Sectors Of Indian Economy Class 10 Notes Pdf [VERIFIED] Download

The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors.[48] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP).[49] From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj.[50][51] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning.[52][53] Since the start of the 21st century, annual average GDP growth has been 6% to 7%.[48] The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.[54][55][56]

From the beginning of the 19th century, the British East India Company's gradual expansion and consolidation of power brought a major change in taxation and agricultural policies, which tended to promote commercialisation of agriculture with a focus on trade, resulting in decreased production of food crops, mass impoverishment and destitution of farmers, and in the short term, led to numerous famines.[117] The economic policies of the British Raj caused a severe decline in the handicrafts and handloom sectors, due to reduced demand and dipping employment.[118] After the removal of international restrictions by the Charter of 1813, Indian trade expanded substantially with steady growth.[119] The result was a significant transfer of capital from India to England, which, due to the colonial policies of the British, led to a massive drain of revenue rather than any systematic effort at modernisation of the domestic economy.[120]

Sectors Of Indian Economy Class 10 Notes Pdf Download

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The effect of British rule on India's economy is a controversial topic. Leaders of the Indian independence movement and economic historians have blamed colonial rule for India's poor economic performance following independence and argued that the wealth required for Britain's industrial development was derived from wealth taken from India. At the same time, right-wing historians have countered that India's poor economic performance was due to various sectors being in a state of growth and decline due to changes brought in by colonialism and a world that was moving towards industrialisation and economic integration.[137]

Historically, India has classified and tracked its economy and GDP in three sectors: agriculture, industry, and services. Agriculture includes crops, horticulture, milk and animal husbandry, aquaculture, fishing, sericulture, aviculture, forestry, and related activities. Industry includes various manufacturing sub-sectors. India's definition of services sector includes its construction, retail, software, IT, communications, hospitality, infrastructure operations, education, healthcare, banking and insurance, and many other economic activities.[173][174]

Agriculture and allied sectors like forestry, logging and fishing accounted for 17% of the GDP, the sector employed 49% of its total workforce in 2014.[175] Agriculture accounted for 23% of GDP, and employed 59% of the country's total workforce in 2016.[176] India ranks second globally in food and agricultural production, while agricultural exports were $35.09 billion.[75][177] As the Indian economy has diversified and grown, agriculture's contribution to GDP has steadily declined from 1951 to 2011, yet it is still the country's largest employment source and a significant piece of its overall socio-economic development.[178] Crop-yield-per-unit-area of all crops has grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since the Green Revolution in India. However, international comparisons reveal the average yield in India is generally 30% to 50% of the highest average yield in the world.[179] The states of Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Bihar, West Bengal, Gujarat and Maharashtra are key contributors to Indian agriculture.

The construction industry contributed $288 billion (13% of GDP) and employed 60.42 million people (14% of the workforce) in 2016.[176] The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy.[305]

As the third-largest economy in the world in PPP terms, India has attracted foreign direct investment (FDI).[405] During the year 2011, FDI inflow into India stood at $36.5 billion, 51.1% higher than the 2010 figure of $24.15 billion. India has strengths in telecommunication, information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. Despite a surge in foreign investments, rigid FDI policies[406] were a significant hindrance. Over time, India has adopted a number of FDI reforms.[405] India has a large pool of skilled managerial and technical expertise. The size of the middle-class population stands at 300 million and represents a growing consumer market.[407]

India liberalised its FDI policy in 2005, allowing up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and investment. The upward growth curve of the real-estate sector owes some credit to a booming economy and liberalised FDI regime. In March 2005, the government amended the rules to allow 100% FDI in the construction sector, including built-up infrastructure and construction development projects comprising housing, commercial premises, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.[408] Between 2012 and 2014, India extended these reforms to defence, telecom, oil, retail, aviation, and other sectors.[409][410]

India has an underground economy, with a 2006 report alleging that India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks. This would amount to 13 times the country's total external debt.[492][493] These allegations have been denied by the Swiss Banking Association. James Nason, the Head of International Communications for the Swiss Banking Association, suggested "The (black money) figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated as gospel truth. However, this story was a complete fabrication. The Swiss Bankers Association never published such a report. Anyone claiming to have such figures (for India) should be forced to identify their source and explain the methodology used to produce them."[494][495]A Step was taken by Prime Minister Modi, on 8 November 2016, involved the demonetization of all 500 and 1000 rupee bank notes (replaced by new 500 and 2000 rupee notes) to return black money into the economy followed by criticism that the measure was deemed ineffective by economists and negatively affected the poorest people of India. This demonetisation together with the introduction of The goods and services tax(GST) is believed to be responsible for the slowdown in growth.[496]

An economy is understood better when we study its components or sectors. So, in the CBSE Notes Class 10 Economics Chapter 2- Sectors of the Indian Economy, we will learn important aspects of the 3 types of classification of the economy; primary, secondary, and tertiary, organized/unorganized, and public/private sectors. To understand this chapter better, we will relate the topics to daily life and these topics will help us to familiarise ourselves with some fundamental concepts like employment, Gross Domestic Product, and so forth.

The value of the final goods and services which is produced in each sector, during a particular year, provides for the total production of the sector in the given year and the sum of production of all the 3 sectors gives the Gross Domestic Product (GDP) of a country. GDP refers to the value of all the final goods and services which is produced within a country during a given year and shows how an economy is. In the case of India, the task for the measurement of GDP is done by the central government ministry.

When the economic activity depends mainly on exploitation of natural resources then that activity comes under the primary sector. Agriculture and agriculture related activities are the primary sectors of economy.

Let us first understand the differences between the different sectors of the economy, so that it will be easier for us to understand the factors responsible for the location of primary, secondary, and tertiary sector industries in various parts of the world (including India).

On the basis of employment conditions, activities in the economy are classified as organised and unorganised. The organised sector offers job security and employment benefits, while the unorganised sector is marked by low wages and lack of job security. In rural areas, the unorganised sector comprises landless agricultural labourers, sharecroppers and artisans. In urban areas, this group contains small-scale industry workers, construction workers, street vendors, rag-pickers, etc.

Sectors of the indian economy class 10 notes, Class 10 economics chapter 2 notes. here we will be learn about Economic Activities, Primary Sector, Secondary Sector, Tertiary Sector, Gross Domestic Product , Disguised Unemployment , MGNREGA Act 2005, Organized Sector, Unorganised Sector, Public Sector, Private Sector etc. 006ab0faaa