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Economic Growth in India | Pattern & Structure | Indian Economy | PanaceaTutor

The process of economic growth in developed countries was initially driven by the industrial revolution. Industrialisation-led economic growth led to the reallocation of labour from the lower productive sector (traditional agriculture) to the higher productive sector (manufacturing) (Memedovic and Iapadre 2009). The contribution of the primary ­sector—agriculture—to the gross domestic product (GDP) ­declined steadily, and the contribution of industry, led by manufacturing, to GDP increased steadily. The economy of India is a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 125th by GDP (PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China. Economy of the Indian subcontinent was the largest in the world for most of the recorded history up until the onset of colonialism in early 19th century. Share of Indian economy is 7.5% of world economy by PPP terms. #economy #indianeconomy #economicgrowth #India #GDP #World #globalrecession #india #recession Join this channel to get access to perks:    / @panaceatutor   Join PanaceaTutor for Online Video Course, Complete Notes, MCQs and Test Series at - https://www.panaceatutor.com For further queries related to the concepts, please contact us through the below given link. https://panaceatutor.com/contact-us For more information, visit https://www.panaceatutor.com or contact 8054407407, 9888405906. For more videos on other topics stay connected to PanaceaTutor YouTube Channel.