastest growing major
economy in the last quarter of 2014, replacing the People‘s Republic of China.

 India has $600 billion worth of retail market in 2015 and one of the world‘s fastest growing
e-Commerce markets.
 India has also topped the World Bank‘s growth outlook for 2015-16 for the first time with the
economy having grown 7.6% in 2015-16 and expected to grow 8.0%+ in 2016-17.
 There are three sectors. They are
 Primary Sectors
 Secondary Sectors
 Tertiary Sectors
Primary Sectors
 The primary sector of the economy is the sector of an economy, making direct use of
natural resources.
 Includes agriculture, forestry, fishing and mining. In contrast, the secondary sector produces
manufactured goods, and the tertiary sector provides services.
 Aspects of Indian Economy Notes MODULE - 7 Indian Economy 70 as cultivation.
 They are known as farmers and agricultural labourers and the occupation is called
agriculture.
 There are different types of crops which are cultivated; such as food items and non-food
items.
 Food items include cereal, pulses, fruits and vegetables etc. and non-food items include
cotton, jute etc.

Secondary Sectors
 Includes Manufacturing, Construction, Gas, water and electricity supply.
 This implies the production of goods by using raw materials in manufacturing units called
factories and industries.

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