Simplified Laws Guide to Taxation and Legal Concern
Gross Domestic Product (GDP) is classified mainly from three sectors, namely, agriculture, industry and services.
What is GDP? Total value of goods and services produced in a country over a time period is called as GDP.
Section # 1: Agriculture: It includes growing crops, horticulture, animal husbandry, aquaculture, fishing, sericulture, forestry, etc. Over 51% of Indians (means 64 Crore people) are directly or indirectly employed in agriculture. However, this sector contributes just 17% to our country’s GDP.
Sector # 2: Industry: It includes petroleum products, chemicals, pharmaceuticals, textile engineering, etc. Over 22% of Indians (means 28 Crore people) are directly or indirectly employed in industry. This sector contributions around 26% to our country’s GDP.
Sector # 3: Services: It includes Information Technology and related services, healthcare, etc. Over 27% of Indians (means 34 Crore people) are directly or indirectly employed in service sector. This sector contributes around 57% to country’s GDP
Over years (since 1947) the contribution from service sector has gone up from 15% to 57% of GDP. Contrarily, the contribution of agriculture has come down from 43% to a mere 17% of GDP.
World Average – If you look at the world average, 6% of GDP is coming from Agriculture, 30% is coming from industry and 64% is coming from service sector.
What about USA and China? China’s GDP consists of 43% contribution from industry, 48% from service and 9% from Agriculture. Whereas USA’s GDP consists of 19% contribution from industry, 80% from services and 1% from agriculture
Read More : Basics of Gross Domestic Product (GDP)
Thought for the day
“Seven social sins: politics without principles, wealth without work, pleasure without conscience, knowledge without character, commerce without morality, science without humanity and worship without sacrifice” Mahatma Gandhi”
