Sustainable Development Goals by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9783030424886
Publisher: Springer International Publishing

9.2 An Overview of Industrialization of the Indian Economy

The Indian economy underwent important structural transformation over the past five decades. The share of agriculture in GDP declined drastically from as high as 56.7% in 1960 to 14.4% in 2018 (Fig. 9.1). The shares of services and industry were almost the same in 1960, of around 22%. However, by 2018, the share of the services sector increased to 54% and that of industry increased to 31.6%. It is important to mention here that the industry includes manufacturing, mining, and construction.

Fig. 9.1Sectoral share of GDP (%). (Data source: World Development Indicators, World Bank)

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