Highlights of Indian Economy
“The Indian economy is one of the fastest-growing major economies in the world, characterized by agriculture, industry, and services sectors.”
Definition
The Indian Economy refers to the economic structure of India, encompassing its agriculture, industry, and service sectors, and governed by policies and institutions.
Key Characteristics
- Mixed Economy: Coexistence of public and private sectors.
- Federal Structure: Economic policies framed at both central and state levels.
- Developing Nature: High population with growing GDP and improving indicators.
- Agricultural Dominance: A significant portion of the workforce is engaged in agriculture.
- Service Sector Growth: Major contributor to GDP with IT, banking, and communication services.
Recent Developments
- Digital Economy Initiatives such as Digital India and UPI adoption.
- Start-Up India and other innovation-focused schemes.
- Infrastructure Boost through Gati Shakti and PMAY.
- Post-COVID Recovery with emphasis on Make in India and Aatmanirbhar Bharat.
Previous Year Questions
- SSC CGL 2020: What type of economy is India considered to be?
- A mixed economy
- HSSC 2021: Which sector contributes the most to India’s GDP?
- Service Sector