There are three main types of economies: agrarian, industrial, and service. An agrarian economy relies on agriculture for over 50% of its GDP. India was an agrarian economy at independence. An industrial economy gets over 50% of its produce from manufacturing. Service economies receive over half of their economic output from the service sector. India's economy has transitioned to being service-based, with 65% of growth coming from services, 27% from industry, and 8% from agriculture.
4. Agrarian Economy
An economy is called agrarian if the share of its
primary sector is 50% or more in total output(the
GDP) of the economy.
At the time of independence, India was such an
economy.
In monetary terms India is no more an agrarian
economy, the dependency ratio make it so-India
being the first such example in the economic history
of the world
5. Industrial Economy
If the secondary sector contributes 50% or more to
the total produce value of an economy, it is an
Industrial economy.
Higher the contribution, higher is the level of
Industrialisation.
The western economies who went for early
industrialisation earning faster income and
developing early known as developed economies.
6. Service Economies
An economy whose 50% or more produce value
comes from the tertiary sector is known as the service
economy. First lot of such economies in the world
were the early industrialised economies.
During last decades, the overall growth of the
economy in INDIA has been 65% (service) , 27%
(industrial) , 8%(agrarian).
