Meaning, Reasons and Effects!
To know and understand the nature of Indian economy, it is very necessary to have a clear idea about the meaning of Indian economy. Although India is an agro-based economy, but lot of emphasis has been given on the development of industries both consumer goods and capital goodsservice sector including construction, trade, commerce, banking system etc.
Both central and state governments in India join their hands in all the spheres leading to economic development. On the basis of production: Indian economy can broadly be divided into three heads: This sector consists of agriculture and its allied activities including dairy, poultry, cattle rearing, fishing, forestry, animal husbandry etc.
In the primary sector, most of the goods are produced by using natural resources, since India is a overpopulated agro based economy, therefore, this sector plays an important role for economic growth. This sector is also known as industrial sector. In this category, all types of manufacturing sector like large scale, small scale and tiny scale are included.
Small and tiny scale industries include clothes, candle, poultry, match box, handloom, toys etc. These units provide huge employment. On the other hand, large scale industries like iron and steel, heavy engineering, chemicals, fertilizers, shipbuilding etc.
This sector produces different services like transport, communication, banking, insurance, trade and commerce, including both national and international trade. Moreover, all the professional services like doctors, engineers, teachers, lawyers etc.
Again the services provided by the government itself for the welfare of citizens are also included in the tertiary sector. Indian economy can be broadly divided into two heads: It consists of all the economic organizations which are controlled and managed by the government.
All the government-owned production units come under this head.
These units produce and distribute goods and services among the common mass with an objective of welfare motives.
It consists of all the economic enterprises which are controlled and managed by the private enterprises. All the privately owned production units are come under this head. These units will produce and distribute goods and services among the people with an objective of profit motive.
On the basis of habitation, Indian economy can again broadly be divided into two heads: About three-fourths of total population in India lived in the rural sector.
The main occupations of this sector are agriculture and allied activities.
One-fourth of the total population in India lived in the urban sector. It consists of towns and cities. People living in this sector are mainly engaged in either secondary sector or tertiary sector.Although India is an agro-based economy, but lot of emphasis has been given on the development of industries (both consumer goods and capital goods), service sector (including construction, trade, commerce, banking system etc.) and socio-economic infrastructure (like education, health, housing power, energy, transport, communication etc.).
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The Levy Economics Institute of Bard College is a non-profit, nonpartisan, public policy think tank. Economic Survey of India is an annual document, prepared by the Only Chief Economic Advisor (CEA) and tabled in the parliament ahead of budget presentation.
It describes the events of past, and (2) provides predictions for future financial year. The Ministry of Power had signed an MOU with the International Energy Agency in April, for cooperation in the power sector. With some of these steps undertaken, the government has paved way for privatization and the power sector is set to grow at a rapid pace.