Growth Performance of Indian Economy from 1947 to 2020
Indian growth performance can be divided into 3 parts during 1947 to 2020- from 1947 to 1991 when India experienced Hindu rate of growth of 3.5%, from 1991 to 2008 when India experienced high growth rate of 8% as a result of structural reforms which was broken due to global financial crisis of 2008, and from 2012 to 2020 when India has recovered from the crisis and is undergoing structural reforms. In the first phase, the agricultural sector remained primitive, the industrial sector was largely restricted to public sector, the service sector was largely absent due to a closed economy. Although growth performance in this phase was largely limited, a strong industrial base could have been created through large investments by the public sector. From 1950-51, the sector-wise GDP contribution was: Agriculture- 59% Industry- 13% Tertiary- 28% Agriculture sector made a landslide contribution because a majority of Indian population was employed in agriculture. Disguised unemployment limit...