Unit – 6 : Indian Economy and Various Sectors of the Economy (Update latest data)
1) The average growth rate of the Indian Economy over a period of 25 Years since 1980-81 was about 6.00%.
2) During 2000-01 to 2007-08, the growth rate is 7.20% when compared with 2003-04 to 2007-08.
3) Various sectors of Indian economy:
i. Agriculture ii. Industry
iii. Micro and Small Enterprises (MSEs) iv. Services
4) The average growth rate of the Indian Economy over a period of 25 Years since 1980-81 was about 6.00%.
5) Agriculture Sector is one of the most important sectors of Indian economy.
6) Agriculture Sector accounted for 17% of GDP in 2008-09.
7) Industry Sector accounts for 19% of GDP in 2008-09. About 1/3rd of the industrial labour force is engaged in simple household manufacturing only.
8) Central Statistical Organisation (CSO) classifies the industrial sector into 3 segments
i. Mining and Quarrying ii. Manufacturing and Electricity iii. Gas and Water Supply.
9) The Sector of MSME is accounted for around 39 % of total industrial production, 34% of the exports in the industrial sector and around 35% if total Employment among units engaged in manufacturing and services.
10) The MSMED Act, 2006 classifies enterprises broadly into two categories
i. Manufacturing enterprises ii) Service Enterprises.
11) These broad categories are further classified into Micro Enterprises, Small Enterprises and medium enterprises, depending up on the level of investment in plant and machinery and equipment as the case may be.
12) The Service Sector accounts for about 2/3rd of India’s GDP i.e. 64% in 2008-09.
13) Service Sector is also called as Tertiary Sector.