The Indian economy is categorized into three sectors: agriculture, industry, and services. Here is the GDP contribution of each sector to the Indian economy:
- Agriculture Sector:
The agriculture sector plays a crucial role in the Indian economy, as it provides employment to around 50% of the total workforce in the country. The agriculture sector includes activities related to farming, fishing, forestry, and livestock. According to the latest data released by the Central Statistics Office (CSO), the agriculture sector’s contribution to the Indian GDP was 17.8% in the financial year 2020-21. - Industry Sector:
The industry sector includes activities related to the manufacturing, construction, and mining sectors. The industry sector is divided into two sub-sectors: the manufacturing sector and the mining and quarrying sector. According to the latest data released by the CSO, the industry sector’s contribution to the Indian GDP was 24.3% in the financial year 2020-21. The manufacturing sector contributes a significant share to the industry sector, and its contribution to the GDP was 17.6% in the financial year 2020-21. - Services Sector:
The services sector is the largest contributor to the Indian GDP, as it includes activities related to trade, hotels, transport, communication, banking, insurance, real estate, and professional services. According to the latest data released by the CSO, the services sector’s contribution to the Indian GDP was 57.9% in the financial year 2020-21. Within the services sector, trade, hotels, transport, communication, and broadcasting contribute the most to the GDP, followed by financial, real estate, and professional services.
In summary, the services sector is the largest contributor to the Indian GDP, followed by the industry sector and the agriculture sector. However, the agriculture sector continues to provide employment to a significant percentage of the population, making its growth and development crucial for the overall growth and development of the Indian economy.