Indian economy is the 11th largest economy of the world with a GDP (Gross Domestic Product) of 1.22 trillion dollars in 2009-10.
Indian economy is still lagging behind in many spheres. Approximately 58.4% of the total working population is engaged in agriculture. The contribution of agriculture to the Gross Domestic Product in 2005-06 was 21%.
More than half of India's working population is engaged in agriculture.
In the UK and the USA only 2% to 3% of the working population is engaged in agriculture. Only the less developed countries have a high working population engaged in agriculture. For example, see the table below.
At current Market Price GDP of India in 2009-10 was Rs. 16,64178 cr.
GDP at factor cost (2004-05 pre) for 2009-10 was Rs. 4453064 cr.
GDP growth raw is 7.2%.
After independence the basic economic structure of the country has become more powerful. In quantitative terms there has been substantial development. The annual growth rate, however, was 9.6% in 2006-07, as announced on January 31, 2008.
Important Facts Relating to the Characteristics of the Indian Economy
The contribution of the agriculture sector to the national income is 17%.
The contribution of the public sector in the gross production is less than 17%.
Mixed economy means co-existence of public and private sectors.
Average rate of annual increase in the GDP has been approximately 4.1% for the last 52 years.
The best indicator of the economic development of any country is the per capita income.
The data of estimation of India's national income are issued by the Central Statistics Organisation (CSO).
Indian Economy Consists of Three Sectors
Primary sector of the Indian economy comprises of agriculture and its related sectors. Approximately 17.10% of the GDP is from agriculture.
Secondary sector of the Indian economy comprises of industry, manufacturing, electricity, etc. Its contribution to the GDP is approximately 28%.
Tertiary sector of the Indian economy comprises of business, transport, communication, and service. Its contribution to the GDP is the highest (approximately 55%).
Factors Important to the Economic Development of a Developing Country