Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India?
✓ Correct answer: a) Services - Industry - Agriculture
ExplanationAs of 2007, the services sector was the largest contrib- utor to India’s GDP, followed by industry, and finally agricul- ture.This trend marks India’s transition from an agrarian econ- omy to a service-led economy, driven by growth in IT, finance, trade, and tourism.The industrial sector expanded steadily, but at a slower pace, while agriculture’s share declined due to lower productivity and workforce migration to other sectors.As per the Economic Survey 2006-07, the services sector ac- counted for approximately 55% of India’s GDP, with industry contributing around 27% and agriculture just 18%.As of the 2023-24 fiscal year, India’s Gross Value Added (GVA) at current prices is estimated at ₹267.62 lakh crore.The ser- vices sector contributes 54.72% to this total, amounting to ₹146.44 lakh crore.The industry sector contributes 27.62%, equating to ₹73.93 lakh crore, while the agriculture and allied sectors account for 17.66%, totaling ₹47.28 lakh crore.7
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