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  • For the growth of an economy it is important that all sectors- agriculture, industry and service sector grow hand in hand
  • In India, agriculture sector dominates, in the sense it still provides occupation to more 50% of the population.
  • Indian agriculture contributes 14% of GDP, it supports industries, contributes to foreign trade, supplies food for human beings and fodder to animals.
  • The industrial sector contributes to economic development by acting as a catalyst in the development of other sectors.
  • The industrial sector has grown at an average rate of 6.2% per annum since independence.
  • The performance and contribution of small scale and cottage industry has been quite remarkable in India since independence. The growth rate of small scale sector is at 10% per annum in terms of production.
  • Service sector contributes 56% of India’s GDP and 1/3rd of India’s export.
  • The average growth rate of service sector during the 10th FYP was 9% per annum. The 11th FYP aimed at an annual average growth rate of 9.4% and actual growth rate is around 10%.
  • India has the third largest scientific and technical manpower in the world.
  • In a socialist economy, the means of production are owned and operated by the State.
  • In a mixed economy, both, public and private institutions exercise economic control simultaneously.

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