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Indian Economy 2010
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Introduction To Indian Economy:
Since the last two decades Indian economy is on a rise and has proved its mettle to the indian. India is one of the fastest growing economies and is often considered as one of the major super powers. India is an Asian nation with seventh largest land base and second largest in term of population. The economy of India is the largest economy in the indian by nominal GDP and the fourth largest by purchasing power parity (PPP).
Understanding Indian Economy:
Indian economy stands today as one of the influential and attractive economy. The liberalization move by the Indian Government in 1990s has given a boost to the Indian economy and put her into a fast track economic growth route. With the beginning of the new millennium, India was considered as an emerging super power. In 2009, Indian GDP based on purchasing power parity (PPP) stood at USD 3.5 trillion making it the fourth largest economy. India’s service industry accounts for 62.5% of the GDP while the industrial sector contributes 20% to the GDP. The agricultural sector which was the back bone of Indian economy post-independence took a back seat in 21st century and contributed only 17.5% to the GDP. India growth rate has been an average of 7% since 1997 and has maintained a growth rate above 5% even in times of global recession. The Information Technology and IT outsourcing services has been the biggest contributor to India’s growth. India’s per capital income (PPP) is not too attractive and stands at USD 4542. India currently accounts for 1.5% of the total indian trade as per WTO, 2007 publications.
Indian Sector Analysis:
Indian Economy VS Industry:
Industrial activities accounts for 20% of the economy. India is characterized by small and medium manufacturing units with few major players. 14% of the total workforce is engaged in...