Find the Role of Indian Industries in the Country’s Economic Development

Being the 12th largest economy in the world in terms of USD exchange rate, India has the Purchasing Power Parity GDP at 1.5 trillion US Dollars having a 4,542 US Dollars per capita income. In spite of the fact that the Word Bank declared it as the low income economy, the country has emerged as the 2nd fastest economy across the globe. According to the records, the country has the GDP growth of 9.1%. The economy is controlled by the Government here which has direct intervention in certain areas such as private sector and foreign trade. When the weakest growth was seen in the agricultural sector, the strongest was seen in the construction and manufacturing sector.

Future of Indian economy
In the present scenario, Indian minds are seen at the top positions in numerous sectors outside India. With the course of time the economy of India got engaged in the List of Indian Industries like petroleum and mining, textile, aviation, BPO, IT, manufacturing, handicrafts and agriculture etc. As the rate of economic growth becomes strong, the prospects of Indian rupee boosts in the years to come. According to the prediction of the leading world Economists, India will be among the prominent economies of the world by 2020.

Impact of Indian industries on economy
Here Indian industries play a major role in defining an economic reformation. Majorly there are four key industrial economic sectors, of which farming and mining industries comes at the primary position. Secondary sector comprises of manufacturing, construction and refining. Talking about the tertiary sector, which deals with distribution and services of manufactured goods; the service industry of India accounts for 57.2% GDP of the country followed by the 28% and 14% contribution of the industrial and agricultural sector respectively. As a predominant occupation of the country, agriculture accounts for about 52% of indirect and direct employment. Furthermore, the Indian industrial sector makes around 14% and the service sector around 34% employment. Indian industry accounts for 28% of the GDP hire around 14% of the total workforce.

Reason of privatization
The key factor that brought foreign competition in the industrial scenario is the reformation of Economy that eventually led to the privatization of certain sectors which were previously reserved for public sector industries. This led to an extension in producing the fast-moving purchaser goods. Out of all the Indian Industries, Textile industry holds the 2nd largest employment source after agriculture. It accounts for 26% of manufacturing output. Furthermore, the IT sector is also coming into limelight for its contribution of one third of the total service output. The sector attributes to an availability of a great pool of educated, highly skilled and low cost fluent English-speaking staffs and improved specialization all across the country.

The environmental list of industries provides the growth statistics of each industry individually. Though industrialisation impacts the environment in a negative sense as well, it did have exceptionally good outcomes as well.

Hence, though industrial revolution was a boon for our country but there is also a flip side of this achievement.

The Indian economy has survived the global downturn very well. It has posted one of the highest rates of economic growth in the world despite other major industrial giants lagging behind. List of Indian Industries, Environmental List of Industries, India Industries, Indian industry, Indian Industries.

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