5 Questions
What is the average annual GDP growth rate of India over the past decade?
7%
What percentage of India's GDP is contributed by the Agricultural sector?
15%
What is the target GDP growth rate required to reach a $5 trillion economy by 2024-25?
8-9% per annum
Which sector contributes the most to India's GDP?
Services sector
What is the ranking of India's GDP growth rate among the G20 countries in 2020?
7th
Study Notes
GDP Growth
- India's GDP growth rate has been steadily increasing over the years, with some fluctuations.
- In 2020, India's GDP growth rate was 4.2%, ranking 7th among the G20 countries.
- The Indian economy has been growing at an average rate of 7% per annum over the past decade.
- The growth rate is driven by:
- Services sector (60% of GDP)
- Industrial sector (25% of GDP)
- Agricultural sector (15% of GDP)
- The Indian government has set a target to reach a $5 trillion economy by 2024-25, which would require a GDP growth rate of 8-9% per annum.
Industries
-
Agriculture:
- Contributes 15% to India's GDP
- Employs around 50% of the workforce
- Main crops: rice, wheat, cotton, sugarcane, and tea
-
Manufacturing:
- Contributes 25% to India's GDP
- Textiles, automobiles, and pharmaceuticals are key industries
- India is a major hub for manufacturing in Asia
-
Services:
- Contributes 60% to India's GDP
- IT and ITES (BPO) sector is a significant contributor
- India is a major outsourcing destination for global companies
-
Other key industries:
- Pharmaceuticals
- Automobiles
- Chemicals
- Steel
- Cement
GDP Growth
- India's GDP growth rate has been steadily increasing over the years, with some fluctuations.
- In 2020, India's GDP growth rate was 4.2%, ranking 7th among the G20 countries.
- The Indian economy has been growing at an average rate of 7% per annum over the past decade.
- To achieve a $5 trillion economy by 2024-25, India needs a GDP growth rate of 8-9% per annum.
Sector Contribution to GDP
- Services sector: 60% of GDP
- Industrial sector: 25% of GDP
- Agricultural sector: 15% of GDP
Agriculture
- Contributes 15% to India's GDP
- Employs around 50% of the workforce
- Main crops: rice, wheat, cotton, sugarcane, and tea
Manufacturing
- Contributes 25% to India's GDP
- Key industries: textiles, automobiles, and pharmaceuticals
- India is a major hub for manufacturing in Asia
Services
- Contributes 60% to India's GDP
- IT and ITES (BPO) sector is a significant contributor
- India is a major outsourcing destination for global companies
Other Key Industries
- Pharmaceuticals
- Automobiles
- Chemicals
- Steel
- Cement
Discover India's GDP growth rate, its ranking among G20 countries, and the sectors driving its economic growth. Learn about the country's target to reach a $5 trillion economy.
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