ECONOMY OF INDIA
Industry
Industry accounts for 26 % of GDP and employs 22 % of the total workforce. According to the World Bank, India ' s industrial manufacturing GDP output in 2015 was 6th largest in the world on current US dollar basis($ 559 billion).
Services
India ' s services sector has the largest share in the GDP, accounting for 57 % in 2012, up from 15 % in 1950. It is the 7th largest in the world by nominal GDP, and third largest when purchasing power is taken into account. The services sector provides employment to 27 % of the work force. Information technology and business process outsourcing are among the fastest-growing sectors.
Agriculture
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 17 % of the GDP and employed 49 % of the total workforce in 2014. As the Indian economy has diversified and grown, agriculture ' s contribution to GDP has steadily declined from 1951 to 2011, yet it is still the largest employment source and a significant piece of the overall socio-economic development of India.
Income and consumption
The Economic Survey 2015-16 stated that per capita income of the country jumped 7.3 per cent to Rs 93,231 in 2015-16 from Rs 86,879 in 2014-15. The figures were at Rs 71,050 and 79,412 in 2012-13 and 2013-14, respectively. According to the survey, Indian economy will continue to grow more than 7 per cent for the third year in succession in 2016-17 helped by a normal monsoon, despite global meltdown. Rs 1 lakh— that benchmark will be achieved in the next financial year when per-capita income crosses the six-figure mark for the first time. To be sure, it ' s the equivalent of just $ 1,500 but all the same a number that has some significance in a country of 1.2 billion where 12.4 % in 2011-12 were living on less than $ 1 a day, according to the World Bank.
At that rate of acceleration, per-capita income will exceed Rs 1 lakh in FY17. The Budget for next year, announced by finance minister Arun Jaitley on February 29, assumed a nominal GDP growth of 11 %. That would mean a similar rise in net national income and, adjusted for an increase of 1.2 % in population, should yield an expansion of more than 8 % in percapita income.
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