Uniqueness Of The Indian Economy

Indian economy did show some traits which were unique :-

• The contribution of the primary sector in its GDP has fallen down regularly and today it stand at 14.1 % which is sufficient to conclude that it is no more an agrarian economy.
• The share of its tertiary sector increased to over 67.5% in i9ts GDP by 2012-13. This proves India is a service economy.
• The dependency of population on the primary sector for its employment still remains at over 56.8% a symptom of an agrarian economy. The expansion of the industries was not sufficient to attract the labour force from the primary activities. India is still lagging on this on this front badly.
• The share of the secondary sector in its GDP is at 18.4% and never crossed 40%.
• In the last decade ( 2003-4 to 2012 - 13), growth has increasing by come from service sector, whose contribution to overall growth of the economy has been 65%, while that of industry and agriculture sectors has been 27% and  8 % respectively.
• India has been basically the first case which directly had either over 50% of its GDP coming from the primary sector or the tertiary sector- an agrarian economy shifting directly to the service economy. It means India jumped the stage of being a fully-developed industrial economy!

Without fully realising the industrial and manufacturing potential and directly merging into a service economy, has created tougher macro and micro challenges for policy makers in India.
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