The economy of India is the twelfth largest in the world by market exchange rates and the sixth largest in the world by GDP, measured on a purchasing power parity (PPP) basis. The country was under socialist-based policies for an entire generation from the 1950s until the 1980s. The economy was characterized by extensive regulation, protectionism, and public ownership, leading to pervasive corruption and slow growth. Since 1991, continuing economic liberalization has moved the economy towards a market-based system.
Agriculture is the predominant occupation in India, accounting for about 60% of employment. The service sector makes up a further 28%, and industrial sector around 12%. One estimate says that only one in five job-seekers has had any sort of vocational training. The labor force totals half a billion workers. For output, the agricultural sector accounts for 18% of GDP; the service and industrial sectors make up 55% and 27% respectively. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish. Major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery and software design. In 2007, India's GDP was $ 1.237 trillion, which makes it the twelfth-largest economy in the world or fourth largest by purchasing power adjusted exchange rates. India's nominal per capita income of $1043 is ranked 136th in the world. In the late 2000s, India's growth has averaged 7.5% a year, increases which will double the average income within a decade. Unemployment rate is 7% (2008 estimate).
Previously a closed economy, India's trade has grown fast. India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.
India's recent economic growth has widened economic inequality across the country.Despite sustained high economic growth rate, approximately 80% of its population lives on less than $2 a day (PPP), more than double the same poverty rate in China. Even though the arrival of Green Revolution brought end to famines in India, 40% of children under the age of three are underweight and a third of all men and women suffer from chronic energy deficiency.
Agriculture is the predominant occupation in India, accounting for about 60% of employment. The service sector makes up a further 28%, and industrial sector around 12%. One estimate says that only one in five job-seekers has had any sort of vocational training. The labor force totals half a billion workers. For output, the agricultural sector accounts for 18% of GDP; the service and industrial sectors make up 55% and 27% respectively. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish. Major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery and software design. In 2007, India's GDP was $ 1.237 trillion, which makes it the twelfth-largest economy in the world or fourth largest by purchasing power adjusted exchange rates. India's nominal per capita income of $1043 is ranked 136th in the world. In the late 2000s, India's growth has averaged 7.5% a year, increases which will double the average income within a decade. Unemployment rate is 7% (2008 estimate).
Previously a closed economy, India's trade has grown fast. India currently accounts for 1.5% of World trade as of 2007 according to the WTO. According to the World Trade Statistics of the WTO in 2006, India's total merchandise trade (counting exports and imports) was valued at $294 billion in 2006 and India's services trade inclusive of export and import was $143 billion. Thus, India's global economic engagement in 2006 covering both merchandise and services trade was of the order of $437 billion, up by a record 72% from a level of $253 billion in 2004. India's trade has reached a still relatively moderate share 24% of GDP in 2006, up from 6% in 1985.
India's recent economic growth has widened economic inequality across the country.Despite sustained high economic growth rate, approximately 80% of its population lives on less than $2 a day (PPP), more than double the same poverty rate in China. Even though the arrival of Green Revolution brought end to famines in India, 40% of children under the age of three are underweight and a third of all men and women suffer from chronic energy deficiency.
SECTORS
The indian economy is mainly divided into three sectors primary,secondary and thirtary.Primary sector mainly consist of agricultrue and agroproducts which contributes around 18% to our GDP and is growing at 3.2%. The secondary sector consist of industrial segment. Its contribution in indian GDP is around 27% and is growing at 8.7%. The thrirtiary which includes all types of services contributes the most i.e 55% and growing at 10% from last few years.
Well, a very nice effort put in by you..but i think heading posted by you is somewhat inappropriate.There was not even a single sentence written on stock markets.. Moreover i would advise you to write some blogs on future, forecasting & predicting something...it can be stock market, economy, how it is going to perform, citing ur justificaions as well..which would attract more public attention rather than on what had already happened.This comment of mine is just a feedback & plz dont take it peronally..On the whole it was a nice effort...keep gng.
ReplyDeleteTthank you for your comment but its just a start up. We started with economy watch & proceed through sectoral reports to the daily stok watch.
ReplyDelete