Monday, 5 November 2012

Posted by Howzto
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India's GDP is an see-saw of "Raise and fall".Gross Domestic Product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living.GDP was first developed by Simon Kuznets for a US Congress report in 1934.India is Tenth Largest in the world by nominal GDP. India is one of the fastest growing economies in the world.

The GDP Growth of India is 5.5% (Q1, 2012). India is the nineteenth largest exporter and tenth largest importer in the world.

The contribution of various fields to the GDP of India is:

INDUSTRY AND SERVICES: 

Industry accounts for 28% of the GDP and employ 14% of the total workforce.[19] In absolute terms, India is 12th in the world in terms of nominal factory output.

India is 13th in services output. The services sector provides employment to 23% of the work force and is growing quickly, with a growth rate of 7.5% in 1991–2000, up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 55% in 2007, up from 15% in 1950.

TEXTILE: 

Textile manufacturing is the second largest source of employment after agriculture and accounts for 20% of manufacturing output, providing employment to over 20 million People.

RETAIL:

Retail industry is one of the pillars of Indian economy and accounts for 14–15% of its GDP.[84][85] The Indian retail market is estimated to be US$ 450 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail market in the world, with 1.2 billion people.

TOURISM: 

Tourism in India is relatively undeveloped, but a high growth sector. It contributes 6.23% to the national GDP and 8.78% of the total employment. The majority of foreign tourists come from USA and UK.

AGRICULTURE:

India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 15.7% of the GDP in 2009–10, employed 52.1% of the total workforce, and despite a steady decline of its share in the GDP, is still the largest economic sector and a significant piece of the overall socio-economic development of India.

BANKING AND FINANCE:

The Indian money market is classified into the organised sector, comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks, and the unorganised sector, which includes individual or family owned indigenous bankers or money lenders and non-banking financial companies.[100] The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes, like ceremonies and short duration loans.

ENERGY AND POWER:

As of 2009, India is the fourth largest producer of electricity and oil products and the fourth largest importer of coal and crude-oil in the world.[109] Coal and oil together account for 66% of the energy consumption of India.

INFRASTRUCTURE:

India has the world's third largest road network,[118] covering more than 4.3 million kilometers and carrying 60% of freight and 87% of passenger traffic.[119] Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers.India has 13 major ports, handling a cargo volume of 850 million tonnes in 2010.

The Source of the above facts are from Wikipedia.

The Indian GDP had a sharp dip due to recession and euro-zone economic crisis.One projected at 10% is now currently struggling to reach 7%.The Indian Economy has been downgraded by Standards and poor.

The Finance Minister of India has however raised hopes that India's GDP will reach 7% next year.

The  Government of India must take necessary hard steps to bring Economy on track and have policies that will make the Economy more Versatile and efficient.

Lets Hope India will be the number one country in Economy in the world one day.
[SOURCE:http://indspeaks.blogspot.in/]

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