The Gross Domestic Product popularly known as GDP of an economy requires contribution from major industries to be healthy. India is largely an agrarian economy; so agriculture makes the major contribution to the GDP. Role of major industries in India GDP is important as based on this only the total GDP is calculated. In terms of US Dollar exchange rate India's economy is the twelfth largest. Despite witnessing a slowdown, due to the global recession, India's economy has huge potential of expansion.
Major industries that contribute to India's GDP
There are various sectors that contribute to India's GDP. Some of the major sectors are Automobile Industry, Steel Industry, Real Estate Industry, Tourism Industry, Energy Sector, Textile Industry, Airlines Industry, Medical Industry, Biotechnology Industry, Electronics and Hardware and the power industry. Besides these industries, there are several other sectors that are important contributors to the GDP of India.
GDP: $1.209 trillion (2008 Estimate)
GDP growth: 6.7% (2009)
GDP per capita: $1016
Inflation (CPI): 7.8% (CPI) (2008)
Unemployment: 6.8% (2008 Estimate)
Main Industries: Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, Machinery, Software
The fertilizer industry of India makes more than a 20% contribution to the GDP. Another sector that seems very promising for the future is biotechnology. This sector is very young, but it is growing at a very fast pace and will undoubtedly become one of the leading sectors contributing to the GDP in the near future. Currently this sector generates $ 2 billion revenue for the Indian economy. The real estate sector has witnessed a huge boom of late and has made significant contributions to the GDP of India.
The real estate sector is one industry that has made significant contribution to the country's GDP. Due to the enormous demand in the retail and other sectors of the economy, more demands are being created for real estate. The automobile industry is another sector that makes good contribution to the Indian economy. Due to the changed lifestyle of the consumer the demand for vehicles is increasing at a huge pace.
Trend of Growth Rate of India's GDP
1960-1980: 3.5%
1980-1990: 5.4%
1990-2000: 4.4%
2000-2009: 6.4%
The trend of growth rate of India's economy demonstrates an upward trend. During the period of 1960 – 1980 the economy saw a growth rate of 3.5% due to the roles of major industries in India GDP. In the years from 1980 to 1990 the growth rate showed a marked improvement of 5.4%, while it was slightly lower in the period from 1990 to 2000 which was at 4.4%. The phase 2000 to 2009 saw a huge improvement and the growth rate of GDP were marked at 6.4%.
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