despite the fact that the constitution proclaims India to be a socialist country, it is in reality a diverse economy with a strong and dominant private sector. Public sector accomplishments controlled by the state are occupied in many industries although the need for disinvestment is being progressively more felt. India has a designed economy.
It is mainly an agrarian economy. Rice, wheat, oilseed, cotton, jute, tea, coffee, rubber, sugarcane and potatoes are the mass of the produce. Livestock contain cattle, water buffalo, sheep, goats and poultry. Coastal communities and those who live on India’s riverbanks are frequently dependent on fishing for livelihood.
The key foreign exchange earner for India is textile, followed by Information Technology. With Indian IT professionals making it successful in the United States and the United Kingdom. Indian IT companies proving to be amid the finest in the crop, there is latest international interest in Indian professionals. Precious and semi-precious stones, leather products, engineering goods and chemicals are also exported from India.
India's huge service industry accounts for 54% of the country's GDP while the industrial and agricultural sector contribute 29% and 17% respectively. Agriculture is the predominant occupation in India, accounting for about 60% of employment. The service sector makes up a further 28%, and industrial sector around 12%. The labor force totals half a billion workers. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes, cattle, water buffalo, sheep, goats, poultry and fish. Major industries include textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, information technology enabled services and software.
| GDP | $1.209 trillion (2008 est.) |
|---|---|
| GDP growth | 6.7% (2009) |
| GDP per capita | $1016 |
| GDP by sector | agriculture: 17.2%, industry: 29.1%, services: 53.7% (2008 est.) |
| Main industries | textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software. |