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zeenews.india.com / Last Updated: Sunday, August 14, 2011, 16:37.
India has made huge economic progress since its Independence. Service sector has become the backbone of economic development in India. It is the most dynamic part of the Indian economy in terms of contribution to the Gross Domestic Product (GDP). But the curse of numbers stayed undiluted as about 37 per cent number of countrymen still remains under the poverty line.
Since independence, Indian economy has witnessed an increase in GDP, per capita income, inflation rate, per cent share of tax in GDP, exports, imports, foreign exchange reserves and gross generation of electricity in India.
The sectoral composition of GDP in India has changed since 1950-51. The share of services and industrial sector has increased while agriculture sector has declined. Service sector has increased from 28 per cent in 1950-51 to 55.3 per cent in 2010-11 and industrial sector has increased from 15 per cent in 1950-51 to 28.6 per cent 2010-11.
Agriculture sector which contributed more than half of the GDP in 1950-51, whose share has continuously declined from 55 per cent in 1950-51 to 16.1 per cent 2010-11.
It seems that government has attempted to promote more to service sector which has contributed in increasing the GDP and per capita income of the country. GDP increased from 3.6 per cent in 1950-51 to 8.5 per cent in 2010-11 and per capita income increased from Rs 1126.9 in 1950-51 to Rs 54,227 in 2010-11.
Inflation rate increased from 1.50 per cent in 1950-51 to 8.72 per cent in 2010-11 and percentage share of tax in GDP increased from 6.98 per cent in 1950-51 to 10.8 per cent in 2010-11
Service Sector covers a wide range of activities such as business services, communication, financial, health, education, real estate, IT, trading, media and entertainment, transportation, and personal services.
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