India Economic development

Agriculture, services and manufacturing industries all contribute to the development of the Indian economy. The IT outsourcing, software and call center/ BPO industries in particular have helped propel Indian economic development in recent years. Economic development in India depends on the various sectors that constitute the Indian economy – these are primarily the agriculture, services and manufacturing industries. India is rated as one of the top economies in the world in terms of the purchasing power parity of the gross domestic product by leading financial entities of the world such as the International Monetary Fund, the World Bank, and the CIA (as referenced in the CIA World Factbook). As far as agriculture is concerned, India is in the second largest in volume of output. Certain connected sectors of the agricultural sector have played a major role in the development of the Indian economy by providing employment to a number of people in the forestry, fishing and logging industries. During 2005, the agricultural sector contributed 18.6% to the entire GDP, and at least 60% of the total labor force working in India was employed in the agricultural sector. Production volume has gone up in Indian agriculture at a consistent rate since the 1950s. Much of this improvement can be credited to the various five-year plans that were instituted for the development of Indian agriculture. Developments in irrigation processes, as well as various modern technologies used have contributed to the overall improvement of agricultural processes. Substantial amounts of research and development have been carried out in the agricultural sphere in India by organizations such as the Indian Agricultural Research Institute, the Indian Agricultural Research Statistics Institute, and the Indian Council of Agricultural Research. In the industrial arena, India is 14th in volume of factory output. Economic developmental roles are also being played in the areas of gas, mining, electricity and quarrying. All these sectors contribute significantly to the GDP, and provide jobs to India’s citizens. India is regarded as the 15th best economy in terms of work production by the services sector. A sizeable amount of the Indian workforce is also employed by the service sector. In the ten-year period between 1990 and 2000, the rate of growth has been 7.5%, which is more than the 4.5% rate during the 30-year period from 1951 to 1980. Sectors such as information technology (IT), software development, call centers, IT outsourcing, business process outsourcing (BPO), and other IT-enabled services have been the biggest contributors in the services sectior of the Indian economy. An increasing number of Indian companies are becoming global players. The following Indian companies are part of the Forbes Global 2000 list:
Infosys Technologies
Oil and Natural Gas Corporation
ICICI Bank
Reliance Industries
Steel Authority of India
State Bank of India
Tata Consultancy Services
Indian Oil Corporation
Tata Steel
National Thermal Power Corporation
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