case study on sectors of indian economy

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Case Study Questions Chapter 2 Sectors of The Indian Economy

Please refer to the Case Study Questions Chapter 2 Sectors of The Indian Economy with answers provided for Class 10 Social Science. These solved case study based questions are expected to come in the Class 10 Economics exam in the current academic year. We have provided Case study for Class 10 Social Science for all chapters here. You should practise these solved case studies to get more marks in examinations.

Chapter 2 Sectors of The Indian Economy Case Study Questions Class 10 Social Science

1. Read the source given below and answer the following questions:

The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. This could be in a factory, a workshop or at home. For example, using cotton fibre from the plant, we spin yarn and weave cloth. Using sugarcane as a raw material, we make sugar or gur. We convert earth into bricks and use bricks to make houses and buildings. Since this sector gradually became associated with the different kinds of industries that came up, it is also called as industrial sector. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. Transport, storage, communication, banking, trade are some examples of tertiary activities. Since these activities generate services rather than goods, the tertiary sector is also called the service sector.

Answer the following MCQs by choosing the most appropriate option.

(i) Which sector includes the units producing services? (a) Primary sector (b) Secondary sector (c) Tertiary sector (d) All the above

(ii) Which one of the following economic activities is not in the tertiary sector? (a) Banking (b) Bee keeping (c) Teaching (d) Working in a call centre

(iii) The service sector includes activities such as (a) agriculture, dairy, fishing and forestry (b) making sugar, gur, and bricks (c) transport, communication and banking (d) none of these

(iv) Which of the following types of activities are covered in the secondary sector? (a) It generates services rather than goods. (b) Natural products are changed through manufacturing. (c) Goods are produced by exploiting natural resources. (d) It includes agriculture, forestry and dairy.

2. Read the source given below and answer the questions that follows:

The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is. In India, the mammoth task of measuring GDP is undertaken by a central government ministry. This Ministry, with the help of various government departments of all the Indian states and union territories, collects information relating to total volume of goods and services and their prices and then estimates the GDP. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. For example, goods that are produced in the primary or secondary sector would need to be transported by trucks or trains and then sold in wholesale and retail shops. At times, it may be necessary to store these in godowns. We also may need to talk to others over telephone or send letters (communication) or borrow money from banks (banking) to help production and trade. Transport, storage, communication, banking, trade are some examples of tertiary activities. Since these activities generate services rather than goods, the tertiary sector is also called the service sector.

(i) The money value of all final goods and services produced within a country during a particular year is called: (a) Gross domestic product (b) Net domestic product (c) National product (d) Production of secondary sector

(ii) Life insurance is an activity of the (a) primary sector (b) secondary sector (c) service sector (d) none of the above

(iii) Which sector has emerged as the largest producing sector in India. Select one from the following alternatives: (a) Secondary sector (b) Tertiary sector (c) Primary sector (d) Science and Technology sector

(iv) Information and communication technology is associated with (a) primary sector (b) secondary sector (c) tertiary sector (d) none of the above

3. Read the information given below and select the correct option:

Rahul is an agricultural labourer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit who charges an interest rate of 8 per cent per month. Rahul repays the money by working physically for the landowner on his farmland.

Over the years his debt will – (a) Increase – because of increasing interest and non-payment of monthly amount (b) Remain constant – as he is working for the employer but is repaying less (c) Reduce – as amount equivalent to his salary is being counted as monthly repayment (d) Be totally repaid – as he is repaying the debt in the form of physical labour

Most of the agricultural labourers like Rahul depend upon loans from informal sector. Which of the following statements about this sector is correct? (a) There are government bodies to supervise informal sector. (b) Money lenders ask for a reasonable rate of interest. (c) Cost of informal loans to the borrower is quite high. (d) Money lenders use fair means to get their money back.

4. Read the source given below and answer the following questions:

The organised sector offers jobs that are the most sought-after. But the employment opportunities in the organised sector have been expanding very slowly. It is also common to find many organised sector enterprises in the unorganised sector. They adopt such strategies to evade taxes and refuse to follow laws that protect labourers. As a result, a large number of workers are forced to enter the unorganised sector jobs, which pay a very low salary. They are often exploited and not paid a fair wage. Their earnings are low and not regular. These jobs are not secure and have no other benefits. Since the 1990s, it is also common to see a large number of workers losing their jobs in the organised sector. These workers are forced to take up jobs in the unorganised sector with low earnings. Hence, besides the need for more work, there is also a need for protection and support of the workers in the unorganised sector.

(i) Manufacturing units in unorganised sector are: (a) not subject to government regulations (b) subjects to government regulations (c) subject to central bank’s regulations (d) none of the above

(ii) Which of the following is not applicable for a worker, who works in the organised sector? (a) She gets a regular salary at the end of the month. (b) She is not paid for leave. (c) She gets medical allowance. (d) She got an appointment letter stating the terms and conditions of work when she joins work.

(iii) Choose the correct meaning of organised sector. (a) It covers those enterprises where the terms of employment are regular. (b) It is outside the control of the government. (c) Jobs are not regular. (d) It provides low salaries.

(iv) Which of the following examples does not fall under unorganized sector? (a) A farmer irrigating his field. (b) A daily wage labourer working for a contractor. (c) A doctor in a hospital treating a patient. (d) A handloom weaver working on a loom in her house.

5. Read the source given below and answer the questions that follows:

The product of this activity, cotton, is a natural product. Similarly, in the case of an activity like dairy, we are dependent on the biological process of the animals and availability of fodder etc. The product here, milk, also is a natural product. Similarly, minerals and ores are also natural products. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Why primary? This is because it forms the base for all other products that we subsequently make. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. This could be in a factory, a workshop or at home. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process Service sector also includes some essential services that may not directly help in the production of goods. For example, we require teachers, doctors, and those who provide personal services such as washermen, barbers, cobblers, lawyers, and people to do administrative and accounting works. In recent times, certain new services based on information technology such as internet cafe, ATM booths, call centres, software companies etc have become important.

(i) Which sector converts raw materials into goods? (a) primary sector (b) secondary sector (c) unorganised sector (d) organised sector

(ii) Manufacturing sector is associated with (a) primary sector (b) secondary sector (c) tertiary sector (d) private sector

(iii) Production of a commodity through exploitation of natural resources is an activity in the (a) primary sector (b) secondary sector (c) tertiary sector (d) information technology sector

(iv) Which sector includes the units producing services? (a) primary sector (b) secondary sector (c) tertiary sector (d) all the above

Very Short Answer Type Questions

Question. Suggest any one way to generate employment in urban areas. Ans.  Following are the ways in which employment can be generated in urban areas: (1) Improve local and inter city transportation. (2) Increase vocational education courses.

Question. When was MGNREGA passed? Ans.  2005

Question. How is GDP calculated? Ans.  GDP in India is calculated by the expenditure method. Only final goods and services are counted to get the final value. Therefore, GDP = Value of output – Intermediate consumption.

Question. The table below shows the estimated number of workers in India in the organised and unorganised sectors. Read the table carefully and answer the question given below: What percentage of tertiary sector workers in India are employed in Unorganised Sector according to the table?

Ans.  To calculate percentage of tertiary sector workers employed in unorganised sector: = (Numberof employees in unorganised sector/Total number of employees in tertiary sector) × 100

Total number of workers in tertiary sector: 17 + 76 = 93

Percentage employed in unorganised sector: (76/93) × 100 = 81.7%

Question. Why is the tertiary sector becoming an important sector in India? Explain the main reason. Ans . (1) The tertiary sector helps in the development of primary and secondary sectors by transporting goods, providing loans etc. Thus, helping in the development and growth of both primary and secondary sector. (2) The tertiary sector provides the basic services like public transportation, medical car, electricity, banking, post office etc. under the control of the government. (3) The tertiary sector creates an huge area for employment even for uneducated and unskilled work. (4) The tertiary sector distributes the consumer goods to different suppliers.

Question. Which category of economic sector does the activity of changing natural products into other forms come under? Ans.  Activities related to changing natural resources into other forms come under the primary sector.

Question. Look at the picture given below and identify the sector to which the characters shown in it belong to.

Ans.  The workers shown in the picture are associated with agricultural sector also known as Primary sector.

Question. Suggest any one way to increase the income of the marginalised groups in India. Ans . Marginal farmers need to be supported through adequate facility for timely delivery of seeds, agricultural inputs, credit, storage facilities and marketing outlets.

Question. What is GDP?  Ans.  GDP is the value of final goods and services produced in each sector during a particular year.

Question. Explain the main advantage of organised sector with respect to employment. Ans.  In the organised sector, terms of employment are regular and people have assured work throughout the year.

Question. Suggest any one way to create employment in semi-rural areas. Ans.  By setting up of small and agro-based industries, employment can be created in semi-rural areas.

Question. How is public sector different from the private sector? Ans.  The public sector is owned, managed and controlled by government whereas the private sector is owned, controlled and managed by individuals or group of individuals.

Question. Study this picture. Answer the question that follows: Identify the sector to which the worker in the picture belongs ?

Ans.  They belong to the Tertiary Sector.

Question. In a city, 5000 people work in offices and factories registered with the government, 3000 own offices, clinics in market places with formal license, 7000 people work on street, construction workers and domestic help whereas 9000 people work in small workshops usually not registered with the government. On the basis of the information given above calculate the percentage of people working in the Organised sector and choose the correct option. (a) 20% (b) 33% (c) 50% (d) 66% Ans.  (b) 33%

Question. Give one example each of primary and tertiary economic sectors. Ans.  Activities like agriculture, mining, etc. are examples of the primary sector, whereas activities like banking, tourism, etc. are examples of tertiary sector.

Question. Analyse the table given below and answer the question that follows: This source shows a database of Workers employed in different sectors (in millions) Calculate, the percentage of people in organised sector?

(a) 8.4% (b) 9.6% (c) 7.6% (d) 10% Ans.  (c) 7.6%

Question. Identify what sector does these products belong to?

Ans.  These products belong to Secondary Sector.

Short Answer Type Questions

Question. ‘‘Tertiary sector activities help in the development of the primary and secondary sectors.’’ Evaluate the statement. Ans.  ‘‘Tertiary sector activities help in the development of the primary and secondary sectors.’’ This statement can be understood by the following points : (1) The tertiary sector does not produce any goods by itself but it supports the production process of the primary and secondary sectors. (2) The tertiary sector comprises of several essential services such as hospitals, educational institutions, police stations, courts, transports, bank, etc. These basic services boost the primary and secondary sectors simultaneously. (3) Goods produced by the primary and secondary sectors are used by and sustained the tertiary sectors to provide services. For example, buildings created by the secondary sector are used by the tertiary sector, such as hotels, colleges, restaurants, residences etc.

Question. How can move employment be generated in the agriculture sector ? Explain any three methods. Ans . More employment can be generated in the agriculture sector alone in the following ways: (1) Increase in irrigation facilities: Without irrigation, only a single crop can be grown in most agricultural fields, which means less working opportunities, but if irrigation is provided, two or three crops can be grown on the same field. So more people will be employed. (2) Provide Basic facilities: Government should provide basic infrastructure in agriculture related facilities such as transportation (building of roads), irrigation, banking to ease the work of farmers. Subsidies can be provided. Dams and storages’ can be built. (3) Provide them easy loan: If people are provided easy bank loans, then they could start small businesses, which will make them self-dependent. (4) Storage: Storage facilities should be provided to farmers so that they can store their produce and can be able to sell it later.

Question. How does the public sector contribute to the economic development of the nation? Explain. Ans.  The public sector contributes to the economic development of the nation in the following ways: (1) It promotes rapid economic development through creation and expression of infrastructure. (2) It generates financial resources for development. (3) It ensures equality of income, wealth and thus a balanced regional development. (4) It encourages the development of small, medium and cottage industries. (5) It ensures easy availability of goods at moderate rates. (6) It contributes to community development i.e., to the human development index (HDI) via health and educational services.

Question. Mention the employment conditions prevailing in the organised sector. Ans.  The employment conditions prevailing in the organised sectors are as follows: (1) People working in the organised sectors have job security and get regular monthly salary. (2) They get paid leaves, salary during holidays, medical facilities, provident fund, gratuity, pension after retirement etc. (3) People working in this sector have fixed working hours.

Question. Underemployment continues to be rampant in the rural areas. Suggest any three ways through which employment for rural people can be generated. Ans . Employment generation (1) People can be employed in projects like construction of dam/canal/ roads in the village. (2) Government invests and employ people in providing transportation and storage services. (3) People can be employed in services like banking, trade, etc. (4) Government can identify, promote industries and services in semi-rural areas to enhance employment. (5) Government can open centres to give them training and financial assistance to help them become self – employed (6) Any other relevant point (Any three points to be explained)  OR The problem of unemployment can be eradicated in India in the following ways: (1) Loans should be provided to small farmers by the government or banks to have more irrigation facilities. This would help farmers by modernising their agricultural equipments and getting facilities of wells and tubewells. This can also help them to grow a second crop. (2) New dams and canals should be constructed which will create more employment in the agriculture sector. (3) Facilities for transportation and storage can be improved to get productive employment not only for the farmers but also for the people in these services. (4) Some industries, like cold storage and honey collection centres, should be set up in rural areas. These industries will get raw materials from the rural areas easily and could also create employment there. (5) Health service centers should be improved or opened. This will create employment as well as enable people to get a health check up easily. (6) Government schemes like MNREGA should be implemented by the government. health of the economy. The more the unemployment, the less the economic development.

Question. Why is the tertiary sector becoming more important in India ? Explain. Ans.  The tertiary sector is gaining importance because – (1) Several services such as hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defence, transport, banks, insurance companies, etc. which are considered as basic services are ensured by the government. (2) The more the development of the primary and secondary sectors, the more would be the demand for such services. (3) New services based on information and communication technology have become important and essential in a global world with technological advancement. (4) Rise in income has led to arise in the living standards of people, which automatically makes them demand services such as restaurants, hotels, gyms, shopping centres, private schools, colleges and hospitals. This boosts the tertiary sector. (Mention any 3 of the 4 points to get full marks).

Question. What are the main features of the Mahatma Gandhi National Rural Employment Guarantee Act-2005 (MNREGA)? Ans.  Main Features of MNREGA-2005: (1) It was implemented by the central government in India as the Right to work in 200 districts of India. (2) Under this Act, all those who are able to and are in need of work are guaranteed 100 days of employment in a year by the government. (3) If government fails in its duty to provide employment, it will give unemployment allowances to the people.

Question. ‘‘The primary sector I the most important sector of economic activity during the initial stages of development.’’ Evaluate the statement. Ans.  ‘‘The primary sector I the most important sector of economic activity during the initial stages of development.’’ This can be asserted using the following points: (1) Before technological advancement, people didn’t have much knowledge about construction, manufacturing or any crafts, they only knew how to produce and use natural products through farming, fishing or animal husbandry. It was the only way to sustain human life. (2) With development, the methods and procedures of farming changed and the agricultural sector prospered even more. (3) The sector produced a lot of products and maximum people were employed in this sector. With time technological advancements, people began to incline towards construction, manufacturing and other crafts. This was achieved after years of development.

Question. Distinguish between public sector and private sector in three points for each with examples.  Ans.

Question. Why is the organised sector preferred by employees? Explain. Ans . The organised sector is preferred by employees because – (1). Assured availability of work – Organised sector ensures year-long availability of work and continuous livelihood support. Employees in the unorganised sector don’t have continuous work available. (2) Job security – Workers in the organised sector enjoy security of employment. They are expected to work only a fixed number of hours. They are paid overtime otherwise. They cannot be removed withot any proper reason. (3) Added benefits and incentives – Employees of the organised sector get paid leave, provident fund and gratuity while employees of the unorganised sector do not have any such guarantee

Question. Suggest any three ways to save workers of unorganised sector from exploitation. Ans.  Measures to save employees of the unorganised sector from exploitation are : (1) Workers of the unorganised sector in rural areas are mostly farmers. They can be supported through adequate facility for timely delivery of seeds, agricultural inputs, credit, storage facilities and marketing outlets. (2) Workers involved in small scale industries also need support for procuring more raw material. This shall provide them with regular wages. (3) These workers should be educated, skilled and made aware of their human and labour rights to protect them from social discrimination and exploitation to the hands of their employers.

Long Answer Type Questions

Question. “The declining share of agriculture in the gross domestic product (GDP) is a matter of serious concern in India.” Support the statement. Ans.  The declining share of agriculture in the gross domestic product (GDP) is a matter of serious concern in India because: (1) Indian farmers are facing challenge from international competitors. (2) The government is reducing investment in the agricultural sector, especially the irrigation sector. (3) Subsidy in fertilisers has decreased, leading to a rise in the cost of production. (4) There has been a reduction in import duties on agricultural products. So cheap agricultural products are coming from abroad. (5) Farmers are withdrawing their investment in the agriculture industry, causing a downfall in employments.

Question. Explain how: (A) Public sector contributes to the economic development of a nation (B) Government contributes towards helping private sector grow Ans.  (A) In many ways does the public sector contributes to the economic development of our nation. Let’s go through some of the ways below in detail: (1) Public sector promotes rapid economic development through creation and expression of infrastructure. (2) t generates financial resources for development (3) It creates employment opportunities and ensures equality of income, wealth and thus a balanced regional development. (4) It encourages the development of small, medium and cottage industries, and ensures easy availability of goods at moderate rates. (5) Contributes to community development i.e., to the Human Development Index (HDI) via health and educational services. (Any 4 points will award full marks) (B) There are some activities, which the government has to support for the private sector to continue their production or business. For example, selling electricity at the cost of generation may push up the costs of production of industries. Many units, especially small-scale units, might have to shut down. Government steps in by producing and supplying electricity at rates which these industries can afford. Government has to bear part of the cost. Similarly, the government in India buys wheat and rice from farmers at a ‘fair price’. This it stores in its godowns and sells at a lower price to consumers through ration shops. In this way, the government supports both farmers and consumers.

Question. ‘There are a large number of activities which are the primary responsibility of the government.’ Do you agree to it? Support your view with arguments. Ans.  Yes, I agree. For example, (1) Providing health and education facilities for all is the prime responsibility of the governments at all levels. (2) Running proper schools and providing quality education, particularly elementary education is the duty of the government. India’s size of illiterate population is one of the largest in the world. (3) Similarly, half of India’s children are malnourished and a quarter of them are critically ill. Government also needs to pay attention to aspects of human development such as availability of safe drinking water, housing facilities, for the poor and food and nutrition. (4) It is also the duty of the government to take care of the poorest and most ignored regions of the country through increased spending in such areas.

Question. Describe the employment conditions prevailing in the unorganised sector of the economy. OR “Workers are exploited in the unorganised sector.” Give reasons to support this statement. Ans.  Employment conditions in the unorganized sector: (1) There are rule and regulations but these are not followed. (2) Jobs are not secured. (3) Jobs are low paid. (4) No provisions for over time, holidays, sick leaves etc. (5) People can be asked to leave without any reason. (6) They are largely outside the control of government. (7) Any other relevant point. Any five points to be described. 

Question. Highlight any five benefits of the organised sector, with examples. Ans . Benefits of the organised sector are as follows: (1) Workers of the organised sector get regular and assured employment. (2) Companies in the organised sector are registered/ enlisted under the government, and have to follow its rules and regulations which are mentioned in various laws such as Factories Act, Minimum Wages Act and Payment of Gratuity Act. (3) Workers in the organised sectors enjoy privileges of job security and are expected to work only for a fixed number of hours. (4) They also get several other benefits like paid leaves, provident fund, gratuity, etc. (5) They also receive medical benefits, pension, etc. (6) There is a provision for overtime payment, in case the workers do their duties after the fixed working hours.

Question. Show how tertiary sector has emerged as the largest producing sector in India. Ans.  Importance of Tertiary Sector : (1) Basic services like hospitals, educational institutions, defence, and transport are the part of tertiary sector. (2) Development of agriculture and industry leads to the development of services (3) As the income level rises, tourism, shopping, private schools and professional training also expands. People start demanding more services this leads to the expansion of the tertiary sector. (4) Information and communication technology also play an important role in this expansion. (5) Large number of workers are engaged in this sector, as the demand for services grow.

Question. Do you think the classification of economic activities into primary, secondary and tertiary is useful? If yes, give reasons to support your view. Ans.  Yes, it is very useful because (1) This classification gives us the total number of workers engaged in different sectors. (2) This classification gives us the clarity of share of each sector in GDP (3) This classification tells us which sectors is growing well and which one is lagging behind and accordingly measures can be taken to manage them. (4) This classification tells us how these sectors are interdependent on each other.

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Case Study Questions Class 10 Social Science Economics – Sectors of The Indian Economy

Case study questions class 10 social science economics chapter 2 sectors of the indian economy.

CBSE Class 10 Case Study Questions Social Science Economics Sectors of The Indian Economy. Important Case Study Questions for Class 10 Board Exam Students. Here we have arranged some Important Case Base Questions for students who are searching for Paragraph Based Questions Sectors of The Indian Economy.

At Case Study Questions there will given a Paragraph. In where some Important Questions will made on that respective Case Based Study. There will various types of marks will given 1 marks, 2 marks, 3 marks, 4 marks.

Case Study 1:

The topic of whether manufacturing or services should be prioritized as the preferred path for India’s economy is a recurring subject of discussion in public forums. During the early years of this century, when India’s software exports were experiencing significant growth, there was a question as to why India’s services sector couldn’t surpass manufacturing in driving the economy forward. This proposition challenged the conventional model of economic development, as most successful economies had prioritized industrial expansion first. It is understandable that Indian economic policy makers felt frustrated. The economic reforms implemented in 1991 primarily focused on manufacturing. However, despite the substantial reduction in tariffs and the dismantling of the bureaucratic system known as the ‘licence-permit Raj’, the share of manufacturing in the economy did not increase. It is important to note that the significance of India’s manufacturing sector should not be solely measured by its size. There has been a qualitative transformation since 1991, with an impressive improvement in the range and quality of products manufactured in India.

Q1) How different sector agriculture , manufacturing and service are interlink to each other? Mark 2

Answer Agriculture, manufacturing, and services are interconnected sectors in the economy. Agriculture provides raw materials to manufacturing, which transforms them into goods. Services support both by offering transportation, logistics, and financial services. A strong agricultural base can lead to a thriving manufacturing sector, which, in turn, drives demand for services, creating a well-rounded economy.

Q2) How do we count the various goods and services and know the total production in each sector? Mark 2

Answer The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country

Case Study 2:

The growth of India’s Gross Domestic Product (GDP) and Gross Value Added (GVA) in the economy reached a four-quarter high of 7.8% in the first quarter of the current financial year. However, economists predict that the pace of growth may be dampened for the remainder of 2023-24 due to factors such as a weak monsoon, high inflation, and global challenges.

After six months of contraction, the manufacturing GVA experienced growth for the second consecutive quarter, with a slight increase in the pace of growth to 4.7% in the first quarter (Q1) compared to 4.5% in the previous quarter. The agriculture, forestry, and fishing GVA grew by 3.5% between April and June, but it was the services sectors that saw the most significant surge and contributed to the estimates released by the National Statistical Office (NSO) on Thursday.

Q1) What do you understand by the term GDP? Mark 1

Answer The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country.

Q2) In gdp why only final value of good and services is considered? Mark 2

Answer The value of final goods already includes the value of all the intermediate goods that are used in making the final good. Hence, the value of Rs 80 for the biscuits (final good) already includes the value of flour (Rs 25). Similarly, the value of all other intermediate goods would have been included. To count the value of the flour and wheat separately is therefore not correct because then we would be counting the value of the same things a number of times. First as wheat, then as flour and finally as biscuits.

Q3) What is the gdp of India as of march 2023? Mark 1

Answer GDP in India is expected to reach 3598.00 USD Billion by the end of 2023, according to Trading Economics global macro models and analysts expectations.

Case Study 3:

India possesses a notably extensive agricultural sector. Although the sector’s contribution to the country’s GDP has decreased by half over the past three decades, currently standing at approximately 15 percent, it continues to employ around half of India’s workforce and significantly impacts the volatility of the nation’s GDP. India boasts the second largest expanse of cultivable land globally and serves as a prominent producer of various agricultural commodities. In the early 2000s, India surpassed the United States as the leading milk producer worldwide and also plays a significant role in the production of pulses, such as chickpeas and lentils, which serve as vital sources of protein in vegetarian diets.

The advent of high-yielding seeds, including enhanced strains of wheat, from the mid-1960s onwards, coupled with the increased utilization of chemical fertilizers, marked the inception of what is commonly referred to as the ‘green revolution’. Wheat production experienced a nearly 150 percent surge between the mid-1960s and mid-1970s, ultimately enabling the country to achieve self-sufficiency in grain production by the late 1970s. This surge in agricultural output not only bolstered rural incomes but also led to a decline in food prices, consequently alleviating rural poverty (World Bank 2004). Despite the notable advancements in productivity within the Indian agricultural sector in recent decades, yields continue to remain comparatively low on an international scale, with growth in yields only marginally surpassing the global average.

Q1) What do you mean by the term disguised employment often related to agriculture sector? Mark 2

Answer This is the situation of underemployment, where people are apparently working but all of them are made to work less than their potential. This kind of underemployment is hidden in contrast to someone who does not have a job and is clearly visible as unemployed. Hence, it is also called disguised unemployment.

Q2) Write about MGNREGA Act 2005 ? Mark 2

Answer Under MGNREGA 2005, all those who are able to, and are in need of, work in rural areas are guaranteed 100 days of employment in a year by the government. If the government fails in its duty to provide employment, it will give unemployment allowances to the people. The types of work that would in future help to increase the production from land will be given preference under the Act

Case Study 4:

The formalization of the economy is purported to be in the best interest of society as a whole, including the unorganized sector. It is contended that the advancements made by the organized sector will eventually benefit the marginalized population. The appropriation of surplus from agriculture, through terms of trade, is claimed to be advantageous for industrialization and the lifestyle of urban elites, despite the fact that it impoverishes the majority of agriculturists and rural areas. The regulations governing economic gains allow the organized sector to monopolize the majority of the benefits derived from development. The marginalized sections are expected to be content with their meager material gains. Often, it is insinuated that the marginalized should be grateful for whatever little they have received. The widening disparities are justified on the basis of merit, while disregarding the adverse effects of imbalanced social development on the marginalized sections.

Q1) What are the benefits working in organized sector? Mark 1

Answer  Working in the organized sector in India offers several benefits, including job security, regulated working hours, social security benefits such as provident fund and gratuity, healthcare, and opportunities for skill development. It often provides higher salaries, better working conditions, and a sense of stability compared to the unorganized sector.

Q2) What are the challenges working in unorganized sector? Mark 1

Answer Working in India’s unorganized sector poses challenges like job insecurity, low wages, lack of social security benefits, poor working conditions, and limited access to healthcare or education. Informal labor often faces exploitation, unsafe environments, and minimal legal protection, making it a vulnerable segment of the workforce.

Q3) what are the ways to protect worker working in unorganised sector. Mark 2

Answer To protect unorganized sector workers in India, measures include: Extending social security benefits like provident fund and health insurance. Implementing labor laws and ensuring fair wages. Promoting skill development and education. Raising awareness of workers’ rights. Creating accessible grievance redressal mechanisms. Encouraging the formalization of informal work.

Case Study 5:

Before India gained independence, there were only a few Public Sector Enterprises in the country, such as the Railways, the Posts and Telegraphs, the Port Trusts, the Ordinance Factories, All India Radio, and a few others that were departmentally managed, such as the Government Salt Factories and Quinine Factories. After gaining independence, India adopted planned economic development policies in a democratic, federal polity. The country faced challenges such as income inequalities, low levels of employment, regional imbalances in economic development, and a lack of trained manpower. India was predominantly an agrarian economy with a weak industrial base, low levels of savings, inadequate investments, and infrastructure facilities. In light of this socio-economic situation, India’s visionary leaders drew up a roadmap for the development of the Public Sector as an instrument for self-reliant economic growth. This guiding factor led to the passage of the Industrial Policy Resolution of 1948, followed by the Industrial Policy Resolution of 1956. The 1948 Resolution envisioned the development of core sectors through public enterprises. The Public Sector was expected to correct regional imbalances and create employment. The Industrial Policy Resolution of 1948 emphasized the expansion of production, both agricultural and industrial, particularly the production of capital equipment and goods that satisfied the basic needs of the people, and commodities whose export would increase foreign exchange earnings.

Q1) What is the importance of public sector? Mark 2

Answer Some of the sectors need spending large sums of money, which is beyond the capacity of the private sector. Also, collecting money from thousands of people who use these facilities is not easy. Even if they do provide these things they would charge a high rate for their use. Examples are construction of roads, bridges, railways, harbours, generating electricity, providing irrigation through dams etc. Thus, governments have to undertake such heavy spending and ensure that these facilities are available for everyone.

Q2) Give examples of public and private sector company? Mark 2

Answer Railways or post office is an example of the public sector whereas companies like Tata Iron and Steel Company Limited (TISCO) or Reliance Industries Limited (RIL) are privately owned.

Also See: Development Case Study Question and Answer

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THE NICONOMICS

Deciphering the Economics

Indian Economy Case Study Examples

Case Study (1- 3)

Since Independence, the condition of the labor workforce has been improving in India. All the factors such as education policy and health care have led to the improvement of the workforce. The growth of population has had posed some serious threats in the Economy concerning the employment generation.

The prospects of Rural development have been improving with respect to the growth of many financial institutions in the rural areas. The NABARD oversees all the regional rural banks and regulates them for the proper functioning of the Rural Economy.

There have been many skill development initiatives taken by the government of India to improve the Human Capital as well.

1.  ______________   Helps in the formation of human capital.

(i)   Health

(ii)   Employment

(iii)  Both (i) and (ii)

(iv)  Neither (i) and (ii)

Ans. Both (i) and (ii)

2. In economy, labor force and workforce are equal in a situation, when the:

(i)  Population grows at a slower rate

(ii) No growth in population

(iii) No unemployment

(iv) The growth rate of the population is greater than the growth rate of employment

Ans. No unemployment

3. Human Capital includes:

(ii) Education

(iii) Professional Skill

(iv) All of the above

Ans. All of the above

Case study (4 – 7)

To produce in an Economy, there are four factors, i.e. land, labor, capital, and entrepreneur are required. The government must help and nurture all the factors. Moreover, the major investment needs to be done on capital.

There are two types of capital, namely physical and Human Capital. To increase the physical capital the government needs to invest in infrastructure and acquisition of new technologies. This leads to the generation of employment, leading to the reduction in the problem of unemployment, that a country like India is suffering with.

There are different types of unemployment present in India, namely seasonal, disguised, industrial, fictional, and many others. Most of the employment problems can be solved if the government focuses on investment in education to improve the quality of Human Capital, and for skill development, increase in efficiency and productivity, and overall growth of the economy, for all the three sectors in the economy.

4. Why do we need to invest in human capital?

(i) Skill development

(ii) Increase efficiency

(iii) Increase Productivity

5. The kind of unemployment in which workers seems to be working but its contribution to production is negligible is called:

(i) Seasonal Unemployment

(ii) Disguised Unemployment

(iii) Industrial Unemployment

(iv) Educated Unemployment

Ans. Disguised Unemployment

6. The Production process engaged in transforming one good to another is known as:

(i) Primary Sector

(ii) Secondary sector

(iii) Tertiary Sector

Ans. Secondary sector

7. Name the active factor in production

(ii) Physical Capital

(iii) Human Capital

(iv) None of the above

Ans. Human capital

Case Study (8 – 10)

In July 2017, The Government of India introduced the new Indirect Tax regime called the Goods and Service Tax, which subsumed all the other types of taxes so that India could have a single tax system all over the country for better transparent tax collection.

Other than that, GST has enabled the increase in the efficiency of agricultural marketing as well.

The simplified tax regime has confined and made it easier to transact in the economy.

Not only GST, but the government has done a lot of other initiatives to boost the agricultural sector of India. The emphasis on diversification of Agriculture and schemes like the National Rural Health Mission, National Health Insurance Scheme, MGNREGA, and others have helped in improving the rural livelihood and the condition of the rural households.

The states like Punjab, Haryana, and Himachal Pradesh have proposed a lot from agricultural diversification, but GST had no role to play in it, neither did it help these states. Even though GST was introduced to subsume all the indirect taxes, but still the center levies custom duty, excise duty, etc and petroleum product has VAT charged. Though the government has its reasons for doing so, it hinders the actual base of GST itself.

8. GST abolished all the direct taxes levied in India. (True/ False)

9. Mention the state that has achieved prosperity in Agriculture and Horticulture?

Ans. Punjab/ Haryana/ Himachal Pradesh. (Any1)

10. Agriculture marketing does not comprise of _____________ (Choose the correct alternative)

(i) Transportation of the product to the marketplace for sale.

(ii) Grading of the products according to the quality.

(iii) Storage of the produce for sale in the future.

(iv) Credit took to meet expenditure on agriculture.

Ans. Credit took to meet expenditure on agriculture.

Case Study (11 – 14)

Growth and Development are the main focus of the Indian Economy in the current situation. To develop the government can borrow money from the world bank, IMF and IBRD, or any other international Banks like ADB. The money so taken as a loan can be focused on both the development of infrastructure and urbanization plans. If we talk about the sectoral contribution on the growth of the GDP of an economy, we can see that the Tertiary sector plays a very important part, but as the tertiary sector doesn’t lead to much employment and does not create as many jobs as the secondary and primary sector, India is experiencing a condition called Jobless Growth. Development of industries and technology needs to be done in India so that there is more employment generation and the economy develops with a long-term perspective.

11. What do you mean by the term “Jobless Growth”?

(i) If economic growth is driven by better technology failing to improve the rate of participation in the economy, such growth is called ‘Jobless growth’

(ii) If economic growth is driven by better technology and also improves the rate of participation in the economy, such growth is called ‘Jobless Growth’

(iii) If economic growth is driven by obsolete technology and due to which the participation is less, such growth is called ‘Jobless Growth’

(iv) If economic growth is driven by obsolete technology but there is an improvement in the rate of participation in the economy, such growth is called ‘Jobless Growth’

Ans.  If economic growth is driven by better technology failing to improve the rate of participation in the economy, such growth is called ‘Jobless growth’

12. Urban people are mainly engaged in the

(i) Primary sector

(ii) Service sector

(iii) Training

(iv) Agriculture

Ans. Service sector

13. What is the full form of IMF?

(i) International Makers Fund

(ii) International Monetary fund

(iii) Inter Monetary fund

(iv) Intergovernmental Money fund

Ans. International Monetary fund

14. Economy cannot develop without ____________________. (Employment Growth/ Sustainable Development/ Industrial development)

Ans.  Employment Growth

Case study (15 – 17)

India can grow only if the real India grows. It is said that for the real India to grow, the government need to focus on the development of the rural area and as more than half of the population of India are in the primary sector, so if the development is focused on them then it will lead to the overall growth of the Indian Economy.

Green Revolution was one such initiative taken by the government which improved the production of the crops with the use of High Yield Variety seeds and use of fertilizers. This made India not only self-reliant but also helped it to become an exporter of food grains rather than an importer. This made India grow faster and increased the contribution of agriculture to the GDP:

15. Identify the element which is not related to the green revolution:

(i) Improved seeds

(ii) New strategy for agriculture

(iii) Fertilizers

(iv) Increase in population

Ans. Increase in population

16. Use of ______________ (HYV/ HVY/ Green/ Organic) seeds were promoted in green revolution.

17. India economy is marching ahead towards progress but there is an improvement required in _________________ (primary/ secondary/ tertiary) sector.

Ans. Primary

Case study (18 – 21 )

The Indian Economy has grown many folds after the Economic Reform of 1991. The policies of LPG have given access to the Indian markets to the foreign players which have increased the competition in the domestic market and an urge to buy better products. With this, the small sector and medium sector enterprises have suffered as they are labor-intensive, and usage of machinery is very less or no usage at all. Though the disinvestment of PSUs had been disinvested every year as according to the target set by the government, has led to the increase in efficiency of those industries, but the share of India in the world Trade remains very low even after 29 years of the economic reforms.

18. What does LPG stand for?

(i) Liquified Petroleum gas

(ii) Liberalization Privatisation Globalisation

(iii) Liberalization privatized Global Economy

(iv) Liquified Private Globalisation

Ans. Liberalization Privatisation Globalisation

19. In cottage Industries, Machines are not used, whereas these are used in ___________

(i) Small Sectors

(ii) Micro Sectors

(iii) Private Sector

(iv) Government Sector

Ans. Private Sector

20. Disinvestment of public sector enterprises means, to hand over public sector in the hand of __________________ (Private Sector/ Foreign Sector/ Service Sector)

21. What percentage of India’s share in World Trade has been targeted as per Foreign Trade Policy, 2004- 2009?

(i) 1 percent

(ii) 2 percent

(iii) 1.5 percent

(iv) 2.5 percent

Ans. 1.5 percent

Case Study (22- 25)

Infrastructure is one of the most important backbones of any economy. Development of infrastructure leads to the proper growth of the economy. Social Infrastructure, like health and education, helps indirectly in the growth of GDP and physical Infrastructure helps directly. They both help in solving the problem of unemployment. Thus, the government needs to focus on improving the social infrastructure of the economy at large. Expenditure in Health and Education leads to the development of Human Capital and enables a better supply of workforce that is both healthy and skilled.

With regard to physical infrastructures like roads and railways help to foster the growth of Industries, all small scale, medium scale, and large scale industries. As the population of India is large, so to remove the disguised unemployment, the government has set up committees aimed at helping the development of small-scale industries and villages as they are more labor-intensive, unlike the large-scale industries. One such committee was Karve Committee constituted in 1955 which witnessed the potential of utilizing small-scale industries for promoting rural development.

22. Social infrastructure helps in production and distribution:

(i) Indirect form

(ii) In the indirect form

(iii) In no way

(iv) In Both (i) and (ii)

Ans. In Both (i) and (ii)

23. __________ (Health Expenditure/ Food for All/ Skill Development Programme) directly increases the supply of healthy labour force.

Ans. Health Expenditure

24. Which type of unemployment is more in India:

(i) Open unemployment

(ii) Disguised unemployment

(iii) Seasonal unemployment

(iv) Educated unemployment

Ans. Disguised unemployment

25. In 1955, Karve committee was constituted for aiming the ______________

(i) Development of Small Scale industries

(ii) Development of Large Scale industries

(iii) Feasibility of LPG

(iv) Development of infrastructure

Ans. Development of Small Scale industries

Case Study (26 – 29 )

Employment has been a big problem in the Indian Economy. With the lockdown during the Covid- 19 pandemic, the unemployment level in the country increased a lot. The worse hit was the manufacturing sector and service sector especially the tourism sector was also hit hard. Employment does depend on skill development and literacy level, but here the main problem was the pandemic crisis. The workforce participation rate sharply declined and resulted in a loss of jobs.

The literacy rate has been increasing substantially in the country, and to educate, the educational institutes had to start taking online classes, so that the education is not suffered. But, it is not that all the students could avail themselves of online classes. Lack of technologies and infrastructure in rural households and urban poor households were stringently denied the right to education, as they could not have online education. On one hand, literacy was increasing for the rich, absolute illiteracy affected the poor, seeing a sharp rise in the absolute number of illiterates in India.

The government sector had to work with half of its workforce, decreasing productivity. It is not that all the sectors were suffering in the service sector. The delivery of essential goods took a new turn and the e-commerce delivery services like Big Basket, Groffers, Amazon Groceries, reported a rise in their services. There was an emergence of jobs for both IT sector services as the need for video conferencing apps like ZOOM, Google Meet, and Skype grew considerable for the social distancing norm.

26. ___________ in India has increased but so has the absolute number of illiterates.

(i) Poverty Rate

(ii) Illiteracy rate

(iii) Mortality Rate

(iv) Literacy Rate

Ans. Literacy Rate

27. The newly emerging jobs are found mostly in the ________________ (agriculture/ manufacturing/ service) sector.

Ans.   Service sector

28. ____________ (work force participation rate/ literacy rate/ technology) an indicator which is used for analyzing the employment situation of a country.

Ans.  Workforce participation rate

29. Which service sector suffered the most during the covid- 19 situation?

(i) Tourism

(ii) E-commerce

(iii) IT sector

(iv) Telecom

Ans. Tourism  

Case Study (30 – 33)

As the world enters Industrialisation 4.0 with the concept of A.I. and Digital Transactions, Indian Industrialisation didn’t begin before the independence. The British didn’t take any interest in industrializing the nation and used it just for raw materials. Post-independence in the second plan the process of Industrialisation began in India. The agro-based industries like tea, textile, and jute dominated the industrialization process. But this didn’t lead the unemployment to slow in the economy. Moreover disguised unemployment could be seen in the economy, mostly in the Agricultural and Manufacturing sectors. The industries did employ both women and men and so improved the workforce participation.

30. Process of industrialization was started in which five-year plan?

(i) First Plan

(ii) Second Plan

(iii) Third Plan

(iv) Fourth Plan

Ans. First Plan

31. Which industry employs the largest number of women in India?

(ii) Textile

32. You are a factory owner and have given employment to 400 workers if 10 workers are dismissed by you without loss of the production then, name the situation described.

(i) Structural

(ii) Cyclical

(iii) Voluntary

(iv) Educated

Ans. Structural

33. Find the odd one out:

(i) Rickshaw puller who work under a rickshaw owner

(iii) Mechanic shop worker

(iv) Shoeshine boy

Case Study (34 – 37)

Sustainable Development means the development with regards to sustaining the life of the present generation without depriving the future generations of their needs. This is a new concept in development and is very essential for lessening environmental degradation.

The concept arose due to the increase in pollution, as with the greed of the people they started to exploit more of the earth’s resources leading to land degradation and pollution. The excessive use of non-renewable resources caused a major threat to the environment and biodiversity, that is both abiotic and biotic factors were at risk and were depleting.

Not only that the global temperature of the Earth increased and the greenhouse gases were emitted from the industries and vehicles causing the earth’s average temperature to rise many folds every year. In the Paris climate agreement it was decided that the rise in temperature to not be more than 2% but looking at the amount of pollution released by major economies like India, China, and the US, it seems a distant dream.

The main concern with India and China is that they have to develop their economies, so the carbon emission is increased due to the development processes of making infrastructure. Thus, there is a situation of a paradox for the countries, as they want to develop which seems impossible without emitting carbon or any other greenhouse gases. It seems the sustainable development goals look like a distant dream.

34. The essential condition for sustainable growth is:

(i) Protection of natural resources

(ii) Pollution-free growth

(iii) Quality of life

35. Out of the following one is a non-renewable source:

(iii) Sunrays

36. What is a gradual increase in the average earth’s temperature due to greenhouse gases call.

(i) Green House Gases

(ii) Global Warming

(iii) Rise in sea level

(iv) Heat Trap

Ans. Global Warming

37. To which type of infrastructure, transport is related?

(i) Economic

(ii) Social

(iii) Both (i) and (ii)

Ans.  Economic

Case study (38 – 41)

The Indian Economy is mainly agricultural, with almost 60% of its workforce being a part of the agricultural sector directly or indirectly. Other working populations are mostly self-employed with disguised unemployment. The possibility of disguised unemployment is maximum in the sector. In order to improve agriculture, the government has established a lot of markets and mandis and with the new bill recently passed, the government assures the farmers to have a wider reach of the market all over India. Not only this, Kisan Credit Card allows the farmers to get loans easily. The NABARD regulates all the rural banks, thus, in turn, helping with the needs of the farmers.

38. The majority of the workforce in the Indian Economy is dominated by:

(i) Agricultural Sector

(ii) Industrial Sector

(iii) Service sector

Ans. Agriculture Sector

39. Government has introduced a lot of facilities for the farmers. Which is the one from the following?

(i) Kissan Credit Card

(ii) Landlords

(iii) Zamindars

(iv) Moneylenders

Ans. Kissan Credit Card

40. In economy, labor force and workforce are equal in a situation, when the:

(i) Population grows at a slower rate

(iv) Growth rate of population is greater than the growth rate of employment

41. According to the nature of employment, how are a large part of labor employed in India?

(i) Self Employment Workers

(ii) Landless Workers

(iii) Bonded Labours

(iv) None of them

Ans. Self Employment Workers

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India’s turning point: An economic agenda to spur growth and jobs

India is at a decisive point in its journey toward prosperity. The economic crisis sparked by COVID-19 could spur reforms that return the economy to a high-growth track and create gainful jobs for 90 million workers to 2030; letting go of this opportunity could risk a decade of economic stagnation. A new report from the McKinsey Global Institute identifies a reform agenda that could be implemented in the next 12 to 18 months. It aims to raise productivity and incomes for workers, small and midsize firms, and large businesses, keeping India in the ranks of the world’s outperforming emerging economies.

TABLE OF CONTENTS

India needs rapid gdp growth to create at least 90 million nonfarm jobs by 2030, three ‘growth boosters’ can spur $2.5 trillion of economic value and 30 percent of nonfarm jobs, to capture frontier opportunities, india needs to triple its number of large firms, six areas of targeted reform can raise productivity and competitiveness, financial-sector reforms can help india meet its $2.4 trillion capital requirement, the central government, states, and business sector will need to act together.

A clarion call is sounding for India to put growth on a sustainably faster track and meet the aspirations of its growing workforce. Over the decade to 2030, India needs to create at least 90 million new nonfarm jobs to absorb the 60 million new workers who will enter the workforce based on current demographics, and an additional 30 million workers who could move from farm work to more productive nonfarm sectors. If an additional 55 million women enter the labor force, at least partially correcting historical underrepresentation, India’s job creation imperative would be even greater (Exhibit 1).

For gainful and productive employment growth of this magnitude , India’s GDP will need to grow by 8.0 to 8.5 percent annually over the next decade, or about double the 4.2 percent rate of growth in fiscal year 2020. Given the uncertainties about economic outcomes during the COVID-19 pandemic, our analysis looks at scenarios beginning in fiscal year 2023, although many of our proposed actions would start well before then, and in fact be implemented in the next 12 to 18 months.

Net employment would need to grow by 1.5 percent per year from 2023 to 2030, similar to the average rate that India achieved from 2000 to 2012, but much higher than the flat net employment experienced from 2013 to 2018. At the same time, India will need to maintain productivity growth at 6.5 to 7.0 percent per year, the same as it achieved from 2013 to 2018. The two objectives are not contradictory; indeed, employment cannot grow sustainably without high productivity growth, and vice versa.

If India fails to introduce measures to address prepandemic trends of flat employment and slowing economic growth, and does not manage the shock of the crisis adequately, its economy could expand by just 5.5 to 6.0 percent from 2023 to 2030, with a decadal growth of just 5 percent and absorb only about six million new workers, marking a decade of lost opportunity (Exhibit 2).

India has a successful track record to draw on: over the past three decades, the country has been one of just 18 outperforming emerging economies  to achieve robust and consistent high growth. Pro-growth reforms lifted productivity and helped the country weather shocks and cycles. Real GDP growth has averaged 6.8 percent annually since 1992, and it has been inclusive; economic prosperity has brought significant improvement in living standards. Since 2005, more than 270 million people have escaped extreme poverty.

Yet India’s economy was already showing signs of weakness before the COVID-19 crisis; in the aftermath of the global financial crisis, its main demand engines of domestic private investment and global demand have stalled. Bank credit to industry slowed, and the proportion of nonperforming assets to total assets tripled to more than 9 percent in the period from fiscal year 2012 to 2019. Exports declined as a share of India’s GDP from 25 to 19 percent between 2013 and 2019. Gross domestic savings and household savings slowed, while labor-force participation fell from 58 to 49 percent between 2005 and 2018. Core sectors, including manufacturing and construction, showed signs of stress.

In order to recover to a high-growth path, India’s sectoral mix would need to move toward higher-productivity sectors that also have the potential to create more jobs. And, within individual sectors, a move toward new business models that harness global trends could drive productivity and demand.

Webinar with report authors

An agenda for employment and productivity growth in India

We find that the manufacturing and construction sectors could achieve the largest acceleration in sector GDP growth relative to the past. In the coming decade, manufacturing productivity has the potential to rise by about 7.5 percent per year, contributing more than one-fifth of the incremental GDP in our estimates. Construction could add as many as one in four of the incremental gross jobs. In addition, both labor-intensive and knowledge-intensive sectors will have to sustain and improve on their past strong momentum. We estimate that about 30 million farm jobs could move to other sectors by 2030 as part of a high-growth strategy.

India needs to leapfrog ahead to achieve the employment and productivity growth needed. Fortunately, it has many opportunities to do so. Global trends such as digitization and automation , shifting supply chains, urbanization, rising incomes and demographic shifts, and a greater focus on sustainability , health , and safety are accelerating or assuming a new significance in the wake of the pandemic. For India, these trends could manifest as three growth boosters that become the hallmarks of the postpandemic economy. Within these three growth boosters, we find 43 potential business opportunities that could create about $2.5 trillion of economic value in 2030 and support 112 million jobs, or about 30 percent of the nonfarm workforce in 2030 (Exhibit 3).

Growth booster 1: Global hubs serving India and the world

This theme offers as much as $1 trillion in economic value. To achieve this, India will need to work now to grasp opportunities presented by forces such as rising wages in other parts of Asia, trade conflicts, and efforts to make supply chains more resilient . Rising flows and volumes of data  suggest demand for a range of offshored and nearshored services. Greater affluence and leisure time and a focus on health and safety will also open up opportunities to produce and sell more manufactured goods and services.

India would need to raise its competitiveness in high-potential sectors like electronics and capital goods, chemicals, textiles and apparel, auto and auto components, and pharmaceuticals and medical devices, which contributed to about 56 percent of global trade in 2018. India’s share of exports in these sectors is 1.5 percent of the global total, while its share of imports is 2.3 percent. It could also build on its traditional strength in IT-enabled services to reflect digital and emerging technologies like artificial intelligence (AI) and machine learning–based analytics. The country also has an opportunity to develop high-value agricultural ecosystems, healthcare services for India and the world, and high-value tourism.

Growth booster 2: Efficiency engines for India’s competitiveness

The business models in this grouping can eliminate inefficiency in areas that underpin a competitive economy: power, logistics, financial services, automation, and government services. In each case, opportunities for value-creating market-based models could emerge, generating about $865 billion in economic value by 2030. Examples include next-generation financial services, such as innovation in digital payment offerings , new flow-based lending products, asset resolution and recovery models that could make insolvency processes more streamlined and effective, and a larger range of risk capital investment vehicles such as alternative investment funds. Automation of work and Industry 4.0 could bring greater efficiency; for example, about 60 percent of manufacturing-sector output could leverage predictive maintenance, smart safety management, and product design. These in turn can lift productivity in plants and factories by 7 to 11 percent. Many workers in these roles will require retraining and redeployment, and some may be displaced. Other opportunities exist in efficient mining and mineral sufficiency; high–efficiency power distribution, which could reduce power tariffs to commercial and industrial customers by 20 to 25 percent; and a push to greater e-governance.

Growth booster 3: New ways of living and working

Indian businesses can create economic value of about $635 billion by 2030 if they can tap into the shifting preferences of Indians aspiring to a higher standard of living. Safer, higher-quality urban environments, cleaner air and water, more convenience-based services, and more independent work in the new ideas-based economy are all opportunities to create millions of productive jobs in service sectors. Among other examples, India has the opportunity to introduce a robust planning approach for its top cities, which have low capital investment per capita and are less productive than they should be. In retail, if India could increase the share of e-commerce and modern trade to 20 percent and establish digitally enabled supply chains, this could generate $125 billion in economic value by 2030 and lift the productivity of 5.1 million storekeepers and e-commerce workers. Climate change mitigation and adaptation also are creating opportunities, such as more energy-efficient buildings and factories. India could more than triple its renewable energy capacity, from 87 gigawatts to 375 gigawatts, and increase the share of wind and solar energy in power generation from about 7 percent to best-in-class 30 percent. Finally, digital communication services provide opportunities in universally available, affordable, high-speed internet connectivity and fast-growing digital media and entertainment ecosystems.

Large companies with revenues exceeding $500 million have been significant drivers of growth and innovation in India and other outperforming emerging economies. India has about 600 such firms. They are 2.3 times more productive than midsize firms, account for almost 40 percent of total exports, and employ 20 percent of the direct formal workforce.

Compared with corporate peers in some other emerging economies, however, India has fewer large firms relative to GDP. Large Indian firms contributed revenues equivalent to 48 percent of nominal GDP in 2018. That is 1.5 to 1.6 times less than China, Malaysia, and Thailand—and 3.5 times less than South Korea.

India’s large firms have also not achieved their productivity or profitability potential. Overall productivity levels are on average one-tenth to one-quarter those of peers in other “outperformer” economies. And their profitability, measured as return on assets, has declined since 2012, from 1.9 to 1.2 percent. Profits are also concentrated: just 20 of the country’s large firms contribute 80 percent of the total profit.

One factor underlying these trends is that India has a “missing middle” of midsize firms that typically grow into formidable competitors of larger rivals. For example, peer-emerging economies have almost twice as many midsize firms per trillion dollars of GDP (Exhibit 4).

The upward mobility of small and midsize firms matters because it influences the degree of competitive pressure to which large firms are subjected. The higher such pressure, or contestability, the greater the likelihood that only the most efficient and high-performing firms will survive at the top. In some other emerging economies, it is harder for big firms to stay at the top. In China, for example, 66 percent of companies in the top quintile of firms by economic profit have been replaced over the past two decades. In India, by contrast, only 57 percent of top companies were replaced. In some sectors in India, including automotive and chemicals, the figure is even lower.

In order to achieve higher, system-wide productivity, India would need to raise the level of contestability and enable 1,000 or more midsize and small firms to scale up to large firms, and 10,000 or more small firms to scale up to midsize. That in turn will require capital: we estimate that these firms will need about six times the amount of capital currently used, of which about half needs to be risk capital.

To seize the frontier business opportunities—and help increase the productivity and competitiveness of India’s firms—we outline reform options on six key themes:

Introduce sector-specific policies to raise productivity in manufacturing, real estate, agriculture and food processing, retail, and healthcare

We estimate these sectors could contribute $6.3 trillion of GDP in 2030, compared to $2.7 trillion in 2020. Of this total, the manufacturing sector has the potential to generate $1.25 trillion of GDP in 2030, more than double the $500 billion it accounted for in 2020. Putting in place a holistic policy framework with three components would be a key step forward. First is a stable and declining tariff regime, with inverted duty structures removed. Second, building well-functioning port-proximate manufacturing clusters, with free-trade warehousing zones, faster approval processes, and more flexible labor laws. Third, providing incentives, which are targeted, time bound, and conditional, and reduce the cost disadvantage India faces in comparison with other outperforming emerging economies.

The construction sector has the potential to more than double its GDP to $550 billion, from $250 billion in 2020. In the real estate sector, homeownership could be encouraged by rationalizing stamp duties and registration fees to reduce costs to buyers, and offering greater tax incentives. Regulatory amendments in tenancy and rent-control policies could bring additional investment into rental stock construction. Large-scale affordable-housing contracts could enable modern construction methods that can increase productivity and reduce costs.

India also has the potential to generate up to $95 billion in high-value agricultural exports, with growth driven predominantly by livestock and fisheries, pulses, spices, fruits and vegetables, horticulture, and dairy, among others. Possible reforms include changing the Agricultural Produce Marketing Committee Act to ensure barrier-free interstate trade and amending the Essential Commodities Act to deregulate the supply and distribution of agricultural commodities. The government announced these reforms as part of its COVID-19 package, but they will require the support of specific policies implemented at the state level.

In retail, if traditional models are to give way to a larger share of e-commerce and modern trade, India will need a level playing field across trade formats, which would imply minimal regulatory intervention and a foreign direct investment policy that is agnostic to business models and products.

In healthcare, India’s potential to increase access to quality healthcare and attract medical tourism will require ramped-up spending and investment from the public sector. India currently spends about 3.5 percent of GDP on healthcare, but we estimate that it could nearly double spending to 6.4 percent of GDP in line with benchmarks. India could also increase healthcare productivity by enabling new business models, including telemedicine.

Unlock land supply to reduce the cost of residential and industrial land use

Buying a home is financially out of reach for many Indians, and the high cost of land is a key reason. For companies, high-cost land puts a brake on expanding productive capacity. We estimate that, by enacting several key reforms, India has the potential to reduce land costs by 20 to 25 percent and increase the supply of land available for construction. Steps toward achieving this could include mapping out 20 to 25 percent of public and state-owned enterprises’ land that is suitable for construction and currently underused, and leasing out portions at affordable prices to private developers.

Create flexible labor markets with stronger social safety nets and more portable benefits

A more vibrant economy will require more flexible labor markets. India continues to place labor restrictions on manufacturing companies, which encourages small firms to remain small. The government could consider reviewing the various laws on the books and examine options to improve labor-market flexibility. Barriers to flexibility could be removed by providing more freedom to manufacturing companies to shape the size, composition, and skills of the workforce, in line with evolving needs.

Reduce commercial and industrial (C&I) power tariffs through new business models in power distribution

Various reform measures could help reduce C&I power tariffs by 20 to 25 percent. These include a shift to franchising models or privatization of power distribution companies in the top 100 cities; the introduction of cost-reflective tariffs for C&I customers and direct-benefit transfers for subsidies; and a focus on smart-meter penetration. While the government announced some of these reforms as part of its COVID-19 package, they may require the support of specific policies implemented at the state level.

Monetize government-owned assets and increase efficiency through privatization of more than 30 state-owned enterprises (SOEs)

Large-scale privatization could more than double productivity and potentially contribute between 0.2 and 0.4 percentage points annually on average to GDP. Privatization would need to be accompanied by an appropriate institutional framework and effective competition. In all, India has about 1,900 state-owned enterprises, of which we estimate about 400 could be privatized. Potential proceeds could be $540 billion between 2020 and 2030 (Exhibit 5). We estimate that just 2 percent of all SOEs could yield as much as 80 percent of all potential proceeds.

Improve the ease and reduce the cost of doing business

India has made significant progress in the World Bank rankings for ease of doing business; the country rose from 130th overall in 2016 to 63rd in 2020. However, Indian companies still face obstacles ranging from delayed payments for public procurement to tedious and slow processes for obtaining permits. Construction permits, for example, take 106 days, almost double the time in peer emerging markets. These and other issues could be resolved if the government adopted global best practices in relevant areas. For example, to simplify and expedite tax payments, a one-stop shop for a range of taxes could be set up. An “e-governance for business” mission at the state-government level could improve the ease of doing business at the local level.

We estimate the total capital requirement for this reform agenda at about $2.4 trillion in 2030, compared with about $865 billion in fiscal year 2020. Small and midsize companies will need access to more than $800 billion in capital in 2030. India will also need to finance government expenditure, budgeted in the range of 26 to 29 percent of GDP each year. A triple focus will enable investment to return to about 37 percent of GDP, the level India has achieved in high-growth periods in the past, from 33 percent in fiscal year 2020:

Channel more household savings to capital markets

India can meet the bulk of its investment requirement through domestic sources of capital if it succeeds in raising the household savings rate to 19 percent of GDP from the current 17 percent and, within household savings, to raise the flows to financial rather than physical assets to 11 percent of GDP in 2030, from 7 percent in 2018. That amounts to annual average growth of 12 percent in the pool of capital available for financial intermediation (rather than invested in land or gold). Net foreign capital inflows would also need to rise to about 3 percent of GDP from 1.8 percent. Of this, net foreign direct investment would need to increase to $120 billion (1.8 percent of GDP) from about $30 billion (1.1 percent), in line with peers in Asia. Beyond the sums required, India would need to ensure that a higher share of household financial savings flows to productive firms through a deeper capital market. The overall depth of financial markets in India is about 140 percent of GDP versus an average of about 240 percent among peers.

Reduce credit intermediation costs

The average commercial borrower in India has seen continued high real interest rates, which are more than five percentage points higher than in other outperforming emerging economies. India can reduce its cost of financing by taking steps to reduce the cost of credit intermediation in the banking system. Streamlining public finances, as described in the section below, would help end the “crowding out” of funding by government and also allow market-linked interest rates on government small savings schemes. Other measures include setting up a “special assets bank,” backed by private-sector funding, to help tackle resolution of NPAs. Among several international precedents for such action is Sweden’s establishment of a “bad bank” in the early 1990s.

Streamline public finances to allocate capital more efficiently

We estimate that India has the potential to save about 3.6 percent of GDP on an annual basis, on average over fiscal years 2021–30. These savings could come from a range of measures, including more efficient subsidy and social spending; proceeds from privatization of state-owned enterprises; monetizing assets including roads, railways, ports, airports, power infrastructure, and telecom towers; greater tax buoyancy, particularly driven by faster growth; power-sector reforms; and market-linking small-savings rates.

About half of the reforms identified in this report can be enacted through a policy or law. Other reforms will require the government to implement initiatives and projects. While the central government’s pro-growth vision and agenda are essential, state governments have a critical role to play. They will need to implement roughly 60 percent of the reforms. Business leaders also have a major responsibility for realizing the high-growth agenda.

The starting point will be a clear and sharp vision, arrived at by the central government in alignment with the business community. For a reform agenda to endure across multiple years, an institutional body could steward the process under the chairmanship of the prime minister, with the right level of empowerment, including for resource allocation, and technical- and domain-specific expertise.

State governments will need to set their visions and blueprints to address key pro-growth priorities. The choices would vary by state depending on local endowments, such as agricultural resources, educated professionals, and port-proximate land. It would also depend on the distance of the state from the productivity frontier and the urgency of bridging the gap, for example, in areas like power-sector distribution losses, logistics cost, and the quality of urban infrastructure. States could then create powerful demonstration effects by taking a few of these ideas and making them work, at scale, in select areas.

Finally, India’s business leaders would need to raise aspirations and commit to productivity growth through a set of frontier business ideas. Businesses need to develop a long-term value creation mindset coupled with a strong performance-oriented culture; both of these create stakeholder value in the long term. A set of winning capabilities are essential if firms are to emerge as large, high-growth, globally competitive businesses. These include customer-centric innovation that focuses on developing expertise in next-generation ideas and greater localization in India; operational excellence and scalable platforms that can cut unnecessary costs; an embrace of automation and emerging AI technologies; the ability to win in discontinuities, including by disregarding established business practices and models to solve problems, and fostering creativity and nimbleness; using well-executed mergers, acquisitions, and partnerships to help scale up; and the ability to build a strong trust-based brand to attract capital, customers, and employees.

The COVID-19 pandemic is just the latest in a line of events that have focused public attention on how companies behave. Exemplary performance—including through well-executed mergers, acquisitions, and partnerships; clear reporting; strong accountability; transparency; a focus on ethical values; brands built based on trust, and purpose—will become even more important in the decade ahead.

Shirish Sankhe is a senior partner in McKinsey’s Mumbai office, where Kanmani Chockalingam is a consultant; Anu Madgavkar is a partner in the McKinsey Global Institute, where Lola Woetzel , a senior partner in the Shanghai office, is a director and Sven Smit , a senior partner in the Amsterdam office, is a director and cochair; and Gautam Kumra is a senior partner in the Delhi office and the managing director of McKinsey India.

This report was edited by Peter Gumbel, editorial director of the McKinsey Global Institute.

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Case Based Questions Test: Sectors of the Indian Economy - Class 10 MCQ

8 questions mcq test - case based questions test: sectors of the indian economy, read the source given below and answer the questions that follows: rajesh works in a bank as a bank manager. he goes regularly to his bank and attends his bank services from 9.00 a.m. to 6:00 p.m. he gets his salary at the end of every month. in addition to the salary, he also gets provident fund as per the rules laid down by the government. he also gets earned leaves, sick leaves and casual leaves. apart from leaves, he receives medical and other allowances. rajesh does not go to bank on saturdays and sundays. this is a paid holiday. when he joined bank, he was given an appointment letter stating all the terms and conditions of work and his job is secure. ram is rajesh’s neighbour. he is a daily wage labourer in a nearby grocery shop. he goes to the shop at 7:00 am in the morning and works till 10:00 p.m. in the evening. he gets no other allowances apart from his wages. he is not paid for the days he does not work. he has therefore no leave or paid holidays. nor was he given any formal appointment letter saying that he has been employed in the shop. he can be asked to leave anytime by his employer if his job is not found satisfactory. his job is not secure. rajesh works in the organized sector whereas ram works in an unorganized sector. q. in the urban areas, unorganised sector comprises mainly of.

• A. Workers in small-scale industry
• B. Casual workers in construction
• C. Both (a) and (b)
• D. None of the above

Read the source given below and answer the questions that follows: Rajesh works in a bank as a bank manager. He goes regularly to his bank and attends his bank services from 9.00 a.m. to 6:00 p.m. He gets his salary at the end of every month. In addition to the salary, he also gets provident fund as per the rules laid down by the government. He also gets earned leaves, sick leaves and casual leaves. Apart from leaves, he receives medical and other allowances. Rajesh does not go to bank on Saturdays and Sundays. This is a paid holiday. When he joined bank, he was given an appointment letter stating all the terms and conditions of work and his job is secure. Ram is Rajesh’s neighbour. He is a daily wage labourer in a nearby grocery shop. He goes to the shop at 7:00 am in the morning and works till 10:00 p.m. in the evening. He gets no other allowances apart from his wages. He is not paid for the days he does not work. He has therefore no leave or paid holidays. Nor was he given any formal appointment letter saying that he has been employed in the shop. He can be asked to leave anytime by his employer if his job is not found satisfactory. His job is not secure. Rajesh works in the organized sector whereas Ram works in an unorganized sector. Q. Which of the following statements is an example of unorganised sector activities?

• A. A teacher taking classes in a school
• B. A daily wage labourer working under a contractor
• C. A doctor in a hospital treating a patient
• D. A factory worker going to work in a big factory

Read the source given below and answer the questions that follows: Rajesh works in a bank as a bank manager. He goes regularly to his bank and attends his bank services from 9.00 a.m. to 6:00 p.m. He gets his salary at the end of every month. In addition to the salary, he also gets provident fund as per the rules laid down by the government. He also gets earned leaves, sick leaves and casual leaves. Apart from leaves, he receives medical and other allowances. Rajesh does not go to bank on Saturdays and Sundays. This is a paid holiday. When he joined bank, he was given an appointment letter stating all the terms and conditions of work and his job is secure. Ram is Rajesh’s neighbour. He is a daily wage labourer in a nearby grocery shop. He goes to the shop at 7:00 am in the morning and works till 10:00 p.m. in the evening. He gets no other allowances apart from his wages. He is not paid for the days he does not work. He has therefore no leave or paid holidays. Nor was he given any formal appointment letter saying that he has been employed in the shop. He can be asked to leave anytime by his employer if his job is not found satisfactory. His job is not secure. Rajesh works in the organized sector whereas Ram works in an unorganized sector. Q. Which of the following statement is not true with respect to organized sector?

• A. Organized sector is registered by the government
• B. In organized sector the workers enjoy the security of employment
• C. In organized sector workers does not get several benefits
• D. All of the above

Read the source given below and answer the questions that follows:

Rajesh works in a bank as a bank manager. He goes regularly to his bank and attends his bank services from 9.00 a.m. to 6:00 p.m. He gets his salary at the end of every month. In addition to the salary, he also gets provident fund as per the rules laid down by the government. He also gets earned leaves, sick leaves and casual leaves. Apart from leaves, he receives medical and other allowances. Rajesh does not go to bank on Saturdays and Sundays. This is a paid holiday. When he joined bank, he was given an appointment letter stating all the terms and conditions of work and his job is secure. Ram is Rajesh’s neighbour. He is a daily wage labourer in a nearby grocery shop. He goes to the shop at 7:00 am in the morning and works till 10:00 p.m. in the evening. He gets no other allowances apart from his wages. He is not paid for the days he does not work. He has therefore no leave or paid holidays. Nor was he given any formal appointment letter saying that he has been employed in the shop. He can be asked to leave anytime by his employer if his job is not found satisfactory. His job is not secure. Rajesh works in the organized sector whereas Ram works in an unorganized sector.

Q. In the rural areas, the unorganized sector mostly comprises of

• A. Landless agricultural labourers
• B. Small and marginal farmers
• C. Sharecroppers and artisans

In the rural areas, the unorganised sector comprises mainly of workers in small scale industry, casual workers in construction, trade and transport etc and those who work as street vendors, head load workers, garment makers, rag pickers etc.

Read the extract given below and answer the questions that follows:

There are many activities that are undertaken by directly using natural resources. When we produce a good by exploiting natural resources, it is an activity of the primary sector. Since most of the natural products we get are from agriculture, dairy, fishing, forestry, this sector is also called agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. It is the next step after primary. The product is not produced by nature but has to be made and therefore some process of manufacturing is essential. After primary and secondary, there is a third category of activities that falls under tertiary sector and is different from the above two. These are activities that help in the development of the primary and secondary sectors. These activities, by themselves, do not produce a good but they are an aid or a support for the production process. The various production activities in the primary, secondary and tertiary sectors produce a very large number of goods and services. Also, the three sectors have a large number of people working in them to produce these goods and services. The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country. It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.

Q. Which of the following is an example of tertiary activities?

• B. Transport

Q. Match the following list of occupations with their sectors:

• A. 1 – (i), 2 – (iii), 3 – (ii)
• B. 1 – (ii), 2 – (i), 3 – (iii)
• C. 1 – (iii), 2 – (ii), 3 – (i)

2. Dairy: Primary industries are those that harvest or extract raw material from nature, such as agriculture, oil and gas extraction, logging and forestry, mining, fishing, and trapping.

3. Banking: Transport, banking, communication, trade, health, education and administration are important examples of tertiary activities. These tertiary activities help in the development of the primary and secondary sectors. So these are also known as support services.

Q. Production of a commodity, mostly through ways of manufacturing is an activity of which sector?

• A. Primary sector
• B. Secondary sector
• C. Tertiary sector

Q. Which of the following statement is not true?

• A. When we produce a good by exploiting natural resources, it is an activity of the primary sector.
• B. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing.
• C. Service sector is also called the industrial sector.
• D. None of the above.

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Indian Economy Overview

About indian economy growth rate & statistics, introduction.

Strong economic growth in the first quarter of FY23 helped India overcome the UK to become the fifth-largest economy after it recovered from the COVID-19 pandemic shock. India's gross domestic product (GDP) at current prices in the second quarter (Q2) of 2023-24 is estimated to be Rs. 71.66 trillion (US$ 861.2 billion), as against Rs. 65.67 trillion (US$ 789.2 billion) in Q2 of 2022-23, showing a growth rate of 9.1%. Strong domestic demand for consumption and investment, along with Government’s continued emphasis on capital expenditure are seen as among the key driver of the GDP in the first half of FY24. In 2023-24 (April-December), India’s service exports stood at US$ 247.92 billion. Furthermore, India’s overall exports (services and merchandise) in 2023-24 (April-December) were estimated at US$ 565.04 billion. Rising employment and substantially increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

Future capital spending of the government in the economy is expected to be supported by factors such as tax buoyancy, the streamlined tax system with low rates, a thorough assessment and rationalisation of the tariff structure, and the digitization of tax filing. In the medium run, increased capital spending on infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has largely demonstrated promise to boost growth by unleashing the pent-up demand. The sector's success is being captured by a number of HFIs (High-Frequency Indicators) that are performing well, indicating the beginnings of a comeback.

India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

India's appeal as a destination for investments has grown stronger and more sustainable as a result of the current period of global unpredictability and volatility, and the record amounts of money raised by India-focused funds in 2022 are evidence of investor faith in the "Invest in India" narrative.

Market size

India’s nominal gross domestic product (GDP) at current prices is estimated to be at Rs. 296.58 trillion (US$ 3.56 trillion) in 2023-24. Additionally, the Nominal GDP at current prices in Q2 of 2023-24 was Rs. 71.66 trillion (US$ 861.2 billion), as against Rs. 65.67 trillion (US$ 789.2 billion) in 2022-23, estimating a growth of 9.1%. As of 03rd October 2023, India is home to 111 unicorns with a total valuation of US$ 349.67 Billion. Out of the total number of unicorns, 45 unicorns with a total valuation of US$ 102.30 Billion were born in 2021 and 22 unicorns with a total valuation of $ 29.20 Billion were born in 2022. India presently has the third-largest unicorn base in the world. The government is also focusing on renewable sources by achieving 40% of its energy from non-fossil sources by 2030. India is committed to achieving the country's ambition of Net Zero Emissions by 2070 through a five-pronged strategy, ‘Panchamrit’. Moreover, India ranked 3rd in the renewable energy country attractive index.

According to the McKinsey Global Institute, India needs to boost its rate of employment growth and create 90 million non-farm jobs between 2023 to 2030 in order to increase productivity and economic growth. The net employment rate needs to grow by 1.5% per annum from 2023 to 2030 to achieve 8-8.5% GDP growth between same time period. The current account deficit stood at US$ 8.3 billion, or 1% of GDP, in the second quarter of fiscal 2023-24 as compared to US$ 9.2 billion or 1.1% of GDP in the preceding quarter.

Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of India’s trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.

Recent Developments

India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity. With an improvement in the economic scenario and the Indian economy recovering from the Covid-19 pandemic shock, several investments and developments have been made across various sectors of the economy. According to World Bank, India must continue to prioritise lowering inequality while also putting growth-oriented policies into place to boost the economy. In view of this, there have been some developments that have taken place in the recent past. Some of them are mentioned below.

• As of January 19, 2024, India’s foreign exchange reserves stood at US$ 616.14 billion.
• In 2023, India saw a total of US$ 49.8 billion in PE-VC investments.
• Merchandise exports in December 2023 stood at US$ 38.45 billion, with total merchandise exports of US$ 505.15 billion during the period of April-December (2023-24).
• India was also named as the 48th most innovative country among the top 50 countries, securing 40th position out of 132 economies in the Global Innovation Index 2023. India rose from 81st position in 2015 to 40th position in 2023. India ranks 3rd position in the global number of scientific publications.
• At the beginning of January 2024, the PMI Services comfortably remained in the expansionary zone, registering a value of 61.2.
• In December 2023, the gross Goods and Services Tax (GST) revenue collection stood at Rs.1,64,882 crore (US$ 19.80 billion), of which CGST is Rs. 30,443 crore (US$ 3.65 billion), SGST is Rs. 37,935 crore (US$ 4.55 billion).
• Between April 2000–September 2023, cumulative FDI equity inflows to India stood at US$ 953.14 billion.
• In November 2023, the overall IIP (Index of Industrial Production) stood at 141. The Indices of Industrial Production for the mining, manufacturing and electricity sectors stood at 131.1, 139.2 and 176.3, respectively, in November 2023.
• According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), India’s Consumer Price Index (CPI) based retail inflation reached 5.55% in November 2023.
• Foreign Institutional Investors (FII) inflows between April-July (2023-24) were close to Rs. 80,500 crore (US$ 9.67 billion), while Domestic Institutional Investors (DII) sold Rs. 4,500 crore (US$ 540.56 million) in the same period. As per depository data, Foreign Portfolio Investors (FPIs) invested Rs. 261,856 crore (US$ 31.5 billion) in India during Aril-December (2023-24).
• The wheat procurement during RMS 2023-24 (till May) was estimated to be 262 lakh metric tonnes (LMT) and the rice procured in KMS 2023-24 was 385 LMT. The combined stock position of wheat and rice in the Central Pool is over 579 LMT (Wheat 312 LMT and Rice 267 LMT).

Government Initiatives

Over the years, the Indian government has introduced many initiatives to strengthen the nation's economy. The Indian government has been effective in developing policies and programmes that are not only beneficial for citizens to improve their financial stability but also for the overall growth of the economy. Over recent decades, India's rapid economic growth has led to a substantial increase in its demand for exports. Besides this, a number of the government's flagship programmes, including Make in India, Start-up India, Digital India, the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation, is aimed at creating immense opportunities in India. In this regard, some of the initiatives taken by the government to improve the economic condition of the country are mentioned below:

• On January 22, 2024, Prime Minister Mr. Narendra Modi announced the 'Pradhan Mantri Suryodaya Yojana'. Under this scheme, 1 crore households will receive rooftop solar installations.
• On September 17th, 2023, Prime Minister Mr. Narendra Modi launched the Central Sector Scheme PM-VISHWAKARMA in New Delhi. The new scheme aims to provide recognition and comprehensive support to traditional artisans & craftsmen who work with their hands and basic tools. This initiative is designed to enhance the quality, scale, and reach of their products, as well as to integrate them with MSME value chains.
• On August 6th, 2023, Amrit Bharat Station Scheme was launched to transform and revitalize 1309 railway stations across the nation. This scheme envisages development of stations on a continuous basis with a long-term vision.
• On June 28th, 2023, the Ministry of Environment, Forests, and Climate Change introduced the ‘Draft Carbon Credit Trading Scheme, 2023’.
• From April 1st, 2023, Foreign Trade Policy 2023 was unveiled to create an enabling ecosystem to support the philosophy of ‘AtmaNirbhar Bharat’ and ‘Local goes Global’.
• In order to enhance India’s manufacturing capabilities by increasing investment and production in the sector, the government of India has introduced the Production Linked Incentive Scheme (PLI) for Pharmaceuticals.
• Prime Minister’s Development Initiative for North-East Region (PM-DevINE) was announced in the Union Budget 2022-23 with a financial outlay of Rs. 1,500 crore (US$ 182.35 million).
• Prime Minister Mr Narendra Modi has inaugurated a new food security scheme for providing free food grains to Antodaya Ann Yojna (AAY) & Primary Household (PHH) beneficiaries, called Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) from January 1st, 2023.
• The Amrit Bharat Station scheme for Indian Railways envisages the development of stations on a continuous basis with a long-term vision, formulated on December 29th, 2022, by the Ministry of Railways.
• On October 7th, 2022, the Department for Promotion of Industry and Internal Trade (DPIIT) launched Credit Guarantee Scheme for Start-ups (CGSS) aiming to provide credit guarantees up to a specified limit by start-ups, facilitated by Scheduled Commercial Banks, Non-Banking Financial Companies and Securities and Exchange Board of India (SEBI) registered Alternative Investment Funds (AIFs). 
• Telecom Technology Development Fund (TTDF) Scheme was launched in October 2022 by the Universal Service Obligation Fund (USOF), a body under the Department of Telecommunications. The objective is to fund R&D in rural-specific communication technology applications and form synergies among academia, start-ups, research institutes, and the industry to build and develop the telecom ecosystem.
• Home & Cooperation Minister Mr. Amit Shah laid the foundation stone and performed Bhoomi Pujan of Tanot Mandir Complex Project under Border Tourism Development Programme in Jaisalmer in September 2022.
• In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has been rendering excellent services for more than 60 years under the Indian Council of Agricultural Research (ICAR).
• In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was set up with National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing units in the MFPs.
• In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).
• In July 2022, the Union Cabinet chaired by Prime Minister Mr. Narendra Modi, approved the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU will provide a platform to tap the benefits of information technology for court digitization and can be a potential growth area for IT companies and start-ups in both countries.
• India and Namibia entered a Memorandum of Understanding (MoU) on wildlife conservation and sustainable biodiversity utilization on July 20th, 2022, for establishing the cheetah into the historical range in India.
• In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in Indian rupees (Rs.) in order to promote the growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community.
• The Agnipath Scheme aims to develop a young and skilled armed force backed by an advanced warfare technology scheme by providing youth with an opportunity to serve Indian Army for a 4-year period. It is introduced by the Government of India on June 14th, 2022.
• In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at Vadodara.
• Mr. Rajnath Singh, Minister of Defence, launched 75 newly developed Artificial Intelligence (AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and exhibition organized by the Ministry of Defence in New Delhi on July 11th, 2022.
• In June 2022, Prime Minister Mr. Narendra Modi laid the foundation stone of 1,406 projects worth more than Rs. 80,000 crore (US$ 10.01 billion) at the ground-breaking ceremony of the UP Investors Summit in Lucknow. The Projects encompass diverse sectors like Agriculture and Allied industries, IT and Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace, and Handloom & Textiles.
• The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-based company for the commercialization of bio capsule, an encapsulation technology for bio-fertilization on June 30th, 2022.
• As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners including major trade agreements like the India-UAE Comprehensive Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).
• 'Mission Shakti' was applicable with effect from April 1st, 2022, aimed at strengthening interventions for women’s safety, security, and empowerment.
• The Union Budget of 2022-23 was presented on February 1st, 2022, by the Minister for Finance & Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti, Inclusive Development, Productivity Enhancement and Investment, and Financing of Investments. In the Union Budget 2022-23, effective capital expenditure is expected to increase by 27% at Rs. 10.68 trillion (US$ 142.93 billion) to boost the economy. This will be 4.1% of the total Gross Domestic Production (GDP).
• Strengthening of Pharmaceutical Industry (SPI) was launched in March 2022 by the Ministry of Chemicals & Fertilisers to provide credit linked capital and interest subsidy for Technology Upgradation of MSME units in pharmaceutical sector, as well as support of up to Rs. 20 crore (US$ 2.4 million) each for common facilities including Research centre, testing labs and ETPs (Effluent Treatment Plant) in Pharma Clusters, to enhance the role of MSMEs.
• Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23. Increased government expenditure is expected to attract private investments, with a production-linked incentive scheme providing excellent opportunities. Consistently proactive, graded, and measured policy support is anticipated to boost the Indian economy.
• In February 2022, The Ministry of Social Justice & Empowerment launched the Scheme for Economic Empowerment of Denotified/Nomadic/SemiNomadic tribal communities (DNTs) (SEED) to provide basic facilities like good quality coaching, and health insurance. livelihoods initiative at a community level and financial assistance for the construction of houses.
• In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve the mission of AtmaNirbhar Bharat and create 60 lakh jobs with an additional production capacity of Rs. 30 trillion (US$ 401.49 billion) in the next five years.
• In the Union Budget of 2022-23, the government announced funding for the production-linked incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000 crore (US$ 3.21 billion).
• In the Union Budget of 2022-23, the government announced a production-linked incentive (PLI) scheme for Bulk Drugs which was an investment of Rs. 2,500 crore (US$ 334.60 million).
• In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman announced that a scheme for design-led manufacturing in 5G would be launched as part of the PLI scheme.
• In September 2021, Union Cabinet approved major reforms in the telecom sector, which are expected to boost employment, growth, competition, and consumer interests. Key reforms include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs), and encouragement of spectrum sharing.
• In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98 billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.
• Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$ 86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in 2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).
• In May 2021, the government approved the production-linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100 crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments worth Rs. 45,000 crore (US$ 6.07 billion).
• Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman announced in the Union Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using blockchain and other technologies.
• In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 trillion (US$ 31.88 billion) and over 400 new high-speed trains were announced. The concept of "One Station, One Product" was also introduced.
• To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special Economic Zone (SEZ) act.
• In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI (foreign portfolio investors) in the State Development Loans (SDLs) and government securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.
• In November 2020, the Government of India announced Rs. 2.65 trillion (US$ 36 billion) stimulus package to generate job opportunities and provide liquidity support to various sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over five years to create jobs and boost production in the country.
• Numerous foreign companies are setting up their facilities in India on account of various Government initiatives like Make in India and Digital India. Prime Minister of India Mr. Narendra Modi launched the Make in India initiative with an aim to boost the country's manufacturing sector and increase the purchasing power of the average Indian consumer, which would further drive demand and spur development, thus benefiting investors. The Government of India, under its Make in India initiative, is trying to boost the contribution made by the manufacturing sector with an aim to take it to 25% of the GDP from the current 17%. Besides, the government has also come up with the Digital India initiative, which focuses on three core components: the creation of digital infrastructure, delivering services digitally, and increasing digital literacy.
• On January 29th, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31st, 2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will clean up India's financial system and help fuel liquidity and boost the Indian economy.
• National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will provide non-recourse infrastructure financing and is expected to support projects from the first quarter of FY23; it is expected to raise Rs. 4 trillion (US$ 53.58 billion) in the next three years.
• By November 1st, 2021, India, and the United Kingdom hope to begin negotiations on a free trade agreement. The proposed FTA between these two countries is likely to unlock business opportunities and generate jobs. Both sides have renewed their commitment to boost trade in a manner that benefits all.
• In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national mission to reach the US$ 400 billion merchandise export target by FY22.
• In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-RUPI, a contactless and cashless instrument for digital payments.
• In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is expected to reach US$ 110 billion by 2030.
• India is expected to attract investment of around US$ 100 billion in developing the oil and gas infrastructure during 2019-23.
• The Government of India is expected to increase public health spending to 2.5% of the GDP by 2025.

In the second quarter of FY24, the growth momentum of the first quarter was sustained, and high-frequency indicators (HFIs) performed well in July and August of 2023. India's comparatively strong position in the external sector reflects the country's generally positive outlook for economic growth and rising employment rates. India ranked 5th in foreign direct investment inflows among the developed and developing nations listed for the first quarter of 2022.

India's economic story during the first half of the current financial year highlighted the unwavering support the government gave to its capital expenditure, which, in 2023-24, stood 37.4% higher than the same period last year. In the budget of 2023-24, capital expenditure took lead by steeply increasing the capital expenditure outlay by 37.4 % in BE 2023-24 to Rs.10 lakh crore (US$ 120.12 billion) over Rs. 7.28 lakh crore (US$ 87.45 billion) in RE 2022-23. The ratio of revenue expenditure to capital outlay increased by 1.2% in the current year, signalling a clear change in favour of higher-quality spending. Stronger revenue generation because of improved tax compliance, increased profitability of the company, and increasing economic activity also contributed to rising capital spending levels. Further, In the interim budget for FY24, Government increased FY25 Capex outlay to record Rs.11.11 lakh crore (US$ 133.5 billion).

Since India’s resilient growth despite the global pandemic, India's exports climbed at the second-highest rate with a year-over-year (YoY) growth of 8.39% in merchandise exports and a 29.82% growth in service exports till April 2023. With a reduction in port congestion, supply networks are being restored. The CPI-C inflation reduction from June 2022 already reflects the impact. In September 2023 (Provisional), CPI-C inflation was 5.02%, down from 7.01% in June 2022. With a proactive set of administrative actions by the government, flexible monetary policy, and a softening of global commodity prices and supply-chain bottlenecks, inflationary pressures in India look to be on the decline overall.

Note:  Conversion rate used for January 2024 is Rs.1 = US$ 0.012

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Ahmedabad (Gujarat) [India], April 20 (ANI): The restoration of the Indian economy, especially banks since 2014 is actually a lesson for the Harvard Business School said finance minister Nirmala Sitharaman, while addressing the gathering at the Gujarat Chambers of Commerce and Industry (GCCI), in Ahmedabad on Saturday. The finance minister was speaking on the topic Vikshit Bharat 2047.

“In terms of weighing which India has restored its economy between 2014 and now more particularly banks it’s actually a lesson for Harvard Business School” said Nirmala Sitharaman while speaking at the event.

She underscored the transition of India’s banking sector and the reforms initiated by the government since 2014.

Sitharaman pointed out the twin balance sheet problem prevailing in 2014, where banks’ balance sheets were burdened with non-performing assets (NPAs), hindering lending to companies, while companies themselves struggled to repay loans.

Drawing a comparison, Sitharaman highlighted the failure of the Silicon Valley bank in the United States and emphasized the Indian government’s role in safeguarding the infrastructure of Indian banks during and after the pandemic. She praised the Indian banking sector for effectively managing mergers and ensuring stability amid challenging circumstances.

“Post pandemic banks, like Silicon Valley bank which was widely trusted by startups, collapsed and nobody knew about it” she said.

Reflecting on India’s journey, Sitharaman acknowledged the difficulties faced by the government in restoring the economy, including merger-related issues, liquidity problems in 2019, the impact of COVID-19 in 2020, and the fragile economy in need of restoration.

“So even post COVID managing banks, keeping them healthy, ensuring that they don’t collapse are still a raw game for West whereas we have managed them although we started with a fragile situation”

Sitharaman expressed optimism about India’s future, stating that with continued collective effort, India can achieve the vision of Viksit Bharat by 2047. She emphasized the importance of sustained efforts by all stakeholders, stating, “Another good solid 25 years of Sabka prayaas, we will be able to reach Vikshit Bharat.”

The minister also shed light on the resilience and progress of the Indian economy, showcasing the government’s commitment to driving growth and development. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

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