India’s economy is the 5th largest economy (in terms of nominal GDP) in the world. In terms of Nominal GDP-IMF Estimates 2019:-
- U.S.A -$21.43 trillion
- China – $14.14 trillion
- Japan – $5.15 trillion
- Germany – $3.86 trillion
- India- $2.93 trillion
India is having a population of 1.35 billion people. And approximately more than 65% of its population is below 35 years.
India is the seventh-largest country of the world having an area of 3.3 million square km.
Indian Economy is classified into three major sectors:
- Agriculture & Allied Sector: Approximately 60 per cent of the Indian population works in the industry, contributing about 18 per cent to India’s GDP.
- Industry Sector: This sector generally takes the output of the primary sector (i.e. raw materials) and creates finished goods suitable for use by other businesses, for export and for sale to domestic consumers. Currently, it is contributing around 30 per cent of the Indian GDP (at current prices) in 2018-19.
- Services Sector: Services may involve the transport, distribution and sale of goods from producer to a consumer, as may happen in wholesaling and retailing.
Currently, this sector is the backbone of the Indian economy and contributing around 55 per cent of the Indian GDP in 2018-19.
In the Fiscal Year 2018-19, total FDI inflows amount in India was USD 62000 million.
Major Sectors attracting FDI in India are:-
Service sector (18%)
Computer Hardware and Software (9.5%)
Hardik Sharma BBA TIAS New Delhi