India has experienced strong economic growth in recent decades, becoming the world's fastest growing major economy. Its economy has grown at an average of 6-7% annually since economic liberalization in 1991. India's GDP is expected to continue growing around 7.5% through 2021. Agriculture remains an important sector, absorbing most of the workforce, though services now contribute the largest portion to GDP. The government aims to double farmers' incomes by 2022 through increased investment in infrastructure and adoption of new technologies. Fast growing industries include renewable energy, cybersecurity, biotechnology, and artificial intelligence.

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2. India's current economic growth (as the world's fastest-growing major economy as of 2015) has improved its
standing on the world's political stage, even though it is still a developing country, but one that is showing
strong development. Many nations are moving to forge better relationships with India.
The economy of India is a developing mixed economy. ... After the 1991 economic
liberalisation, India achieved 6-7% average GDP growth annually. Since 2014 with the exception of
2017, India's economy has been the world's fastest growing major economy, surpassing China.
The Bank's Economic Prospects Report released on Tuesday forecast India's economy to grow by 7.5 per
cent during this and the next two fiscal years, retaining its top spot as the fastest growing major economy.
... India "is estimated to have grown 7.2 per cent in fiscal year 2018-19, which ended March 31", the report
said.
In 2019 , only 46 million people out of 1.3 billion people live below poverty line due to the efforts put in by the
Indian government to end extreme poverty. ... The Asian Development Bank estimates India's population to be
at 1.28 billion with an average growth rate, from 2010-2015, at 1.3%.
In his book India 2020, Kalam strongly advocates an action plan to develop Indiainto a strong nation by the
year 2020. He regards his nation as a knowledge superpower and developed nation.

3. India has one of the fastest growing service sectors in the world with an annual growth rate above 9% since
2001, which contributed to 57% of GDP in 2012–13.India has become a major exporter of IT services,
Business Process Outsourcing (BPO) services, and software services with $177 billion revenue in FY 2019.
Top Performing Sectors of Indian Economy
•Agricultural Sector: One of the most important sectors of the Indian economy remains Agriculture. ...
•Industry Sector: Another important part of the Indian economy is the Industry sector. ...
•Services Sector: ...
•Food Processing: ...
•Manufacturing Sector:
They are three sectors in the Indian economy, they are; primary economy, secondary economy, and
tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized.
While for ownership, it is divided into the public sector and the private sector.
Sectors of the economy
•Primary sector – extraction of raw materials – mining, fishing and agriculture.
•Secondary / manufacturing sector – concerned with producing finished goods, e.g. factories making toys,
cars, food, and clothes.
•Service / 'tertiary' sector – concerned with offering intangible goods and services to consumers.

4. Which sector of the economy in India bears most of the workforce and why?
The primary sector of the economy in India bears most of the workforce. Agriculture is one of the best
examples of the primary sector. As agriculture is the best one in the Indian economy, it produces lots and
lots of turnover.
On the basis of employment conditions, activities in the economy are classified as organised and
unorganised. The organised sector offers job security and employment benefits, while the
unorganised sector is marked by low wages and lack of job security.
Agriculture is the most labour absorbing sector of the Indian economy. (ii) Surplus labour in agriculture
has moved to either the secondary or tertiary sector.
The secondary sector of the Indian economy is the most significant area and helps in
the economic development of the country because it covers those activities in which natural products are
changed into other forms in manufacturing units.
The Tertiary sector has emerged as the largest producing sector in the Indian economy in the last
decade because (i) Demand for Tertiary sector activities like transport, storage and trade have increased
substantially with the development of the Primary and Secondary sectors.

5. According to the UN's World Economic Situation and Prospects (WESP) 2019,India's GDP growth is
expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending
March 2019. The growth rate may come down to 7.4 per cent a year later.
High level of illiteracy, lack of healthcare facilities, and limited access to resources are some of the
basic problems in poor areas. Pollution and environmental issues are the other challenges that India is
facing at present.
By 2030, India's economy is expected to be about 8–9 Trillion Dollars. India's GDP per Capita will be about
5000–6000 US Dollars making Standards of Living comparatively higher than Present. By 2030, 60% of the
Population of India will be living in Cities n Urban Areas.
The future of farming in India should be fewer, educated farmers running highly efficient farms and
producing high value goods. First, a basic reality. One hectare of a good rice farm produces 2300 kg of
rice that fetches about Rs.20/kg for the farmer
One of the major barriers to boosting farm productivity is the lack of new technologies and major
breakthroughs. While the National Agriculture Research System played a major role in the green revolution,
in recent years there hasn’t been any major break through in research. One of the main reasons for this is
the lack of financial resources.

6. While India spent 31% of its agricultural GDP on research and development in 2010, in the same year China
spent almost double than amount. Even our neighbour Bangladesh spent 38% of its agricultural GDP on
research and development in that year. As a result of this resource crunch there has not been diffusion of new
agricultural innovations and practices that is critical for enhancing farm productivity.
India is expected to achieve the ambitious goal of doubling farm income by 2022. The agriculture sector in India
is expected to generate better momentum in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold storage. Furthermore, the growing use of
genetically modified crops will likely improve the yield for Indian farmers. India is expected to be self-sufficient in
pulses in the coming few years due to concerted efforts of scientists to get early-maturing varieties of pulses
and the increase in minimum support price.
The government of India targets to increase the average income of a farmer household at current prices to Rs
219,724 (US$ 3,420.21) by 2022-23 from Rs 96,703 (US$ 1,505.27) in 2015-16.
Going forward, the adoption of food safety and quality assurance mechanisms such as Total Quality
Management (TQM) including ISO 9000, ISO 22000, Hazard Analysis and Critical Control Points (HACCP),
Good Manufacturing Practices (GMP) and Good Hygienic Practices (GHP) by the food processing industry will
offer several benefits.

7. Which is the fastest growing industry in India?
The Fast Moving Consumer Goods (FMCG) sector in rural (accounts for 40 %FMCGmarkets in India) and
semi-urban India is estimated to cross US$ 100 billion by 2025. Ranked third in the world in volume, the
pharmaceutical sector is expected togrow at 15% every year.
From biotechnology to artificial intelligence, we count down five of the fastest growing industries.
1.1 – Renewable energy. ...
2.2 – Cybersecurity. ...
3.3 – Biotechnology. ...
4.4 – Virtual reality. ...
5.5 – Artificial intelligence.
If you're planning to start a new business, or to join one that's expected to flourish, here are the top 10
booming industries.
•Transportation. Forecasted revenue growth: 2.2 percent. ...
•Real estate. Forecasted revenue growth: 1.6 percent. ...
•Finance. ...
•Hospitality. ...
•Construction. ...
•Consumer retail. ...
•Media. ...
•Energy.

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